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Is Monetary Policy Effective When Credit is Low?

Is Monetary Policy Effective When Credit is Low? »

Source: Is Monetary Policy Effective When Credit is Low?

Volume/Issue: 2008/288

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2008

ISBN: 9781451871463

Keywords: Vector Auto Regression, price inflation, monetary transmission, monetary transmission mechanism,

Monetary policy, at least in part, operates through both an interest rate and credit channel. The question arises, therefore, whether monetary policy is a less potent a device in affecting output and inflation in c...

Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting

Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting »

Source: Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting : The Case of France

Volume/Issue: 1997/44

Series: IMF Working Papers

Author(s): Joaquim Levy , and Ioannis Halikias

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1997

ISBN: 9781451974751

Keywords: Monetary Policy Transmission, EMU, monetary transmission, monetary transmission mechanism, monetary authorities, aggregate demand

This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is...

The Real Effects of Monetary Policy in the European Union

The Real Effects of Monetary Policy in the European Union »

Source: The Real Effects of Monetary Policy in the European Union : What Are the Differences?

Volume/Issue: 1997/160

Series: IMF Working Papers

Author(s): Ramana Ramaswamy , and Torsten Sloek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

ISBN: 9781451857719

Keywords: EMU, monetary transmission mechanism, monetary shock, monetary transmission, transmission of monetary policy

The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregr...

A Simple DGE Model for Inflation Targeting

A Simple DGE Model for Inflation Targeting »

Source: A Simple DGE Model for Inflation Targeting

Volume/Issue: 2007/197

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2007

ISBN: 9781451867619

Keywords: Monetary Policy Transmission Mechanism, Macroeconomic Models, inflation, terms of trade, inflation target, relative price, Transmission Mechanism,

The paper presents a DGE model designed as a core projection tool to support monetary policy in inflation-targeting (IT) emerging market economies. The paper uses a particularly simple and flexible general equilibr...

The Transmission of Monetary Policy in Israel

The Transmission of Monetary Policy in Israel »

Source: The Transmission of Monetary Policy in Israel

Volume/Issue: 1998/114

Series: IMF Working Papers

Author(s): Fiorella De Fiore

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451943504

Keywords: transmission mechanisms, inflation, monetary shocks, monetary shock, foreign currency

This paper investigates the transmission of Israeli monetary policy since 1990. Two issues are addressed: the extent to which monetary policy exerts real effects, and the relative importance of different transmissi...

A Peek Inside the Black Box

A Peek Inside the Black Box »

Source: A Peek Inside the Black Box : The Monetary Transmission Mechanism in Japan

Volume/Issue: 1999/137

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and James Morsink

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451855890

Keywords: Monetary transmission mechanism, bank behavior, bank loans, monetary policy, monetary transmission, bank lending

This paper uses vector autoregressions to examine the monetary transmission mechanism in Japan. The empirical results indicate that both monetary policy and banks’ balance sheets are important sources of sho...

Effects of Monetary and Macroprudential Policies on Financial Conditions

Effects of Monetary and Macroprudential Policies on Financial Conditions »

Source: Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States

Volume/Issue: 2015/288

Series: IMF Working Papers

Author(s): Aleksandra Zdzienicka , Sally Chen , Federico Diaz Kalan , Stefan Laseen , and Katsiaryna Svirydzenka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 December 2015

ISBN: 9781513519159

Keywords: spillovers, international monetary fund, exchange rate, transmission mechanism, Monetary Policy (Targets, Instruments, and Effects), spillovers.,

The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically-especially com...

VAR meets DSGE

VAR meets DSGE »

Source: VAR meets DSGE : Uncovering the Monetary Transmission Mechanism in Low-Income Countries

Volume/Issue: 2016/90

Series: IMF Working Papers

Author(s): Bin Grace Li , Stephen O'Connell , Christopher Adam , Andrew Berg , and Peter Montiel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2016

ISBN: 9781484324752

Keywords: Monetary Transmission Mechanism; Monetary Policy; Low Income Countries; Vector Autoregression Methods; Monte Carlo Methods

VAR methods suggest that the monetary transmission mechanism may be weak and unreliable in low-income countries (LICs). But are structural VARs identified via short-run restrictions capable of detecting a transmiss...

Determinants of Interest Rate Pass-Through

Determinants of Interest Rate Pass-Through »

Source: Determinants of Interest Rate Pass-Through : Do Macroeconomic Conditions and Financial Market Structure Matter?

Volume/Issue: 2011/176

Series: IMF Working Papers

Author(s): Nikoloz Gigineishvili

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

ISBN: 9781462312313

Keywords: Interest rate pass-through, transmission mechanism, money market, inflation, central bank, monetary transmission, Financial Markets and the Macroeconomy,

Numerous empirical studies have found that the strength of the interest rate pass-through varies markedly across countries and markets. The causes of such heterogeneity have attracted considerably less attention so...

The Monetary Transmission Mechanism in the Tropics

The Monetary Transmission Mechanism in the Tropics »

Source: The Monetary Transmission Mechanism in the Tropics : A Narrative Approach

Volume/Issue: 2013/197

Series: IMF Working Papers

Author(s): Andrew Berg , Luisa Charry , Rafael Portillo , and Jan Vlcek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2013

ISBN: 9781484398135

Keywords: Monetary Transmission Mechanisms, monetary policy, inflation, central bank, monetary fund, monetary transmission, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary tr...