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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...

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 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...

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...

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...

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...

The Monetary Transmission Mechanism in Jordan

The Monetary Transmission Mechanism in Jordan »

Source: The Monetary Transmission Mechanism in Jordan

Volume/Issue: 2006/48

Series: IMF Working Papers

Author(s): Tushar Poddar , Hasmik Khachatryan , and Randa Sab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451863086

Keywords: transmission mechanism, monetary transmission, monetary transmission mechanism, central bank, inflation, Economywide Country Studies: Asia including Middle East, Money And Interest Rates, Monetary Policy, Central Banking, And The Supply Of Money And Credit,

This paper examines monetary transmission in Jordan using the vector autoregressive approach. We find that the real 3-month CD rate, the Central Bank's operating target, affects bank retail rates and that monetary...

Monetary Policy Under EMU

Monetary Policy Under EMU »

Source: Monetary Policy Under EMU : Differences in the Transmission Mechanism?

Volume/Issue: 2001/102

Series: IMF Working Papers

Author(s): Benedict Clements , Zenon Kontolemis , and Joaquim Levy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451852615

Keywords: Transmission Mechanism, inflation, monetary transmission, central bank, monetary transmission mechanism, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation, Monetary Policy, Central Banking

This study identifies differences in the monetary policy transmission mechanism across the countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary poli...

The Transmission Mechanism of European Monetary Policy

The Transmission Mechanism of European Monetary Policy »

Source: The Transmission Mechanism of European Monetary Policy : Is There Heterogeneity? Is it Changing over Time?

Volume/Issue: 2002/54

Series: IMF Working Papers

Author(s): Matteo Ciccarelli , and Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2002

ISBN: 9781451847529

Keywords: Bayesian estimation, European monetary policy, Gibbs sampling, Heterogeneity, Transmission mechanism, inflation, central bank, monetary transmission, Multiple or Simultaneous Equation Models: Models with Panel Data, Bayesian Analysis

This paper investigates the transmission mechanism of monetary policy in the four largest euro area countries by means Bayesian estimation of dynamic econometric models. Based on pre-EMU evidence from Germany, Fran...