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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...

Asymmetry in the ERM

Asymmetry in the ERM »

Source: Asymmetry in the ERM : A Case Study of French and German Interest Rates Since Basle-Nyborg

Volume/Issue: 1992/96

Series: IMF Working Papers

Author(s): W. Perraudin , and E. Gardner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1992

ISBN: 9781451949988

Keywords: standard errors, monetary policy, covariance, monetary system

We study empirically daily French and German interest rate changes since the Basle-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree o...

Bayesian Vars

Bayesian Vars »

Source: Bayesian Vars : A Survey of the Recent Literature with An Application to the European Monetary System

Volume/Issue: 2003/102

Series: IMF Working Papers

Author(s): Matteo Ciccarelli , and Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2003

ISBN: 9781451852639

Keywords: Bayesian VAR, Gibbs sampling, Time- Varying Reaction Function, EMS, forecasting, equation, monetary policy, outliers, covariance, Bayesian Analysis

This paper reviews recent advances in the specification and estimation of Bayesian Vector Autoregressive models (BVARs). After describing the Bayesian principle of estimation, we first present the methodology origi...

Central Bank Independence

Central Bank Independence »

Source: Central Bank Independence : Issues and Experience

Volume/Issue: 1991/58

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1991

ISBN: 9781451966428

Keywords: central bank, inflation, price stability, monetary policy independence

There has been growing interest recently in the scope for promoting monetary stability through the establishment of independent central banks. This paper reviews the issues involved in central bank independence aga...

Credibility. Capital Controls, and the EMS

Credibility. Capital Controls, and the EMS »

Source: Credibility. Capital Controls, and the EMS

Volume/Issue: 1989/9

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1989

ISBN: 9781451927030

Keywords: inflation, monetary policy, money supply, central bank, monetary shock

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the sys...

The Design of EMU

The Design of EMU »

Source: The Design of EMU

Volume/Issue: 1997/99

Series: IMF Working Papers

Author(s): David Begg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451852233

Keywords: European Monetary Union, credibility, asymmetric shocks, inflation, monetary policy, central bank, price stability, monetary union

Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implicati...

Effectiveness and Channels of Macroprudential Instruments

Effectiveness and Channels of Macroprudential Instruments »

Source: Effectiveness and Channels of Macroprudential Instruments : Lessons from the Euro Area

Volume/Issue: 2016/4

Series: IMF Working Papers

Author(s): Thierry Tressel , and Yuanyan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 January 2016

ISBN: 9781513547404

Keywords: LTV ratios, capital requirement, mortage, bank lending, lending, monetary policy, instruments, mortgage, credit growth, General,

The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as ne...

Explaining International Comovements of Output and Asset Returns

Explaining International Comovements of Output and Asset Returns »

Source: Explaining International Comovements of Output and Asset Returns : The Role of Money and Nominal Rigidities

Volume/Issue: 1999/84

Series: IMF Working Papers

Author(s): Robert Kollman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

ISBN: 9781451850628

Keywords: Cross-country correlation of output and asset returns, money, nominal rigidities, international transmission of business cycles, money supply, monetary policy, price level, money stock, inflation

Empirically, output and asset returns are highly positively correlated across the United States and the other major industrialized countries. Standard business cycle models that assume flexible prices and wages, in...

Fragmentation and Monetary Policy in the Euro Area

Fragmentation and Monetary Policy in the Euro Area »

Source: Fragmentation and Monetary Policy in the Euro Area

Volume/Issue: 2013/208

Series: IMF Working Papers

Author(s): Ali Al-Eyd , and Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2013

ISBN: 9781484328750

Keywords: fragmentation, interest, markets, lending, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

The ECB has taken a range of actions to address bank funding problems, eliminate excessive risk in sovereign markets, and safeguard monetary transmission. But euro area financial markets have remained fragmented, d...

From Direct to Indirect Monetary Policy Instruments

From Direct to Indirect Monetary Policy Instruments »

Source: From Direct to Indirect Monetary Policy Instruments : The French Experience Reconsidered

Volume/Issue: 1991/33

Series: IMF Working Papers

Author(s): Marc Quintyn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1991

ISBN: 9781451979169

Keywords: reserve requirements, monetary policy, central bank, money market, money demand

If not carefully planned, the transition to indirect monetary policy instruments may result in a loss of control. The 1967-71 attempt in France failed because of a misconceived instrument-mix and sequencing. Credit...