Monetary policy in the context of the financial crisis : new challenges and lessons / edited by William A. Barnett, Fredj Jawadi.
ISETE 24 analyses monetary policies and central bank actions in the context of the recent global financial crisis. Part 1 discusses standard monetary policies and inflation targeting rules. Part II debates the effects of these policies and contrasts with the possible introduction of non-conventional...
Saved in:
Online Access: |
Full Text (via ProQuest) |
---|---|
Other Authors: | , |
Format: | eBook |
Language: | English |
Published: |
Bingley, UK :
Emerald Group Publishing Limited,
2015.
|
Edition: | First edition. |
Series: | International symposia in economic theory and econometrics ;
24. |
Subjects: |
Table of Contents:
- Front Cover; Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons; Copyright page; Contents; List of Contributors; Editorial Advisory Board Members; Introduction; References; Acknowledgment; 1 Adoption of Inflation Targeting and Economic Policies Performance in Emerging Countries: A Dynamic Treatment Effe ... ; 1 Introduction; 2 Literature Review; 3 Data and Stylized Facts; 4 Methodology; 4.1 The Propensity Score Matching Method; 4.2 The Time-Varying Treatment Effect; 4.3 Treatment, Result, and Conditioning Variables; 4.3.1 Treatment versus Outcome Variables.
- 4.3.2 The Conditioning Variables5 Results; 5.1 Intertemporal Estimation of Propensity Scores; 5.2 The Results of Matching; 6 Conclusion and Policy Implications; Acknowledgments; References; Appendix A: Stylized Facts; Appendix B: Variables Definitions and Sources; Appendix C: Descriptive Statistics; 1st Interaction; 2nd Interaction; 2 Careful Price Level Targeting; 1 Introduction; 2 The Model; 3 Partial Commitment in Practice; 4 Conclusion; References; 3 Are Price Dynamics Homogenous across Emerging Europe? Empirical Evidence from Panel Data; 1. Introduction.
- 2. Empirical Specification and Data2.1. Theoretical Aspects; 2.2. Econometric Specification; 2.3. Variables and Data; 3. Results and Discussion; 3.1. Exploring Cross-Sectional Dependence and Panel Stationarity; 3.2. Pooled Mean Group Results; 3.3. Robustness Checks; 4. Conclusion; References; 4 The Global Component of Local Inflation: Revisiting the Empirical Content of the Global Slack Hypothesis with Bay ... ; 1 Introduction; 2 A Model of Inflation Determination in the Global Economy; 2.1 Building Blocks of the NOEM Model; 2.1.1 Households; 2.1.2 Firms; 2.1.3 Monetary Policy.
- 2.2 The Workhorse NOEM Model2.3 The Frictionless Model; 2.4 The Deterministic Steady State; 3 Bayesian Estimation: Bringing Data to Discipline the Theory; 3.1 Variables and Data; 3.1.1 Observables for Estimation; 3.1.2 Mapping the Observable Data to Model Variables; 3.2 Eliciting Priors; 3.2.1 Structural Parameters; 3.2.2 Parameters of the Shock Processes; 4 Understanding Local Inflation in an Open-Economy Setting; 4.1 The Global Component of Local Inflation; 4.1.1 The World or Global Economy System; 4.1.2 The Cross-Country Difference System.
- 4.2 Empirical Findings: What Matters Most for Local Inflation?4.2.1 Posterior Distributions; 4.2.2 Bayesian IRFs; 4.2.3 Bayesian Forecasts; 5 Concluding Remarks; Acknowledgments; References; Appendix: Proofs; Proof of Proposition 1.; 5 Pass-Through of Exchange Rate Shocks to Prices in the Euro Area: Evidence from Pricing Chain Model; 1. Introduction; 2. ERPT in EA Countries: Overview of VAR Studies; 3. Empirical Methodology; 4. Data Selection and Their Properties; 5. Empirical Results; 5.1. Responses to Exchange Rate Shocks; 5.1.1. Impulse Responses Analysis; 5.1.2. Factors Influencing ERPT.
- 5. Robustness Analysis
- 5.1. Actual and Perceived Taylor Rules with Consensus Forecasts
- 5.2. Actual and Perceived Taylor Rules with an Alternative Forecast Horizon
- 5.3. Augmented Taylor Rules
- 6. A Three Regimes Switching Model
- 7. Conclusion
- Acknowledgments
- References
- Appendix
- Variables Used in the Estimations
- Unit Root and Stationarity Tests
- Fitted Policy Rates of the Baseline Model
- Augmented Taylor Rules with a One-Year Forecast Horizon
- A Three Regimes Switching Model with a One-Year Forecast Horizon
- 9 International Trade Imbalance: The Amplification of Monetary Policy Effects through Financial Markets
- 1 Introduction
- 1.1 Global Trade Imbalance
- 1.2 Differences in the Development of Financial Markets across Countries
- 1.3 Differences in Exchange Rate and Monetary Policy across Countries
- 2 Survey of Literature
- 3 The Basic Model
- 3.1 The Basic Environment
- 3.1.1 Currency Demand
- 3.1.2 Monetary Policy
- 3.1.3 The Incompleteness of Financial Markets
- 3.2 Consumer Optimization
- 3.3 Stationary Equilibrium
- 4 Quantitative Analysis
- 4.1 The Set of Parameters
- 4.2 Benchmark Model: The Influence of Different Monetary Policy Combinations on Agent Behavior
- 4.3 The Influence of Incomplete Capital Markets on the Effects of Monetary Policy Combination Two under Equal Φ Values in B ...
- 4.4 Differential Incompleteness of Capital Markets and Consumption/Investment in Two Countries
- 5 Conclusion
- References
- Appendix A: Equivalent Model
- Appendix B: Computational Procedure
- 10 Modern Monetary Rules: Any Role for Financial Targeting-- 1 Introduction
- 2 Motivation and Literature Review
- 3 Monetary Rules under the Basic Scenario
- 3.1 The IS Curve
- 3.2 The Phillips Curve
- 3.3 The Banking Sector Curve
- 3.4 Performance of the Monetary Rules.