The Forward Premium Bias Under Different Monetary Policy Environments PDF Download
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Author: David Steele
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 12
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Author: David Steele
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 12
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Book Description
Author: David Steele
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Author: Paul Dalziel
Publisher:
ISBN:
Category : Banks and banking, Central
Languages : en
Pages : 28
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Author: Graeme A. Guthrie
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 32
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451844239
Category : Business & Economics
Languages : en
Pages : 33
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Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author: Richard T. Froyen
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 48
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Author: Nelson Chung Mark
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 36
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Author: Margherita Bottero
Publisher: International Monetary Fund
ISBN: 1498300855
Category : Business & Economics
Languages : en
Pages : 59
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Book Description
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
Author: Graeme A. Guthrie
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 40
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