Hazards in Implementing a Monetary Conditions Index PDF Download
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Author: Kari H. Eika
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 48
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Book Description
Author: Kari H. Eika
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 48
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Book Description
Author: Giuseppe Grande
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 70
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Book Description
Author:
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 2
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Book Description
Author: Mr.Troy Matheson
Publisher: International Monetary Fund
ISBN: 1455253324
Category : Business & Economics
Languages : en
Pages : 12
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Book Description
Financial conditions indexes are developed for the United States and euro area using a wide range of financial indicators and a dynamic factor model. The financial conditions indexes are shown to be useful for forecasting economic activity and have good revision properties.
Author: C. van Ewijk
Publisher: Springer Science & Business Media
ISBN: 9400951493
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
An international symposium on Monetary Conditions for Economic Recovery was organised in Amsterdam from 14-16 November 1984 by the Department of Macroeconomics, Faculty of Economics of the University of Amsterdam, to honour its distinguished member, Professor G. A. Kessler, who had recently retired from his Chair of Monetary Econo mics. Experts on monetary theory and monetary policy from various parts of the world took part in the discussions on both the theoretical and practical aspects of the theme. The papers have been collected in this volume. Our debts in organizing the symposium and preparing this volume for publication are many. The symposium was financed through the support of a number of sponsors whose names have been listed on the next page. The Netherlands Bank accommodated the conference sessions. The organizing Committee owes much to the successful efforts of its members Jean Morreau, Casper van Ewijk and Annette Deckers. We are grateful to the President of the Netherlands Bank for his intro ductory speech on the work of Professor Kessler, which is included in this volume. Wouter Zant assisted in editing the volume for publication.
Author: Wai-Ching Poon
Publisher: LAP Lambert Academic Publishing
ISBN: 9783847342618
Category :
Languages : en
Pages : 160
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Book Description
Previous studies suggested Monetary Conditions Index (hereafter MCI) serves as an indicator of the monetary policy stance to capture the degree of tightness of the monetary policy. The weights of the MCI in the model reflect long-term effects of the interest rate and the exchange rate on the economic activity. Nevertheless, MCIs may not be used as an operational target as it is not resilient to shock identification. Recognizing the caveats upon its usage empirically, the augmented MCI (AMCI) is contemplated by incorporating other informative variables into the conventional model. Since monetary policy affects the price level through a number of transmission mechanisms, other variables need to be incorporated to AMCI to account for possible channels in the transmission mechanisms. First, the weight of the AMCI is estimated, and the lag effect on the real GDP is identified using Autoregression Distribution Lags (ARDL) approach. Bounds test reveals evidence of cointegration for ASEAN-Five countries. Results reveal that AMCI tracks the inverse movements of the real GDP plausibly well on average, except during the onset of 1997/98 Asian Financial Crisis.
Author: Mr.Andrew Swiston
Publisher: International Monetary Fund
ISBN: 1451870191
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
This paper uses vector autoregressions and impulse-response functions to construct a U.S. financial conditions index (FCI). Credit availability—proxied by survey results on lending standards—is an important driver of the business cycle, accounting for over 20 percent of the typical contribution of financial factors to growth. A net tightening in lending standards of 20 percentage points reduces economic activity by 3⁄4 percent after one year and 11⁄4 percent after two years. Much of the impact of monetary policy on the economy also works through its effects on credit supply, which is evidence supporting the existence of a credit channel of monetary policy. Shocks to corporate bond yields, equity prices, and real exchange rates also contribute to fluctuations in the FCI. This FCI is an accurate predictor of real GDP growth, anticipating turning points in activity with a lead time of six to nine months. 15B
Author: Graeme A. Guthrie
Publisher:
ISBN:
Category : Foreign exchange rates
Languages : en
Pages : 32
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
Author: Nicoletta Batini
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Monetary Conditions Indices (MCIs) are weighted averages of changes in an interest rate and an exchange rate relative to their values in a base period. A few central banks calculate MCIs for use in monetary policy. Although the Bank of England does not calculate such an index, several international organizations as well as financial corporations construct MCIs for the UK on a regular basis. In this article we survey those indices and compare their performance. We also suggest an alternative MCI for the UK to be used as a coincident indicator of stance, obtained estimating and simulating a small-scale macro-econometric model over the period 1984 Q4-1999 Q3. To overcome familiar criticisms of MCIs, our measure innovates upon existing MCIs in several respects. In this sense it may be more informative than those in understanding whether an existing level of interest rates, given the existing level of sterling, makes monetary policy tighter or looser than in previous periods.
