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Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht somit die Frage, wie sich geldpolitische Maßnahmen der Notenbanken auf gesamtwirtschaftliche Größen übertragen. -- G. Winckler und S. Kaufmann untersuchen in ihrem Beitrag den Transmissionsprozeß in kleinen, offenen Volkswirtschaften am Beispiel Österreichs und der Schweiz. Gemäß den geschätzten Resultaten reagierten die Industrieproduktion und das Preisniveau in Österreich erwartungsgemäß verzögert auf Veränderungen der deutschen geldpolitischen Variablen, während sie in der

Monetary policy. --- Money supply. --- Money market. --- Money markets --- Finance --- Financial institutions --- Money --- Money stock --- Quantity of money --- Supply of money --- Demand for money --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply

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The paper analyzes the dynamics of inflation in Guinea during 1992-2003 applying cointegration and error-correction modeling to a bivariate model that includes consumer price and monetary variables. The empirical results, based on quarterly data, confirm the existence of a long-run relationship between money supply and consumer prices. This paper argues further that the pass-through has increased in recent years. Short-term dynamics are shown to accentuate the long-run impact. Impulse response analysis shows that a shock in the money stock will have an increasing impact over two years and will then stabilize at a higher level.

Inflation (Finance) --- Money supply --- Money stock --- Quantity of money --- Supply of money --- Money --- Demand for money --- Monetary policy --- Finance --- Natural rate of unemployment --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Deflation --- Monetary Policy --- Economywide Country Studies: Africa --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- Monetary economics --- Monetary base --- Consumer price indexes --- Consumer prices --- Prices --- Price indexes --- Guinea

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This paper provides comprehensive empirical evidence that supports the predictions of Sargent and Wallace's (1981) "unpleasant monetarist arithmetic" that an increase in public debt is typically inflationary in countries with large public debt. Drawing on an extensive panel dataset, we find that the relationship holds strongly in indebted developing countries, weakly in other developing countries, but generally not in developed economies. These results are robust to the inclusion of other variables, corrections for endogeneity biases, and relaxation of common-slope restrictions and are invariant over sub-sample periods. We estimate a VAR to trace out the transmission channel and find the impulse responses consistent with the predictions of a forward-looking model of inflation. Wealth effects of public debt could also affect inflation, as posited by the fiscal theory of the price level, but we do not find supportive evidence. The results suggest that the risk of a debt-inflation trap is significant in highly indebted countries, and pure money-based stabilization is unlikely to be effective over the medium term. Our findings stress the importance of institutional and structural factors in the link between fiscal policy and inflation.

Debts, Public -- Econometric models. --- Electronic books. -- local. --- Inflation (Finance). --- Money supply. --- Political Science --- Law, Politics & Government --- Public Finance --- Debts, Public --- Inflation (Finance) --- Econometric models. --- Money stock --- Quantity of money --- Supply of money --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Finance --- Natural rate of unemployment --- Money --- Demand for money --- Monetary policy --- Debt --- Bonds --- Deficit financing --- Inflation --- Money and Monetary Policy --- Debt Management --- Sovereign Debt --- Price Level --- Deflation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Fiscal Policy --- Macroeconomics --- Public finance & taxation --- Monetary economics --- Monetary base --- Fiscal policy --- Government debt management --- Prices --- Money supply --- Jamaica

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We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing all bank loans to individuals in Romania, a small open economy subject to external shocks, and the period 2004-2012, which covers a full boom-bust credit cycle when a wide range of macroprudential measures were deployed. Although household leverage is known to be a key driver of financial crises, to our knowledge this is the first paper that employs a household credit register to study leverage and macroprudential policies over a full economic cycle. Our results show that tighter macroprudential conditions are associated with a significant decline in household credit, with substantially stronger effects for foreign currency (FX) loans than for local currency loans. The effects on FX loans are higher for: (i) ex-ante riskier borrowers proxied by higher debt-service-toincome ratios and (ii) banks with greater exposure to foreign funding. Moreover, tighter macroprudential policy has stronger dampening effects on FX lending when global risk appetite is high and foreign monetary policy is expansionary. Finally, quantitative effects are in general larger for borrower rather than lender macroprudential policies.

Banks. --- General. --- Money Supply. --- Money stock --- Quantity of money --- Supply of money --- Money --- Demand for money --- Monetary policy --- Banks and Banking --- Macroeconomics --- Money and Monetary Policy --- Industries: Financial Services --- Money Supply --- Credit --- Money Multipliers --- Central Banks and Their Policies --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- Finance --- Banking --- Macroprudential policy --- Loans --- Consumer credit --- Bank credit --- Financial sector policy and analysis --- Financial institutions --- Economic policy --- Banks and banking --- Romania