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T04 ECU / EMS / EMU / EMI / Euro / ESCB --- Central banks. --- Public debt. --- Administrative law. --- Public contracts. --- Banques centrales. --- Dette publique. --- Droit administratif. --- Marchés publics. --- European Central Bank.
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Inflation targeting (IT) has gained much traction over the past two decades, becoming a framework of reference for the conduct of monetary policy. However, the debate about its very merits and macroeconomic consequences remains inconclusive. This paper digs deeper into the issue through a meta-regression analysis (MRA) of the existing literature, making it the first application of a MRA to the macroeconomic effects of IT adoption. Building on 8,059 estimated coefficients from a very broad sample of 113 studies, the paper finds that the empirical literature suffers from two types of publication bias. First, authors, editors and reviewers prefer results featuring beneficial effects of IT adoption on inflation volatility, real GDP growth and fiscal performances; second, they promote results with estimated coefficients that are significantly different from zero. However, after filtering out the publication biases, we still find meaningful (genuine) effects of IT in reducing inflation and real GDP growth volatility, but no significant genuine effects on inflation volatility and the level of real GDP growth. Interestingly, the results indicate that the impact of IT varies systematically across studies, depending on the sample structure and composition, the time coverage, the estimation techniques, country-specific factors, IT implementation parameters, and publication characteristics.
Banks and Banking --- Econometrics --- Finance: General --- Inflation --- Macroeconomics --- Monetary Policy --- Central Banks and Their Policies --- Survey Methods --- Price Level --- Deflation --- Estimation --- Financial Markets and the Macroeconomy --- Banking --- Econometrics & economic statistics --- Finance --- Price stabilization --- Central bank autonomy --- Estimation techniques --- Financial sector development --- Prices --- Central banks --- Econometric analysis --- Financial markets --- Government policy --- Econometric models --- Financial services industry --- United States
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This volume provides an overarching analysis of the current and vulnerable state of central banks and offers potential solutions to stabilize the uncertain future of central banking.
Banks and banking, Central. --- Monetary policy. --- Monetary management --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Economic policy --- Currency boards --- Money supply --- Banks and banking --- Banks and banking, Central --- Monetary policy --- E-books
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To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper investigates the impact of the FX floor on inflation in the Czech Republic, by comparing actual inflation with counterfactuals in the absence of the exchange rate floor. Three different empirical strategies are implemented: an event study, difference-in-difference regressions and a synthetic control method. The empirical results provide evidence that the exchange rate floor was effective in fighting deflationary pressures and prevented inflation from going into negative territory. The magnitude of the effect ranges between 0.5 to 1.5 percentage points. The results are robust to different econometric specifications.
Foreign Exchange --- Inflation --- Money and Monetary Policy --- Central Banks and Their Policies --- Price Level --- Deflation --- Monetary Policy --- Macroeconomics --- Currency --- Foreign exchange --- Monetary economics --- Exchange rates --- Inflation targeting --- Foreign exchange intervention --- Prices --- Monetary policy --- Czech Republic
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Drawing on the 2016 update of the IMF’s Central Bank Legislation Database, this paper examines differences in central bank legal frameworks before and after the Global Financial Crisis. Examples from select countries show that many central bank laws have undergone changes in objectives, decision-making, accountability, and data collection. A wider cross-country survey illustrates the common occurrence of price stability in central bank objectives, and varying practices in defining financial stability, “independence” versus “autonomy,” and who within a central bank determines monetary policy. The highlighted facts illustrate the uses of the database and could be a starting point for further analyses.
Banks and banking, Central. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Banks and banking, Central --- E-books --- Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Central Banks and Their Policies --- Price Level --- Inflation --- Deflation --- Taxation, Subsidies, and Revenue: General --- Banking --- Finance --- Public finance & taxation --- Financial sector stability --- Central bank legislation --- Price stabilization --- Legal support in revenue administration --- Financial sector policy and analysis --- Prices --- Revenue administration --- Central bank mandate --- Financial services industry --- Government policy --- Revenue --- Russian Federation
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Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.
Banks and Banking --- Exports and Imports --- Investments: General --- Interest Rates: Determination, Term Structure, and Effects --- Financial Markets and the Macroeconomy --- Central Banks and Their Policies --- International Policy Coordination and Transmission --- Globalization: Macroeconomic Impacts --- International Financial Markets --- Monetary Policy --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Banking --- International economics --- Investment & securities --- Finance --- Capital flows --- Securities --- Reserves accumulation --- Yield curve --- International reserves --- Balance of payments --- Financial institutions --- Central banks --- Financial services --- Foreign exchange reserves --- Capital movements --- Financial instruments --- Interest rates --- United States
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Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
Banks and banking, Central. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Inflation --- Labor --- Macroeconomics --- Production and Operations Management --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Central Banks and Their Policies --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Macroeconomics: Production --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Output gap --- Wages --- Production growth --- Labor markets --- Production --- Prices --- Economic theory --- Labor market --- United States --- Income economics
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The Fall 2017 IMF Research Bulletin includes a Q&A article covering "Seven Questions on the Globalization of Farmland" by Christian Bogmans. The first research summary, by Manmohan Singh and Haobing Wang is "Central Bank Balance Sheet Policies: Some Policy Implications." The second research summary is "Leaning Against the Windy Bank Lending" by Giovanni Melina and Stefania Villa. A listing of new IMF Working Papers and Staff Discussion Notes is featured, as well as new titles from IMF Publications. Information on IMF Economic Review is also included.
International finance. --- Economic development --- Research. --- Accounting --- Agribusiness --- Bank credit --- Banking --- Banks and Banking --- Banks --- Central bank balance sheet --- Central Banks and Their Policies --- Central banks --- Credit --- Depository Institutions --- Finance, Public --- Financial reporting, financial statements --- Financial statements --- Income economics --- Interest rates --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Micro Finance Institutions --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Mortgages --- Public Administration --- Public financial management (PFM) --- Public Sector Accounting and Audits --- United States
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Central bank collateral frameworks are an often overlooked feature of monetary policy that play a key role in the monetary and financial system. Readers will discover how central banks conduct and implement monetary policy beyond merely setting interest rates, and develop their understanding as to how collateral policies may affect financial markets, financial stability, and the real economy. This book studies the collateral framework in the euro area in detail, and levers this analysis to provide an account of the euro crisis from the perspective of collateral policy. Readers gain access to a wealth of institutional and economic data and information with a level of density and accessibility unavailable elsewhere. This book, the first of its kind, is a valuable read for academic monetary and financial economists, those working in banking and policy-making financial institutions, and anyone who wishes to learn more about the role of central banks in society.
334.151.21 --- 333.820 --- Europese centrale bank. ESCB. Centrale banken. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Money. Monetary policy --- Europese centrale bank. ESCB. Centrale banken --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Monetary policy. --- Banks and banking, Central. --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Monetary management --- Economic policy --- Currency boards --- Money supply --- BUSINESS & ECONOMICS / Economics / Macroeconomics. --- Banks of issue. --- Eurozone.
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We develop an open economy New Keynesian Model with foreign exchange intervention in the presence of a financial accelerator mechanism. We obtain closed-form solutions for the optimal interest rate policy and FX intervention under discretionary policy, in the face of shocks to risk appetite in international capital markets. The solution shows that FX intervention can help reduce the volatility of the economy and mitigate the welfare losses associated with such shocks. We also show that, when the financial accelerator is strong, the risk of multiple equilibria (self-fulfilling currency and inflation movements) is high. We determine the conditions under which indeterminacy can occur and highlight how the use of FX intervention reinforces the central bank’s credibility and limits the risk of multiple equilibria.
Foreign Exchange --- Inflation --- Investments: General --- Macroeconomics --- Monetary Policy --- Central Banks and Their Policies --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- Price Level --- Deflation --- Currency --- Foreign exchange --- Consumption --- Return on investment --- Exchange rates --- National accounts --- Prices --- Economics --- Saving and investment --- United States
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