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The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the use of formal channels for transmitting remittances and reduces dollarization. Given the size and importance of remittances in Tajikistan, improving financial literacy and better publicizing details of the social safety net may encourage a more frequent use of formal channels for transferring remittances and reduce reliance on foreign exchange for transaction purposes. This is likely to improve bank profitability, enhance financial stability, and improve access to finance.

Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Money and Monetary Policy --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Financial Institutions and Services: Government Policy and Regulation --- Remittances --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International economics --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Economic & financial crises & disasters --- Currencies --- Deposit insurance --- Balance of payments --- Money --- Dollarization --- Monetary policy --- Financial crises --- International finance --- Banks and banking --- Crisis management --- Tajikistan, Republic of

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When estimating DSGE models, the number of observable economic variables is usually kept small, and it is conveniently assumed that DSGE model variables are perfectly measured by a single data series. Building upon Boivin and Giannoni (2006), we relax these two assumptions and estimate a fairly simple monetary DSGE model on a richer data set. Using post-1983 U.S.data on real output, inflation, nominal interest rates, measures of inverse money velocity, and a large panel of informational series, we compare the data-rich DSGE model with the regular - few observables, perfect measurement - DSGE model in terms of deep parameter estimates, propagation of monetary policy and technology shocks and sources of business cycle fluctuations. We document that the data-rich DSGE model generates a higher implied duration of Calvo price contracts and a lower slope of the New Keynesian Phillips curve. To reduce the computational costs of the likelihood-based estimation, we employed a novel speedup as in Jungbacker and Koopman (2008) and achieved the time savings of 60 percent.

Monetary policy --- Stochastic analysis --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Analysis, Stochastic --- Mathematical analysis --- Stochastic processes --- Econometric models. --- Government policy --- Econometrics --- Inflation --- Money and Monetary Policy --- Industries: General --- Macroeconomics --- Bayesian Analysis: General --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Business Fluctuations --- Cycles --- Prices, Business Fluctuations, and Cycles: Forecasting and Simulation --- Computable and Other Applied General Equilibrium Models --- Price Level --- Deflation --- Demand for Money --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics: Production --- Econometrics & economic statistics --- Monetary economics --- Dynamic stochastic general equilibrium models --- Demand for money --- Monetary base --- Industrial production --- Econometric analysis --- Prices --- Money --- Econometric models --- Money supply --- Industries --- United States

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Zonder onderwerpscode: financiewezen

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In this paper, we employ both calibration and modern (Bayesian) estimation methods to assess the role of neutral and investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show how answers are shaped by the identification strategies and not by the statistical approaches. The crucial parameter is the labor supply elasticity. Both a calibration procedure that uses modern assessments of the Frisch elasticity and the estimation procedures result in technology shocks accounting for 2% to 9% of the variation in hours worked in the data. We infer that we should be talking more about identification and less about the choice of particular quantitative approaches.