Monetary Policy Transmission Heterogeneity Cross Country Evidence

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Monetary Policy Transmission Heterogeneity: Cross-Country Evidence

Mr. Pragyan Deb,Julia Estefania-Flores,Melih Firat,Davide Furceri,Siddharth Kothari
Monetary Policy Transmission Heterogeneity Cross Country Evidence Book PDF

Author : Mr. Pragyan Deb,Julia Estefania-Flores,Melih Firat,Davide Furceri,Siddharth Kothari
Publisher : International Monetary Fund
Page : 59 pages
File Size : 45,7 Mb
Release : 2023-10-17
Category : Business & Economics
ISBN : 9798400257322

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Monetary Policy Transmission Heterogeneity: Cross-Country Evidence by Mr. Pragyan Deb,Julia Estefania-Flores,Melih Firat,Davide Furceri,Siddharth Kothari Pdf

This paper revisits the transmission of monetary policy by constructing a novel dataset of monetary policy shocks for an unbalanced sample of 33 advanced and emerging market economies during the period 1991Q2-2023Q2. Our findings reveal that tightening monetary policy swiftly and negatively impacts economic activity, but the effects on inflation and inflation expectations takes time to fully materialize. Notably, there exist significant heterogeneities in the transmission of monetary policy across countries and time, depending on structural characteristics and cyclical conditions. Across countries, monetary policy is more effective in countries with flexible exchange rate regime, more developed financial systems, and credible monetary policy frameworks. In addition, we find that monetary policy transmission is stronger when uncertainty is low, financial conditions are tight and monetary policy is coordinated with fiscal policy—that is, when the stances move in the same direction.

Monetary Policy Transmission in the Euro Area

Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon
Monetary Policy Transmission in the Euro Area Book PDF

Author : Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon
Publisher : Cambridge University Press
Page : 398 pages
File Size : 43,5 Mb
Release : 2003-12-04
Category : Business & Economics
ISBN : 0521828643

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Monetary Policy Transmission in the Euro Area by Ignazio Angeloni,Anil K. Kashyap,Benoît Mojon Pdf

A systematic analysis of the impact of European Central Bank monetary policy on Eurozone national economies, first published in 2003.

Monetary Policy Transmission in Emerging Markets and Developing Economies

Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue
Monetary Policy Transmission in Emerging Markets and Developing Economies Book PDF

Author : Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue
Publisher : International Monetary Fund
Page : 54 pages
File Size : 55,7 Mb
Release : 2020-02-21
Category : Business & Economics
ISBN : 9781513529738

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Monetary Policy Transmission in Emerging Markets and Developing Economies by Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue Pdf

Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

The Effects of Monetary Policy Shocks on Inequality

Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
The Effects of Monetary Policy Shocks on Inequality Book PDF

Author : Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
Publisher : International Monetary Fund
Page : 43 pages
File Size : 47,8 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568356

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The Effects of Monetary Policy Shocks on Inequality by Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka Pdf

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.

Monetary Transmission Mechanism in the East African Community

Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter
Monetary Transmission Mechanism in the East African Community Book PDF

Author : Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter
Publisher : International Monetary Fund
Page : 59 pages
File Size : 48,7 Mb
Release : 2013-02-06
Category : Business & Economics
ISBN : 9781475553499

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Monetary Transmission Mechanism in the East African Community by Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter Pdf

Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 52,7 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

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.

Demand Vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications

Melih Firat,Otso Hao
Demand Vs Supply Decomposition of Inflation Cross Country Evidence with Applications Book PDF

Author : Melih Firat,Otso Hao
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,9 Mb
Release : 2023-10-17
Category : Business & Economics
ISBN : 9798400257339

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Demand Vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications by Melih Firat,Otso Hao Pdf

What are the contributions of demand and supply factors to inflation? To address this question, we follow Shapiro (2022) and construct quarterly demand-driven and supply-driven inflation series for 32 countries utilizing sectoral Personal Consumption Expenditures (PCE) data. We highlight global trends and country-specific differences in inflation decompositions during critical periods such as the great financial crisis of 2008 and the recent inflation surge since 2021. Validating our inflation series, we find that supply-driven inflation is more reactive to oil shocks and supply chain pressures, while demand-driven inflation displays a more pronounced response to monetary policy shocks. Our results also suggest a steeper Phillips curve when inflation is demand-driven, holding significant implications for effective policy design.

NBER Macroeconomics Annual 2001

Ben S. Bernanke,Kenneth Rogoff
NBER Macroeconomics Annual 2001 Book PDF

Author : Ben S. Bernanke,Kenneth Rogoff
Publisher : MIT Press
Page : 398 pages
File Size : 43,7 Mb
Release : 2002
Category : Business & Economics
ISBN : 026252323X

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NBER Macroeconomics Annual 2001 by Ben S. Bernanke,Kenneth Rogoff Pdf

Current issues in macroeconomics.

Distributional Effects of Monetary Policy

Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Distributional Effects of Monetary Policy Book PDF

Author : Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Publisher : International Monetary Fund
Page : 47 pages
File Size : 54,5 Mb
Release : 2021-07-30
Category : Business & Economics
ISBN : 9781513588858

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Distributional Effects of Monetary Policy by Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson Pdf

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.

Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data

Margherita Bottero,Ms.Camelia Minoiu,José-Luis Peydro,Andrea Polo,Mr.Andrea F Presbitero,Enrico Sette
Negative Monetary Policy Rates and Portfolio Rebalancing Evidence from Credit Register Data Book PDF

Author : Margherita Bottero,Ms.Camelia Minoiu,José-Luis Peydro,Andrea Polo,Mr.Andrea F Presbitero,Enrico Sette
Publisher : International Monetary Fund
Page : 59 pages
File Size : 51,8 Mb
Release : 2019-02-28
Category : Business & Economics
ISBN : 9781498300858

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Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data by Margherita Bottero,Ms.Camelia Minoiu,José-Luis Peydro,Andrea Polo,Mr.Andrea F Presbitero,Enrico Sette Pdf

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.

Negative Interest Rate Policy (NIRP)

Andreas Jobst,Huidan Lin
Negative Interest Rate Policy NIRP Book PDF

Author : Andreas Jobst,Huidan Lin
Publisher : International Monetary Fund
Page : 48 pages
File Size : 40,9 Mb
Release : 2016-08-10
Category : Business & Economics
ISBN : 9781475524475

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Negative Interest Rate Policy (NIRP) by Andreas Jobst,Huidan Lin Pdf

More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.

Regional Economic Outlook, Asia and Pacific, April 2024

International Monetary Fund. Asia and Pacific Dept
Regional Economic Outlook Asia and Pacific April 2024 Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 35 pages
File Size : 40,7 Mb
Release : 2024-04-29
Category : Business & Economics
ISBN : 9798400272349

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Regional Economic Outlook, Asia and Pacific, April 2024 by International Monetary Fund. Asia and Pacific Dept Pdf

Growth in Asia and the Pacific outperformed expectations in late 2023, reaching 5.0 percent for the year. Inflation has continued to decline, albeit at varying speeds: some economies are still seeing sustained price pressures, while others are facing deflationary risks. In 2024, growth is projected to slow modestly to 4.5 percent. Near-term risks are now broadly balanced, as global disinflation and the prospect of monetary easing have increased the likelihood of a soft landing. Spillovers from a deeper property sector correction in China remain an important risk, however, while geoeconomic fragmentation clouds medium-term prospects. Given the diverse inflation landscape, central bank policies need to calibrate policies carefully to domestic needs. Fiscal consolidation should accelerate to contain debt burdens and debt service cost, in order to preserve budgetary space for addressing structural challenges, including population aging and climate change.

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia
Innocent Bystanders Monetary Policy and Inequality in the U S Book PDF

Author : Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia
Publisher : International Monetary Fund
Page : 57 pages
File Size : 46,8 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505498

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Innocent Bystanders? Monetary Policy and Inequality in the U.S. by Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia Pdf

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.

This Time They Are Different

Mr.Markus Eberhardt,Andrea Presbitero
This Time They Are Different Book PDF

Author : Mr.Markus Eberhardt,Andrea Presbitero
Publisher : International Monetary Fund
Page : 55 pages
File Size : 44,8 Mb
Release : 2013-12-17
Category : Business & Economics
ISBN : 9781484309285

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This Time They Are Different by Mr.Markus Eberhardt,Andrea Presbitero Pdf

We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigate the issue of nonlinearities (debt thresholds) in both the cross-country and within-country dimensions, employing novel methods and diagnostics from the time-series literature adapted for use in the panel. We find some support for a nonlinear relationship between debt and long-run growth across countries, but no evidence for common debt thresholds within countries over time.

Australia

International Monetary Fund. Asia and Pacific Dept
Australia Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 102 pages
File Size : 43,7 Mb
Release : 2024-01-18
Category : Business & Economics
ISBN : 9798400262364

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Australia by International Monetary Fund. Asia and Pacific Dept Pdf

Australia’s post-pandemic recovery remained strong. However, growth is weakening on the heels of tighter macroeconomic policies and financial conditions. While inflation has peaked, it remains persistently high. Labor market shows signs of easing, and the positive output gap is narrowing. Increased cost of living started to weigh on household consumption. The economy remains resilient in the near term but confronts a secular productivity slowdown. Financial stability risks remain contained although pockets of vulnerability exist and risks of spillovers from global financial conditions have increased since the last Article IV.