Results 41 to 50 of about 648 (140)
The Role of Remittances and FDI for the Current Account: The Case of Cambodia
Journal of Money, Credit and Banking, EarlyView.Abstract This paper develops a small open economy real‐business‐cycle model to examine the dynamics of Cambodian current account. Differing from previous studies, our model incorporates both net foreign direct investment (FDI) and remittances as additional sources of macro‐economic fluctuations. Our results reveal that these two factors, especially FDI,
VEASNA KHENG, LEI PAN, XIAODONG FAN
wiley +1 more source
Banking with Inside Money: An Efficiency Analysis
Journal of Money, Credit and Banking, EarlyView.Abstract We show that banks do not decentralize the first best in a nominal Diamond–Dybvig economy with inside money. Furthermore, state‐contingent deposit contracts do not expand the consumption possibility set to include the first best either. Central banks can improve welfare but only for savers and only with unconventional monetary policy. Finally,
DAVID RIVERO +1 more
wiley +1 more source
Central Bank Digital Currency with Collateral‐Constrained Banks
Journal of Money, Credit and Banking, EarlyView.Abstract We analyze risks to bank intermediation following the introduction of a central bank digital currency (CBDC) competing with commercial bank deposits as households' source of liquidity. We revisit the equivalence of payment systems result, introducing a collateral constraint on banks' borrowing from the central bank.
HANFENG CHEN, MARIA ELENA FILIPPIN
wiley +1 more source
Output Gap Uncertainty, Sovereign Risk Premia and the Contingent Importance of the Bond Vigilantes
Metroeconomica, EarlyView.ABSTRACT This paper investigates the implications of output gap uncertainty for the conduct of fiscal policy using a small‐scale macroeconomic model with boundedly rational agents. Specifically, agents use an adaptive updating mechanism to approximate the unobservable potential output that suffers, similarly to the Hodrick and Prescott (1997) filter ...
Christian R. Proaño, Jonas Dix
wiley +1 more source
A Comparative Analysis of the Calibrated DSGE Model and SSA Method Results on the Latvian Economy
EconomiesThis article examines the theoretical foundations of economic forecasting based on DSGE models. DSGE models are the main direction of contemporary macroeconomics theory—the inclusion of the stochastic processes and expectations of economic agents in the ...
Sergejs Hilkevics, Valentina Semakina
doaj +1 more source
The Role of Labour Market Institutions in Shaping Euro Area Monetary Policy Transmission
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT We examine how labour market institutions shape monetary policy transmission in euro area countries. A theoretical model suggests that higher union density flattens the Phillips curve, amplifying output responses while dampening the inflation effects of monetary shocks. This is empirically confirmed using an interacted panel VAR.
Maximilian Boeck, Christian Glocker
wiley +1 more source
The Impact of Fiscal Policy on Macroeconomic Variables: New Evidence from a DSGE Model [PDF]
International Journal of Business and Development Studies, 2017 The purpose of this article is to analyze the macroeconomic impacts of fiscal policy in Iran using a new-Keynesian Dynamic Stochastic General Equilibrium (DSGE) model.
Ahmad Jafari Samimi +3 more
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A Multi‐Country Approach to Estimate the Euro‐Area Natural Real Interest Rate
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT We set up a semi‐structural unobserved components multi‐country model of the eurozone. The common euro‐area natural rate of interest (NRI) is identified from the joint dynamics of the national data of its 20 member countries and estimated using Bayesian methods.
Tino Berger, Daria Kazakova, Bernd Kempa
wiley +1 more source
What Are The Drivers of Labor Productivity in Italy?
Oxford Bulletin of Economics and Statistics, EarlyView.ABSTRACT This paper introduces a novel sign restriction identification within a structural Bayesian vector autoregression (VAR) to analyse how labour productivity responds to supply and demand shocks and to quantify the contribution of shocks to cyclical fluctuations.
Josué Diwambuena, Francesco Ravazzolo
wiley +1 more source
Monetary Policy Rule and Taylor Principle in Mongolia: GMM and DSGE Approaches
International Journal of Financial Studies, 2020 This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of ...
Hiroyuki Taguchi, Ganbayar Gunbileg
doaj +1 more source