Suchergebnisse

The global financial crisis of 2007-2008 and the subsequent period of financial and economic instability have forced central banks to implement ultra-loose monetary policies for combating the downturn and the stagnation of inflation, which has led the question about how monetary policy might affect inequality to the foreground of economic and political debates. This paper attepts to evaluate how monetary policy implemented in the Euro area (EURO-11) has affected two aspects of income distribution, namely, the size of middle class dimension and its mobility. To this end, an econometric model is estimated based on data from 2003 to 2015 for the set of countries belonging to the Economic and Monetary Union that originated the Union (EMU1999). We apply the vector autoregressive (VAR) methodology to country-level panel data as a first approach of the short-term dynamics among the considered variables, where the impulse-response functions have been orthogonalized due to the existing serial correlation between the unobserved terms. Subsequently, this analysis is complimented with a more robust one. Since our variables are non-stationary but indeed co-integrated, the vector error correction model (VECM) allows us to consider the medium-term relationship between monetary policy and income inequality via the stimulus of the economic activity. ; Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech.

The Colombian economy experienced several shocks in the past ten years. The permanent fall of inflation, the adoption of inflation targeting (IT) and a financial crisis altered the transmission mechanism of monetary policy. Low inflation and IT reduced in

This work provides evidence on the effects of monetary policy on the income class structure via stimulating economic activity and employment in Eurozone countries over the period 2007Q32016Q1. Based on European Union Statistics on Income and Living Conditions (EU-SILC) data, we compute the share of the market income perceived by each income class (lower, lower-middle, upper-middle, and upper) for the states that originated the Economic and Monetary Union (EMU11). We analyse the impact of monetary policy impulses under a Bayesian Vector Autoregressive approach and find that a monetary easing shock involving a decrease in nominal interest rates tends to increase the income share of middle classes at the expense of a smaller income share of the upper class, while, the lower class is not significantly affected. Our findings highlight the identified effects are mostly triggered by short-term interest rates cuts as long as they tend to vanish as the monetary policy proxy is located further in the yield curve. This suggests that the egalitarian impacts of monetary policy on market income distribution are to a lesser extent driven by decisions modifying longer-term interest rates. ; Universidad de Málaga. Campus de Excelencia Internacional Andalucía Tech.

Para una adecuada conducción de la política monetaria en una economía pequeña y abierta como la colombiana, debe tenerse en cuenta tanto el trilema de la política monetaria, como el ancla nominal de la economía. En este contexto, el papel del banco central es el de decidir cuál es el ancla nominal para la economía. Sin embargo, existe simultáneamente una estrecha relación entre la política monetaria y la brecha del producto. El objetivo de este estudio es ilustrar esta dinámica a través de un modelo de política monetaria. Los resultados muestran la relación dinámica entre el comportamiento de la tasa de interés como función de la inflación subyacente y la brecha del producto. Una de las principales características de la solución es que la restricción de no negatividad sobre la tasa de interés es obligatoria para bajos niveles de brecha del producto y bajas tasas de inflación ; To develops an adequate an monetary policy, in a small open economy like the Colombian, must take in to account, the Trilema of monetary policy and the nominal anchor of the economy, in this context, the central bank role is that the decide which is the nominal anchor to the economy, however exist simultaneously a close relationship between the monetary policy and the gross domestic product gap, the goal of this study is to illustrate this dynamic thought of an monetary policy model, the results show that the behavior of an optimal interest rate like a function of the subjacent inflation and the gross domestic product gap, one of the principal characteristics of the solutions is that the restrictions of no negativity over the interest rate is necessary to lowers levels of gross domestic product gap and lowers rates of inflation

The European Union debt crisis has questioned the institutional design of the European Monetary System (EMS). In 2011, one of the most influential authors, Werner Sinn, argued that the European Central Bank (ECB) was financing the current account deficits in the periphery countries and for this reason, the TARGET2 imbalances were dangerously increasing the risk in core countries. This paper considers that the TARGET2 imbalances have their roots in the interbank market paralysis and in the ECB role in the crisis, avoiding the financial system collapse. However, these imbalances are not a single problem but to reflect the political economy decisions. Sinn's arguments hide a defence to austerity policies and the need to improve the competitiveness in the Southern countries and therefore the liabilities vis-à-vis the Euro-system. ; La crisis de deuda que atraviesa la Unión Europea ha cuestionado el diseño institucional del Sistema Monetario Europeo (SME). Uno de los autores alemanes más influyentes, Werner Sinn, argumentó en el año 2011 que el Banco Central Europeo (BCE) estaba financiando los déficits por cuenta corriente de los países de la periferia y que esto se estaba reflejando en un incremento de los desequilibrios en el sistema de pagos TARGET2, lo cual suponía un riesgo importante para los países del centro de Europa. Este trabajo pretende demostrar que estos desequilibrios surgen como consecuencia de la parálisis del mercado interbancario y de la actuación del BCE a la hora de evitar el colapso del sistema financiero. Estos desequilibrios no suponen un problema en sí mismos, sino que son el reflejo de decisiones de política económica adoptadas por el BCE frente a la crisis. La argumentación de Sinn esconde una defensa de las políticas de austeridad y la necesidad de mejorar la competitividad de los países del sur de Europa para reducir las posiciones deudoras de estos países frente al Euro-sistema.

Beyond the trade agreement among the three countries of North America, behind the scenes, their financial systems are restructuring based on changes in legislation and monetary policy in which the U.S. Federal Reserve (fed) has played a preponderate role in repositioning the big conglomerates. The strengthening of the financial system, currently dominated by international financing, created financial fragility and bank failures, and repositioned institutional investors, which then led to a huge financial crisis. ; Más allá de un acuerdo comercial entre los tres países de América del Norte, detrás del escenario se encuentra la recomposición del sistema financiero de estos países, a partir de cambios en la legislación bancaria y en materia de política monetaria, en los cuales la Reserva Federal de Estados Unidos (fed) ha jugado un papel preponderante para el reposicionamiento de los grandes conglomerados. El fortalecimiento del sistema financiero, cuyo dominio actual descansa en el proceso de financiarización en el nivel internacional, sembró la fragilidad financiera y quiebras bancarias, y generó el reposicionamiento de los inversionistas institucionales, lo que desembocó en una crisis financiera de gran magnitud.

En este artículo, trato de mostrar la experiencia de Estados Unidos en la política monetaria y el control de la inflación entre 1960 y 1998. Esta ha sido una buena experiencia, pero también un terreno fértil para el debate y la disensión. Los keynesianos, los monetaristas y los nuevos clásicos difieren en sus puntos de vista, cuando tratan de dar cuenta de esa experiencia, y sus narrativas económicas son prueba de ello./ Abstract.In this article, I show the experience of U.S. monetary policy and inflation control between 1960 and 1998. This has been a good experience, but also a fertile ground for debate and dissent. The Keynesians, monetarists and new classical differ in their views as they try to give an account of that experience, and economic narratives are proof of that