The Impact of Central Bank Independence on the Performance of Inflation Targeting Regimes
In: Journal of International Money and Finance, Band 44
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In: Journal of International Money and Finance, Band 44
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In: Journal of Money, Credit, and Banking, Vol. 41, No. 7, pp. 1365-1389, 2009
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In: Journal of International Money and Finance, Band 29, Heft 6
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In: EEREV-D-21-01131
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In: EEREV-D-21-01131
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In: JEDC-D-23-00048
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In: JEDC-D-22-00083
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In: JEDC-D-22-00083
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In: Bank of Finland Research Discussion Paper No. 16/2019
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In: The Canadian journal of economics: the journal of the Canadian Economics Association = Revue canadienne d'économique, Band 51, Heft 3, S. 828-863
ISSN: 1540-5982
AbstractWe construct a small‐open‐economy, new Keynesian dynamic stochastic general‐equilibrium model with real financial linkages to analyze the effects of financial shocks and macroprudential policies on the Canadian economy. The model incorporates rich interactions between the balance sheets of households, firms and banks, long‐term household and business debt, macroprudential policy instruments and nominal and real rigidities and is calibrated to match dynamics in Canadian macroeconomic and financial data. We study the transmission of monetary policy and financial and real shocks in the model economy and analyze the effectiveness of various policies in simultaneously achieving macroeconomic and financial stability. We find that, in terms of reducing household debt, more targeted tools such as loan‐to‐value regulations are the most effective and least costly, followed by bank capital regulations and monetary policy, respectively.
In: JEDC-D-23-00513
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