Tesi sul tema "Monetary policy"
Cita una fonte nei formati APA, MLA, Chicago, Harvard e in molti altri stili
Vedi i top-50 saggi (tesi di laurea o di dottorato) per l'attività di ricerca sul tema "Monetary policy".
Accanto a ogni fonte nell'elenco di riferimenti c'è un pulsante "Aggiungi alla bibliografia". Premilo e genereremo automaticamente la citazione bibliografica dell'opera scelta nello stile citazionale di cui hai bisogno: APA, MLA, Harvard, Chicago, Vancouver ecc.
Puoi anche scaricare il testo completo della pubblicazione scientifica nel formato .pdf e leggere online l'abstract (il sommario) dell'opera se è presente nei metadati.
Vedi le tesi di molte aree scientifiche e compila una bibliografia corretta.
Napier, Steven. "Roosevelt's monetary policy". Huntington, WV : [Marshall University Libraries], 2005. http://www.marshall.edu/etd/descript.asp?ref=600.
Testo completoTitle from document title page. Includes abstract. Document formatted into pages: contains v, 180 p. Bibliographical notes by chapters: p. 142-158. Bibliography: p. 159-180.
Malik, Ali Khalil. "Essays on monetary policy : formulation and implementation of monetary policy rules". Thesis, University of Manchester, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.625463.
Testo completoSöderström, Ulf. "Monetary policy under uncertainty". Doctoral thesis, Handelshögskolan i Stockholm, Samhällsekonomi (S), 1999. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-646.
Testo completoDiss. Stockholm : Handelshögskolan, 1999
Söderström, Ulf. "Monetary policy under uncertainty /". Stockholm : Economic Research Institute, Stockholm School of Economics (Ekonomiska forskningsinstitutet vid Handelshögsk.) (EFI), 1999. http://www.hhs.se/efi/summary/506.htm.
Testo completoHimmels, Christoph. "Essays on monetary policy". Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/3735.
Testo completoTang, Gaoyan (Jenny). "Essays in Monetary Policy". Thesis, Harvard University, 2014. http://dissertations.umi.com/gsas.harvard:11476.
Testo completoEconomics
Jaaskela, Jarkko Petteri. "Monetary policy under uncertainty". Thesis, Birkbeck (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.401857.
Testo completoTRISTAO, TIAGO SANTANA. "ESSAYS ON MONETARY POLICY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2017. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=36292@1.
Testo completoCOORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
CONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICO
PROGRAMA DE SUPORTE À PÓS-GRADUAÇÃO DE INSTS. DE ENSINO
Esta tese consiste de três ensaios sobre política monetária. O primeiro investiga o problema de endogeneidade relacionado a estimação de regras de política monetária. O estimador de Mínimos Quadrados Ordinários gera estimativas viesadas e inconsistentes devido ao problema de endogeneidade. O uso de Método Generalizados dos Momentos (MGM) tem sido defendido como uma maneira eficiente de eliminar o viés. Nós usamos um modelo Novo Keynesiano de três equações para mostrar analiticamente que o viés de endogeneidade é uma função da fração da variância das variáveis contabilizadas pelo choque monetário. Se os choques monetários explicam apenas uma pequena fração das variações da inflação e do hiato do produto, então o viés de endogeneidade é pequeno. Nós então usamos métodos de Monte Carlo para mostrar que este resultado sobrevive em modelos econômicos mais complexos. No segundo artigo nós estimamos um modelo dinâmico estocástico de equilíbrio geral para avaliar os efeitos de forward guidance em um ambiente em que o prêmio de risco varia no tempo. Nós avaliamos os efeitos de forward guidance sobre a curva de juros e documentamos como choques de news impactam as variáveis macroeconômicas. Os resultados mostram que forward guidance tem impacto limitado na macroeconomia. Além disso, nossos resultados sugerem que o forward guidance puzzle não pode ser eliminado mesmo em um ambiente no qual forward guidance tem papel limitado nas taxas de juros mais longas. O terceiro artigo explora informações das variações dos juros para identificar choques monetários de news em um modelo macro-financeiro dinâmico. Nós permitimos variação no prêmio de risco e correlação entre os choques de news em um modelo restrito à taxa nominal de juros igual a zero. Apresentamos evidências de que o uso de métodos de máxima verossimilhança, combinado com modelos dinâmicos, não é suficiente para identificar os choques de news. Esta falha está associada com a ausência de mecanismos mais sofisticados para lidar com os movimentos da curva de juros durante o período recente de recessão econômica.
This thesis consists of three essays on monetary policy. The first investigates the endogeneity problem related to monetary policy rules estimation. Ordinary Least Square estimator generates biased and inconsistent estimates due to endogeneity. Generalized Method of Moments (GMM) has been used on the pretext of eliminating the bias. We show analytically in the 3-equation New Keynesian model that the asymptotic bias is a function of the fraction of the variance of variables accounted for by monetary policy shocks. Since the monetary policy shocks explain only a small fraction of inflation and the output gap, hence, the endogeneity bias is small. We use Monte Carlo methods to show that this result survives in larger DSGE models. In the second article we estimate a medium-scale DSGE model to assess the effects of forward guidance in a framework with endogenous time-varying price of risk. We investigate how the forward guidance impact the term structure of interest rates, and document how different monetary policy news can impact macroeconomic variables. We find that forward guidance, through isolated news shocks, has limited impact on long term rates. Also, anticipated and surprise shocks have similar effects on bond yields as the economy is not restricted by the ZLB. Further, our results suggest that the forward guidance puzzle cannot be eliminated even within a framework in which forward guidance has limited impact on long term rates. The third essay exploits information from changes in yield curve to identify monetary news shocks in a macro-financial DSGE model. We allow a timevarying term premium and zero lower bound (ZLB) constraints. Although the DSGE econometric literature has argued in favor of the likelihood-based methods to identify and estimate the anticipated components of exogenous innovations, we show evidence that this approach, in combination with a standard New Keynesian DSGE model, does not provide a satisfactory estimation of the recent course of forward guidance shocks. This failure is associated with the absence of a richer mechanism to deal with the yield curve in the the recent recession.
Zettelmeyer, Jerónimo. "Essays on monetary policy". Thesis, Massachusetts Institute of Technology, 1995. http://hdl.handle.net/1721.1/11305.
Testo completoNguyen, Anh D. M. "Essays on monetary policy". Thesis, Lancaster University, 2015. http://eprints.lancs.ac.uk/76883/.
Testo completoXu, Xin. "Flexible monetary policy rules". Thesis, University of East Anglia, 2017. https://ueaeprints.uea.ac.uk/63641/.
Testo completoMeaning, Jack. "Innovations in monetary policy". Thesis, University of Kent, 2016. https://kar.kent.ac.uk/54684/.
Testo completoLiz, Pedro Henrique Koerich de. "Spillovers in monetary policy". reponame:Repositório Institucional da UFSC, 2017. https://repositorio.ufsc.br/xmlui/handle/123456789/180539.
Testo completoMade available in DSpace on 2017-10-31T03:16:14Z (GMT). No. of bitstreams: 1 348876.pdf: 1998898 bytes, checksum: f0a0366bd6ae9813367320dc160f3602 (MD5) Previous issue date: 2017
Abstract : The FED and ECB monetary policy decisions regarding the target interest rate are one of the main drivers of global financial cycles that affect both emerging and developed economies. Because of that, the investigation of how monetary policy decision announcements regarding official interest rate target made by the FED and ECB spillover in both yield curves is important for both market participants and academics. In this sense, this work extends the monetary-jump model in León and Sebestyén (2012) to a bivariate structure, which allows the analysis of four objectives: (1) Assess the extent to which not anticipated monetary policy decision contributes to the overall volatility in term structure of interest rates; (2) analyze the predictability of FED and ECB decisions and announcements; (3) assess if volatility and monetary policy spillover effects between the US and EMU yield curves exist; (4) identify two types of systematic jumps: jumps specific to one interest rate and jumps that occur to both interest rates at the same time, and assess the correlation between jumps in both markets. The empirical evidence suggested a high level of linkage between the two markets, especially during the world financial crises, when correlated jumps appear to drive the jump arrival process of both yield curves. The jump structure is very important to explain interest rate volatility; however, unanticipated monetary policy decisions report a little contribution to the overall volatility. As for the predictability of the monetary authority, future rates do not anticipate monetary policy decisions as shorter rates, indicating market participants are more likely to change their future monetary policy expectations only after the statement has been released, implying future rates are less predictable by the market participants. Monetary policy decisions spillover effects were relevant to explain jumps in the monetary authority meeting days, since foreign monetary decisions appear to create more jumps in both yield curves than the domestic monetary policy. This suggests domestic interest rate market participants predict their domestic monetary policy better than foreign central bank decisions. Finally, regarding volatility spillover effects, it can be seen that the covariance dropped during the financial crises period, at the same time the correlated jump intensity became large and drove both markets jumps arrival processes. During the sample period analyzed both individual and correlated jumps generated in the US and EMU interest rates markets are due more to other events than to unanticipated monetary policy decisions.
As decisões de política monetária do FED e ECB em relação as suas respectivas metas da taxa de juros são um dos determinantes do ciclos financeiros globais que afetam as economias emergentes e desenvolvidas. Por conta disso, a investigação de como as decisões de política monetária em relação a meta oficial da taxa de juros feita pelo FED e ECB transbordam em ambas estruturas a termo da taxa de juros é importante para os participantes do mercado e acadêmicos. Neste sentido, este trabalho estende o modelo monetary-jump de León e Sebestyén (2012) para uma estrutura bivariada, permitindo a análise de quatro objetivos: (1) Avaliar a contribuição das decisões de política monetária não antecipadas para a volatilidade da estrutura a termo da taxa de juros; (2) analisar a previsibilidade das decisões do FED e ECB; (3) avaliar se o transbordamento de volatilidade e política monetária entre as estruturas a termo da taxa de juros dos Estados Unidos e União Europeia existe; (4) identificar dois tipos de saltos sistemáticos: saltos específicos a uma taxa de juros e saltos que ocorrem em ambas taxas de juros ao mesmo tempo, e avaliar a correlação entre os saltos nos dois mercados. As evidências empíricas sugerem um alto nível de relacionamento entre os dois mercados, especialmente durante a crise financeira global, aonde os saltos correlacionados aparecem como principal determinante do processo de chegada dos saltos em ambas estruturas a termo da taxa de juros. A estrutura de saltos é muito importante para explicar a volatilidade das taxas de juros, entretanto, decisões de política monetária não antecipadas reportam uma pequena contribuição para a volatilidade total. Já em relação a previsibilidade da autoridade monetária, taxas de juros futuras não antecipam as decisões de política monetária como as taxas de juros mais curtas, indicando que os participantes do mercado estão mais propensos em mudar suas expectativas em relação ao futuro da política monetária apenas depois do anúncio ser divulgado pelo Banco Central, implicando que as taxas de juros futuras são menos previsíveis pelos participantes do mercado. Efeitos de transbordamento de decisões de política monetária são relevantes para explicar saltos em dias de reunião da autoridade monetária, visto que as decisões de política monetária estrangeira aparentam criar mais saltos em ambas estruturas a termo da taxa de juros que as decisões de política monetária doméstica. Isto sugere que os participantes do mercado de taxa de juros doméstico prevem e antecipam melhor a política monetária doméstica do que as decisões do Banco Central estrangeiro. Finalmente, em relação aos efeitos de transbordamento de volatilidade, pode ser visto que a covariância entre os mercados de juros caiu durante o período da crise financeira global, no mesmo tempo em que a intensidade dos saltos correlacionados ficaram maiores e determinaram o processo de chegada dos saltos em ambos mercados. Durante o período amostral analisado, os saltos individuais e correlacionados gerados no mercado de taxa de juros dos Estados Unidos e da União Europeia acontecem mais por conta de outros eventos do que por conta de decisões de política monetária não antecipadas.
DELLE, CHIAIE SIMONA. "Essays on monetary policy". Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2009. http://hdl.handle.net/2108/769.
Testo completoThis thesis contributes to the recent literature that studies the quantitative implications of the imperfect information about potential output for the conduct of monetary policy. By means of Bayesian techniques, a small New Keynesian model is estimated taking explicitly account of the imperfect information problem. The estimation of the structural parameters and of the monetary authorities' objectives is key in assessing the quantitative relevance of the imperfect information problem and in evaluating the robustness of previous exercises based on calibration. The model allows us to analyse the usefulness of unit labor costs as monetary policy indicator.
Wolf, Clara. "Housing and monetary policy : three essays on empirical housing economics and international monetary policy". Thesis, Paris, Institut d'études politiques, 2016. http://www.theses.fr/2016IEPP0067.
Testo completoThis thesis investigates heterogeneous topics since it is related to both housing economics and monetary economics, and uses various tools including theoretical modeling, microeconomic policy evaluation and macroeconomic empirical approach. It is constituted of three chapters. The first one, co-authored with Eric Monnet, is interested in the relationship between demographic changes within countries and housing investment. The second one, co-authored with Guillaume Chapelle and Benjamin Vignolles, assesses the impact of a housing tax credit on several dimensions of the housing market. Finally, the third one studies how monetary policy should react to capital inflows when there are frictions on the financial market
Vasicek, Borek. "Empirical Essays on Monetary Policy". Doctoral thesis, Universitat Autònoma de Barcelona, 2011. http://hdl.handle.net/10803/48715.
Testo completoSecchi, Alessandro. "Heterogeneous Effects of Monetary Policy". Doctoral thesis, Universitat Pompeu Fabra, 2005. http://hdl.handle.net/10803/7425.
Testo completoIn the third chapter we focus on a specific dimension along which the presence of heterogeneities in the balance sheet structure may induce different responses to a monetary policy action. In particular we address the existence of a channel of transmission of monetary policy, the cost-channel, that operates through the effect of interest expenses on the marginal cost of production. Such a channel is based on an active role of net working capital (inventories, plus trade receivables, less trade payables) in the production process and on the fact that variations in interest rate and credit conditions alter firms' short-run ability to produce final output by investing in net working capital. It has been argued that this mechanism may explain the dimension of the real effects of monetary policy, give a rationale for the positive short-run response of prices to rate increases (the "price puzzle") and call for a more gradual monetary policy response to shocks. The analysis is based on a unique panel, that includes about 2,000 Italian manufacturing firms and 14 years of data on individual prices and interest rates paid on several types of debt. We find robust evidence in favor of the presence of a cost-channel of monetary policy transmission, proportional to the amount of working capital held by each firm and with a size large enough to have non-trivial monetary policy implications.
The empirical analysis of chapter three is based on the hypothesis that the type of heterogeneity that produces different firm level responses to an interest rate variation is well defined and measurable. On the contrary, most of the empirical literature that tests for the existence of heterogeneous effects of monetary policy on firms' production or investment choices is based on an ad hoc assumption of the specific firm level characteristic that should distinguish more sensitive from less sensitive firms. A similar degree of arbitrariness is adopted in selecting the number of classes of firms characterized by different responses to monetary policy shocks as well as in the selection of the cutoff points. The objective of chapter four is to apply a recent econometric methodology that building on data predictive density provides a well defined criteria to detect both the "optimal" dimension along which analyze firms' responses to monetary policy innovations and the "optimal" endogenous groups. The empirical analysis is focused on Italian manufacturing firms and, in particular, on the response of inventory investment to monetary policy shocks from 1983 to 1998. The main results are the following. In strike contrast with what is normally assumed in the literature in most of the cases it turns out that the optimal number of classes that is larger than two. Moreover orderings that are based on variables that are normally thought to be equivalent proxies for the size of the firm (i.e. turnover, total assets and level of employment) do not lead neither to the same number of groups nor to similar splitting points. Finally even if endogenous clusters are mainly characterized by different degrees of within group heterogeneity, with groups composed by smaller firms showing the largest dispersion, there also exist important differences in the average effect of monetary policy across groups. In particular the fact that some of the orderings do not show the expected monotonicity between the rank and the average effect appears to be one of the most remarkable aspects.
Chung, Kyuil. "Three essays on monetary policy /". For electronic version search Digital dissertations database. Restricted to UC campuses. Access is free to UC campus dissertations, 2005. http://uclibs.org/PID/11984.
Testo completoKjellberg, David. "Expectations, Uncertainty, and Monetary Policy". Doctoral thesis, Uppsala University, Department of Economics, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8335.
Testo completoEssay 1 - To evaluate measures of expectations I examine and compare some of the most common methods for capturing expectations: the futures method which utilizes financial market prices, the VAR forecast method, and the survey method. I study average expectations on the Federal funds rate target, and the main findings can be summarized as follows: i) the survey measure and the futures measure are highly correlated; the correlation coefficient is 0.81 which indicates that the measures capture the same phenomenon, ii) the survey measure consistently overestimates the realized changes in the interest rate, iii) the VAR forecast method shows little resemblance with the other methods.
Essay 2 - This paper takes a critical look at available proxies of uncertainty. Two questions are addressed: (i) How do we evaluate these proxies given that subjective uncertainty is inherently unobservable? (ii) Is there such a thing as a general macroeconomic uncertainty? Using correlations, some narrative evidence and a factor analysis, we find that disagreement and stock market volatility proxies seem to be valid measures of uncertainty whereas probability forecast measures are not. This result is reinforced when we use our proxies in standard macroeconomic applications where uncertainty is supposed to be of importance. Uncertainty is positively correlated with the absolute value of the GDP-gap.
Essay 3 - The co-movements of exchange rates and interest rates as the economy responds to shocks is a potential source of deviations from uncovered interest rate parity. This paper investigates whether an open economy macro model with endogenous monetary policy is capable of explaining the exchange rate risk premium puzzle. When the central bank is engaged in interest rate smoothing, a negative relationship between exchange rate changes and interest differentials emerge for realistic parameter values without assuming an extremely large and variable risk premium as done in previous studies.
Essay 4 - This paper shows how market expectations as a function of the forecasting horizon can be constructed and used to analyse issues like how far in advance monetary policy actions are anticipated and how the market’s understanding of monetary policy has developed over time. On average about half of a monetary policy action is anticipated one month before a policy meeting. The share of fully anticipated FOMC policy decisions increase from less than 10% at the two-month horizon, to about 70% at the one-day horizon. The market ability to predict policy has improved substantially after 1999 as the fraction of fully anticipated meetings has quadrupled at the monthly horizon. This improvement can be described as an effect of increased central bank transparency.
Cosgrove, Paul John. "Asset prices and monetary policy". Thesis, Heriot-Watt University, 2015. http://hdl.handle.net/10399/2928.
Testo completoSpencer, Christopher. "Committee decisions and monetary policy". Thesis, University of Surrey, 2005. http://epubs.surrey.ac.uk/843286/.
Testo completoLinaa, Jesper Gregers. "Business cycles and monetary policy /". Copenhagen, 2005. http://www.gbv.de/dms/zbw/501512020.pdf.
Testo completoHuang, Zhangkai. "Finance, investment and monetary policy". Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270515.
Testo completoFatima, Kaneez. "Globalization, inflation and monetary policy". Thesis, University of Glasgow, 2013. http://theses.gla.ac.uk/4713/.
Testo completoMaliszewski, Wojciech Stanislaw. "Monetary policy in transitional economies". Thesis, London School of Economics and Political Science (University of London), 2006. http://etheses.lse.ac.uk/2918/.
Testo completoMichaelis, Henrike. "Essays on monetary policy transmission". Diss., Ludwig-Maximilians-Universität München, 2014. http://nbn-resolving.de/urn:nbn:de:bvb:19-176993.
Testo completoCAVALLARI, MATHEUS DE CARVALHO LEME. "OPTIMAL FISCAL AND MONETARY POLICY". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5393@1.
Testo completoO presente trabalho tem objetivo de caracterizar as políticas fiscal e monetária ótimas e avaliar o comportamento do ganho de bem estar fruto do uso destas políticas. Para isto, utilizamos um modelo com rigidez de preços e concorrência monopolística em que a taxa de juros nominal e gasto público tem efeitos reais na economia, seguindo a literatura Novo- Keynesiana. Observamos que existe ganho no uso conjunto das políticas fiscal e monetária vis-à-vis o caso de independência destas políticas. Quanto maior a potência da política fiscal, maior a substituição do instrumento monetário pelo instrumento fiscal na gestão das políticas ótimas. Finalmente, quanto menor a persistência e/ou maior a volatilidade relativa da política fiscal no caso de independência, maior o ganho de bem estar em adotar as políticas ótimas.
The purpose of this work is to identify the optimal monetary and fiscal policy and to evaluate the welfare gains resulting from the cooperation of such policies. Based on a New-Keynesian approach, we investigate a model with price rigidity and monopolistic competition in which the nominal interest rate and the public spending have real effects on the economy. We found gains in the use of both fiscal and monetary instruments, compared to a framework of independence. As the power of the fiscal policy increases, there are welfare gains in substituting interest rate setting by public spending. There are also increasing welfare gains in cooperation when the fiscal policy is less persistent and/or more volatile in relation to other shocks.
Mushendami, Postrick Lifa. "Essays in monetary policy rules". Thesis, Durham University, 2014. http://etheses.dur.ac.uk/10668/.
Testo completoPereira, Andreia Sofia Boanova Vieira. "Population ageing and monetary policy". Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/11996.
Testo completoO envelhecimento da população altera a dinâmica das principais variáveis macroeconómicas com implicações para a condução da política monetária e estabilidade dos preços. O presente trabalho pretende analisar as principais tendências demográficas e de que forma influenciam o ambiente económico onde a política monetária é conduzida, causando direta ou indiretamente movimentos indesejados nas taxas de inflação. Recorrendo a uma técnica polinomial, estimamos a relação empírica entre a estrutura etária e a inflação para um painel de 24 países da OCDE durante o período 1961-2014. Encontramos uma correlação significativa entre demografia e inflação, consistente com a hipótese de que um aumento da população ativa causa pressões deflacionistas, enquanto uma maior parcela de dependentes e reformados está associada a taxas de inflação mais elevadas. Os resultados sugerem que o potencial impacto do processo de envelhecimento a nível global sobre a inflação deve ser tido em conta nas decisões de política monetária.
The ongoing demographic changes can affect the dynamic of economics in several ways, with implications for the conduct of monetary policy and price stability. This paper analyses the future prospects on demographic changes and how they are expected to influence the macroeconomic environment where monetary policy is conducted, which can directly or indirectly generate unwanted inflation dynamics. By adopting a polynomial technique, an estimation is carried out to determine the relationship between the age structure and inflation in a panel of 24 OECD countries over the 1961-2014 period. A significant correlation is found between demography and inflation, consistent with the hypothesis that an increase in the share of working-age population causes deflationary pressures, while a larger scale of dependents and young retirees are associated with higher inflation rates. The results suggest that the potential impact of the global ageing process on inflation should be taken into consideration in the decision making processes of monetary policy.
Paul, Adrian. "Essays on unconventional monetary policy". Thesis, University of Oxford, 2017. https://ora.ox.ac.uk/objects/uuid:00a4f88f-114f-4e20-b354-ca66440447f1.
Testo completoGosai, Rushai. "Are monetary policy regimes optimal". Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/64847.
Testo completoMini Dissertation (MBA)--University of Pretoria, 2017.
za2018
Gordon Institute of Business Science (GIBS)
MBA
Unrestricted
Addo, Samuel. "Regime changes in monetary policy". Doctoral thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/29311.
Testo completoO'Sullivan, Róisín. "Financial innovation and monetary policy". The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1261399151.
Testo completoO'Sullivan, Roisin. "Financial innovation and monetary policy /". The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1486462702464464.
Testo completoStrejc, Daniel. "Monetary policy and the ECB". Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4174.
Testo completoVít, Martin. "Monetary policy of interwar Czechoslovakia". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-86040.
Testo completoO'Sullivan, Róisín. "Financial innovation and monetary policy /". Connect to resource, 2002. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1261399151.
Testo completoPollio, Luigi. "Monetary Policy and Economic Expectations". Doctoral thesis, Universita degli studi di Salerno, 2019. http://elea.unisa.it:8080/xmlui/handle/10556/4511.
Testo completoEconomists have long recognized that adverse shocks to the nancial sector can have signi cant e ects on the real economy. The chance that nancial instability will lead to macroeconomic instability is often termed \systemic risk" and the bankruptcy of Lehman Brothers and the global crisis in the last decades represent near evidence. Historically, monetary authorities used to respond to global crisis by cutting interest rates to lower levels. However, when the short-term nominal interest rate reaches the zero lower bound, monetary policy loses the power to cut the interest rate to counterbalance the negative e ect of nancial crisis and to control the in ation rate in the economy. Motivating by the events of the nancial crisis in 2008, I study the e ect of nancial instability on the economy and the in uence of the Central Bank' unconventional monetary policy on market micro-structure. This work is divided in two main parts. In the rst chapter, I investigate the e ects of a nancial instability shock on consumption and business expectations using the \Announcements" of the European Central Bank in favor of stability as source of exogenous variation. Using quarterly data on the European countries, I show that a nancial instability shock depresses the aggregate expectations on investment while the e ects are mixed for aggregate consumption con dence. These results are robust to di erent identi cation schemes and several estimation methodologies. Finally, I estimate an impulse response function for a nancial instability shock on consumption and investment con dence using local projection on a 20 period horizon. The second chapter aims at assessing the impact of the unconventional monetary policy undertaken by the European Central Bank (ECB) on European corporate bond prices and their liquidity. Using a di erence-in-di erence estimation technique, I nd that the Corporate Sector Purchase Programme (CSPP) has signi cantly reduced both the yield and bid-ask spread of the purchased bonds. I also investigate whether the average treatment e ect has changed over time during the implementation of the policy: the e ect of the program on yield and prices has marginally abated, while the positive e ect on liquidity is still present approximately nine months after the policy inception. [edited by author]
XVII n.s. (XXXI ciclo)
Salhi, Khadidja <1991>. "MONETARY POLICY AND SYSTEMIC RISK". Master's Degree Thesis, Università Ca' Foscari Venezia, 2018. http://hdl.handle.net/10579/13439.
Testo completoKanda, Daniel Stanley. "Optimal fiscal policy propagation of monetary policy shocks". Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp02/NQ35965.pdf.
Testo completoFuchs, Patrick. "Monetary Policy and Stock Market Volatility extended with a new measure of Monetary policy surprise /". St. Gallen, 2004. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/98904360001/$FILE/98904360001.pdf.
Testo completoChoi, Jae-Young. "Comparing monetary policy indicators and the credit channel of monetary policy : the role of small borrowers /". free to MU campus, to others for purchase, 1998. http://wwwlib.umi.com/cr/mo/fullcit?p9901226.
Testo completoGnocchi, Stefano. "Essays on Monetary Policy, Wage Bargaining and Fiscal Policy". Doctoral thesis, Universitat Pompeu Fabra, 2008. http://hdl.handle.net/10803/7385.
Testo completoBaker, Julian Robert. "Coinage, monetary policy and monetary economy in Greece, 1204- ca. 1350". Thesis, University of Birmingham, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.553003.
Testo completoWeber, Henning [Verfasser]. "Essays on monetary policy and the European Monetary Union / Henning Weber". Berlin : Freie Universität Berlin, 2008. http://d-nb.info/1023260018/34.
Testo completoO'Mahony, Angela Julie. "Monetary regimes : the interrelated choice of monetary policy and the exchange rate /". Diss., Connect to a 24 p. preview or request complete full text in PDF format. Access restricted to UC IP addresses, 2003. http://wwwlib.umi.com/cr/ucsd/fullcit?p3083461.
Testo completoBlas, Pérez Beatriz de. "Essays on Monetary and Fiscal Policy". Doctoral thesis, Universitat Autònoma de Barcelona, 2002. http://hdl.handle.net/10803/4035.
Testo completoEl Capítulo 1 analiza numéricamente el funcionamiento de reglas de política monetaria en economías con y sin imperfecciones financieras. El capítulo compara una política monetaria endógena con una regla de crecimiento del dinero constante en un escenario de participación limitada. Las imperfecciones surgen por información asimétrica en la producción de capital. El modelo se ajusta bastante bien a los datos de EE.UU. El escenario con imperfecciones financieras es capaz de reflejar algunos hechos estilizados del ciclo económico, como la relación negativa entre producto y prima de riesgo, que no aparecen en el caso estándar sin fricciones. El uso de reglas de tipos de interés en un modelo de participación limitada tiene efectos estabilizadores contrarios a los de los modelos neo-Keynesianos. Concretamente, en un modelo de participación limitada, usar reglas de tipos de interés ayuda a estabilizar producto e inflación frente a un shock tecnológico, mientras que existe un trade-off entre estabilizar producto e inflación si el shock es a la demanda de dinero. Finalmente, los efectos de una regla de Taylor son más fuertes -más estabilizadores o más desestabilizadores- cuando hay fricciones financieras.
El Capítulo 2 utiliza datos de EE.UU. de posguerra para analizar si las fricciones financieras pueden haber contribuido a reducir la variabilidad del producto y la inflación desde los 80. Los datos sobre producto, inflación, tipo de interés y prima de riesgo indican un punto de ruptura en 1981:2, tras el cual estas variables son menos volátiles. El modelo anterior se utiliza aquí para calibrar una regla de tipos de interés para cada submuestra. Sin fricciones financieras, los resultados confirman el reconocido cambio en la política monetaria al presentar reglas bastante diferentes antes y después de 1981:2. Sin embargo, en contraste con la literatura empírica, la calibración no refleja un mayor peso sobre la estabilización de la inflación después de 1981:2. Sorprendentemente, con un nivel positivo de costes de control, la calibración presenta dos reglas mucho menos distintas que aquellas encontradas en ausencia de imperfecciones. Las reglas calibradas sí que asignan un mayor peso a la estabilización de la inflación y menor a la del producto tras 1981:2, a diferencia del caso de costes de control cero. Cuando la regla, costes de control, y shocks cambian entre submuestras, la calibración presenta dos reglas con más peso a la estabilización de la inflación y menos a la del producto después de 1981:2. El grado de fricciones financieras cae un 10% tras 1981:2.
El Capítulo 3 estudia las consecuencias en crecimiento y bienestar de imponer límites de deuda a la restricción presupuestaria del gobierno. El modelo presenta crecimiento endógeno y permite al gasto público tener dos papeles diferentes, bien como factor productivo o bien como servicios en la función de utilidad (en este caso, el capital privado genera crecimiento.) En el largo plazo, sin límites de deuda, mayores impuestos sobre el trabajo reducen el crecimiento, independientemente del papel desempeñado por el gasto público. Con límites de deuda, mayores impuestos sobre el trabajo aumentan el crecimiento si el gasto público es productivo. También se analiza la dinámica de una política fiscal más restrictiva para alcanzar un límite de deuda menor, cuando el gasto público es productivo. Mayores impuestos sobre el trabajo para reducir la deuda llevan a un nuevo estado estacionario con mayor crecimiento y menores impuestos, debido al papel productivo del gasto público. Igualmente, un menor ratio de gasto público-producto reduce el crecimiento y producto. Mayores impuestos sobre el trabajo conllevan menos costes de bienestar que cortes en el gasto público para reducir la deuda.
This dissertation analyzes monetary and fiscal policy issues in macroeconomies with financial frictions.
Chapter 1 analyzes numerically the performance of monetary policy rules in economies with and without financial imperfections. Endogenously driven monetary policy is compared to a constant money growth rule in a limited participation framework. The imperfections arise due to asymmetric information emerging in the production of capital. The model economy fits US data reasonably well. The setup with financial imperfections is able to account for some stylized facts of the business cycle, like the negative correlation between output and risk premium, which are absent in the standard frictionless case. The use of interest rate rules in a limited participation model has the opposite stabilization effects compared with new Keynesian models. More concretely, in a limited participation model, using interest rate rules helps stabilize both output and inflation in the face of technology shocks, whereas there is a trade-off between stabilizing output and inflation if the shock is to money demand. Finally, the effects of a Taylor rule are stronger -either more strongly stabilizing or more strongly destabilizing- when there are financial frictions in the economy.
In Chapter 2, postwar US data are employed to analyze whether financial frictions may have contributed to reduce the variability of output and inflation since the 1980s. Data on output, inflation, interest rate, and risk premium indicate a structural break at 1981:2, after which these variables become less volatile. The model economy of Chapter 1 is used to calibrate an interest rate rule for each subsample. Without financial frictions, the results confirm the widely recognized change in the conduct of monetary policy by reporting substantially different rules before and after 1981:2. However, in contrast with empirical literature, the calibration fails to assign more weight to inflation stabilization after 1981:2. Interestingly, when a positive level of monitoring costs is introduced, the procedure yields two calibrated rules that are much less different than those found in the absence of frictions. Furthermore, the calibrated rules do report a stronger weight to inflation and less to output stabilization after 1981:2, as opposed to the zero monitoring costs case. When the rule, monitoring costs, and shocks are allowed to change across subsamples, the calibration reports two interest rate rules that assign more weight to inflation and less to output stabilization after 1981:2. Also, the degree of financial frictions is 10% less after 1981:2.
Chapter 3 studies the growth and welfare consequences of imposing debt limits on the government budget constraint. The model economy displays endogenous growth and allows public spending to have two different roles, either as productive input or as services in the utility function (in this case private capital drives growth). Introducing debt limits is determinant for the growth effects of different fiscal policies. In the long run, without debt limits, the growth effects of raising taxes on labor income are negative regardless of the role of government spending. Interestingly, with debt limits, higher labor tax rates affect positively growth if government spending is productive. The chapter also analyzes the dynamic effects of imposing a more restrictive fiscal policy in order to attain a debt limit with a lower debt to output ratio, for the case of productive government spending. Raising taxes to lower debt leads to a new balanced growth path with higher growth and lower taxes, because of the productive role of government spending. By the same reason, a fiscal policy consisting of reducing government spending over output has the opposite effects, reducing growth and output. Finally, raising labor income taxes implies a lower welfare cost of reducing debt than does cutting spending.
Pescatori, Andrea. "Essays on monetary and fiscal policy". Doctoral thesis, Universitat Pompeu Fabra, 2006. http://hdl.handle.net/10803/7346.
Testo completo1) I study how monetary policy should be optimally designed when households show financial wealth heterogeneity.
Main results: thanks to its ability to affect interest payments volatility, monetary policy has real effects even in a flexible-price cashless-limit environment; second, in a setup with nominal rigidities, price stability is no longer optimal. The extent of deviation from price stability depends on the initial level of debt dispersion.
2) I assess the role of housing price movements in influencing the optimal design of monetary policy.
Under the optimal simple rule, housing price movements should not be a separate target variable in addition to inflation. Furthermore, the welfare loss arising from targeting housing prices becomes quantitatively more significant the higher the degree of access to the credit market.
3) I analyze the effects of fiscal policy in a currency area.
Results: a public spending shock in one region increases private agents demand for imports and appreciates the terms of trade; second, a countercyclical fiscal rule can restore the Taylor principle, the uniqueness of the equilibrium and reduce macro-volatility.
Matveev, Dmitry. "Essays in monetary and fiscal policy". Doctoral thesis, Universitat Autònoma de Barcelona, 2015. http://hdl.handle.net/10803/310412.
Testo completoThis thesis contributes to the literature on the joint analysis of monetary and fiscal policy. Since the onset of the global economic downturn in 2007-2008, many advanced economies experienced large economic fluctuations. Stabilizing policy responses in those countries often included large fiscal stimulus packages that in turn triggered discussions of the policy measures---including monetary policy---that would ensure debt sustainability or perform debt adjustment if required. In my work I study policy design in the framework of dynamic general equilibrium models that capture such pressing policy issues. In the first chapter I study optimal monetary and fiscal policy in a New Keynesian model with an occasionally binding zero lower bound that leads to liquidity trap episodes. I analyze the use of government spending and labor income tax as components of the discretionary fiscal stimulus package at the liquidity trap. Reliance on either of these instruments depends on whether the government budget is relaxed or has to be balanced. If the government has to balance its budget period by period, it relies more on the spending instrument. Varying the debt burden across time makes the government rely more on the use of labor taxes because discretionary incentives introduced by debt help to reduce the time-inconsistency problem of the tax rate response at the liquidity trap. Moreover, I show that the risk of falling into the liquidity trap leads to the accumulation of the optimal long run government debt buffer that reduces the frequency of reaching the zero lower bound. In the second chapter I study how the speed of optimal government debt adjustment and the monetary-fiscal policy mix that implements it depend on the maturity structure of debt when policy is chosen discretionary. Under the assumption of debt taking the form of one-period nominal bonds, for plausible levels of debt, fiscal sustainability requires prompt adjustment of debt and monetary policy bears a significant burden of implementing the adjustment. Higher average maturity reduces both the incentive of the government to alter current policy and the incentive to strategically affect future self so as to improve the price of borrowing. Accounting for a plausible average maturity makes the optimal debt adjustment much more gradual, which is in line with the existing empirical evidence on the persistence of government debt. In the case of bond portfolios with the average maturity ranging from several years and higher, it is no longer optimal for monetary policy to accommodate debt adjustment. In the thirds chapter I extend a fiscal theory of the sovereign risk by Uribe (2006) into the setting of a monetary union with incomplete markets. Default policy then not only serves the purpose of securing fiscal sustainability and escaping explosive inflation paths but at the same time can take on the role of insuring households across the union against country-specific fiscal risk. I characterize analytically a solution to the model's first-order dynamics and compare equilibrium consumption allocation against a benchmark of the perfect risk-sharing. For these two to coincide one necessary condition has to be satisfied, namely default policy has to be imperfectly discriminatory. The companion result is that, under imperfectly discriminatory default, changes in the monetary policy rule affect real economic activity during the periods of debt adjustment despite the absence of nominal rigidities. Finally, I discuss design of a simple default rule that attains perfect risk-sharing in equilibrium.
Molnár, Krisztina. "Essays on monetary policy and learning". Doctoral thesis, Universitat Pompeu Fabra, 2006. http://hdl.handle.net/10803/7341.
Testo completoMy thesis builds on the results of the least squares learning literature, which models individual agents as econometricians: agents are running least squares regressions using available data in order to form their expectations. I the ¯first chapter of my thesis I show that the presence of learners in an economy can be rationalized even in coexistence with rational agents. In the second chapter, I examine what is the implication on optimal policy when private agents follow learning. This chapter shows that optimal monetary policy under learning introduces new features of policy behavior that are not present under rational expectations.