Szukaj
Wyświetlanie pozycji 1-10 z 12
Natural Rate of Interest in a Small Open Economy with Application to CEE Countries
(2023-09)
This paper extends the Laubach-Williams (2003) framework, which is widely used to estimate the natural rate of interest, to make it more suitable for studying small open economies. The model is augmented with consumer ...
Central bank credibility, long-term yields and the effects of monetary integration
(2021-01)
Forming a monetary union implies equalization of short-term interest rates across the member states as monetary policy is delegated to a common central bank, but also leads to integration of risk-free bond markets. In this ...
Macroeconomic Effects of Quantitative Easing Using Mid-sized Bayesian Vector Autoregressions
(2021-10)
The paper estimates macroeconomic effects and decomposes transmission channels of quantitative easing in the United States using 15-variable Bayesian vector autoregressive model with stochastic search variable selection ...
Is Poland at risk of the zero lower bound?
(2016-07)
In early 2015, the policy (open market operations) rate of Narodowy Bank Polski was reduced to an all-time low of 1.5%. At the same time, prices of consumer goods and services dropped by 1.5% in year-on-year terms. This ...
Why may large economies suffer more at the zero lower bound?
(2016-06)
This paper compares the consequences of hitting the zero lower bound in small open and large closed economies. I costruct a two-economy New Kenynesian model and calibrate it so that one economy is small and open and the ...
A Theory of The Procyclical Effectiveness of Forward Guidance
(2022-12)
I study the dependence of the forward guidance effectiveness on the level of economic slack. I use the model with price rigidities and uninsured unemployment risk and apply both analytical and numerical methods to study ...
Joint identification of monopoly and monopsony power
(2020-06)
The article presents a generalization of an identification scheme of a monopolistic markup proposed by De Loecker and Warzynski (2012). We showed the relation between a price markup and factor wedges arising either due to ...
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
(2024-02)
During the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus ...
Demographics and the natural interest rate in the euro area
(2020-07)
We investigate the impact of demographics on the natural rate of interest (NRI) in the euro area, with a particular focus on the role played by economic openness, migrations and pension system design. To this end, we ...
Transmission of monetary policy and exchange rate shocks under foreign currency lending
(2017-08)
This paper analyses the differences in reaction of domestic and foreign currency lending to monetary and exchange rate shocks, using a panel VAR model estimated for three biggest Central and Eastern European countries ...