The triple shocks of the financial crisis, sovereign debt crisis, and COVID-19 pandemic have exerted significant impact on the financial markets in the Eurozone. Since the 2008 recession, the European Central Bank (ECB) has implemented an array of un...
This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to...
The CMA (Common Monetary Area) is a quadrilateral monetary arrangement encompassing South Africa, Namibia, Lesotho, and Eswatini. The four countries have undergone a gradual improvement in regional economic integration for the effective economic coor...
The importance of policy coordination between fiscal and monetary policy authorities has become more apparent, in the face of unexpected economic shocks and persistent macroeconomic challenges. In this paper, we employ the Set-Theoretic Approach (STA...
This article analyzes the monetary policy of major central banks during the economic crisis generated by the COVID-19 pandemic. Rising public debt in many countries is being financed through asset purchases by monetary authorities. Although these sti...
In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, pr...
This paper extends the micro-founded DSGE open economy model by incorporating unionized labor markets. Unlike the standard framework with atomistic unions, large labor unions consider broader economic conditions and internalize the impact of their wa...
After the financial crisis, financial stability and sustainability became key to global economic and social development, and the coordination of monetary policy and macroprudential policy plays a crucial role in maintaining financial stability and su...
The study investigates the impact of monetary policy on the level of financial inclusion in the big-five emerging market countries from 2004 to 2020. Several indicators of financial inclusion and the central bank interest rate were used in the analys...
We investigate the effects of monetary policy shocks, including unconventional policy measures, on the bubbles of the energy sector, for the case of the United States. We estimate a time-varying Bayesian VAR model that allows for quantifying the impa...
We use a cointegrated structural vector autoregressive model to investigate the relation between monetary policy in the euro area and the stock market. Since there may be an instantaneous causal relation, we consider long-run identifying restrictions...
In the wake of the 2008 financial crisis, many countries are hoping that massive increases in their money supplies will revive their economies. Evaluating the effectiveness of this strategy using traditional statistical methods would require the cons...
Monetary policy and financial sustainability are linked. However, the role of monetary policy and its implementation have come under particular scrutiny after the 2008 Global Financial Crisis (GFC) and the 2010 European sovereign debt crisis, where o...
The paper provides empirical analysis of interactions between monetary and fiscal policy in the Czech Republic and document changes in policy conduct across the time. To this end, we build and estimate a six-variable Bayesian VAR and propose some ref...
This paper examines whether monetary policy shocks affect CO2 emissions over time in Brazil. We show that CO2 emissions decline persistently following contractionary monetary policy shocks. The relationship between monetary policy and CO2 emissions i...
The purpose of this study is to evaluate the impact of monetary policy on attracting foreign direct investment. We used data for typical countries in Southeast Asia for the period 1997 to 2020, using regression of least squares (OLS), fixed effects (...
The Federal Reserve has played an arguably important role in financial crises in the United States since its creation in 1913 through monetary policy tools. Thus, this paper aims to analyze the impact of monetary policy on the United States’ ec...
Understanding the nature of monetary and fiscal policy interactions has gained more importance over the years, especially within the context of the global financial crisis and the recent COVID-19 pandemic. This study uses a Time-Varying Parameter Vec...
Starting with the interactive relationship between electronic money and household consumption stimuli, this paper deeply analyzes the changes in the behavior of each monetary subject under the impact of electronic money, and establishes a DSGE model...
We develop a model of monetary policy committee decision-making, building on the framework of games played through agents (GPTA). Interest groups seek to influence policy by offering action-contingent contracts to committee members. The resulting equ...
This paper revisits the production network’s role in transmitting monetary policy shocks. The study uses macroeconomic data for multiple OECD economies, for which it estimates the time-varying impulse response functions of GDP to monetary shocks. In...
It has been more than a decade since central banks, in the face of the global financial crisis, implemented a set of unconventional initiatives that included a rapid and significant decrease in their main interest rates and an unprecedented balance s...
Euro Area banks have been confronted with unprecedented monetary policy actions by the ECB. Monetary policy may affect bank risk profiles, but the consequences may differ for short-term risk versus long-term or structural bank risk. We empirically in...
The Fed defends its independence based on the argument that an apolitical monetary policy brings stability to the economy. The Fed may be right, but how confident should the public be that the monetary arrangements that provide for economic stability...
In this paper, we compare the transmission of a conventional monetary policy shock with that of an unexpected decrease in the term spread, which mirrors quantitative easing. Employing a time-varying vector autoregression with stochastic volatility, o...
The current global energy crisis has prompted a comprehensive investigation into its influencing factors. It is hypothesised that a set of monetary, macro-environmental, and institutional variables causally affect the transition to green development...
This study examines how monetary and fiscal policies affect economic growth in China under global economic uncertainty. We estimate a Markov Switching Regression (MSR) model using quarterly data from 1996: Q1 to 2024: Q4. We also apply Bayesian Model...
The joint effect of the global economic and sovereign debt crisis forced the European Central Bank (ECB) to apply conventional and non-standard expansionary monetary policy interventions in order to stabilize eurozone economies. We conducted a panel...
The focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index...
Interactions between monetary and macroprudential policy are crucial in safeguarding price and financial stability. This study investigates the macroeconomic and financial impacts of monetary and macroprudential policy interactions in South Africa, a...
We explore how expansionary monetary policy (EMP) influences bank loan loss provisioning. We find that banks’ discretionary loan loss provisions (DLLPs) increase during periods of EMP. This effect is stronger for banks with greater risk-taking,...
We analyze the changes in the financial network built using the Dow Jones Industrial Average components following monetary policy shocks. Monetary policy shocks are measured through unexpected changes in the federal funds rate in the United States. W...
Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroecono...
Most, if not all, of the studies in the existing literature that have examined the impacts of monetary policy implications on macroeconomic aggregates suffered from misleading impulse responses. To overcome the limitations in the existing literature...
The study investigates the relationship between monetary policy and bank profitability in New Zealand using the generalized method of moments (GMM) estimator. Our sample comprises 19 banks from New Zealand over the period 2006–2018. Our results...
Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and then increased the federal funds rate by 500 basis points between March 2022 and May 2023. This paper investigates how this unprec...
This paper examines the relationships between macroscopic determinants (typically, monetary policies) and microscopic factors (mainly, cash flows and other controlling variables) on corporate investment. By employing system-GMM estimation for the 250...
This paper examines the regional dimension of monetary policy transmission through the component of the bank lending channel in Indonesia. Understanding the effectiveness of this transmission channel at a regional level is crucial, given the diverse...
Recently, several studies have argued about the interactions of the real economy and financial system, as well as the importance of financial cycles in business cycle fluctuations. To date, there exists near consensus among central bankers, economist...
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-m...
The purpose of this paper is to conduct a comparative analysis of monetization as a priority of the new monetary growth of the economies using the example of the Russian economy, identifying new trends in global practices of monetary factor managemen...
The bond market serves dual roles in fiscal and financial spheres, playing a crucial role in coordinating monetary policy. This paper investigates the impact of quantitative and price-based monetary policies on the liquidity level of China’s bo...
The article reports on the interactions and possibility of coordination between macroprudential and monetary policies in South Africa, based on business and financial cycles synchronisation. To this end, relying on financial and economic time series...
This study sheds new light on the relationship between monetary policy and private investment using Vietnam’s provincial data and a system generalized method of moment (GMM) framework. To capture monetary policy’s effect, different indica...
Reacting to extreme uncertainty conditions caused by the global financial crisis, the European Central Bank implemented countercyclical strategy, combining conventional and non-traditional monetary policy tools to stabilize financial markets and euro...
In this study, we aimed to assess the effectiveness of monetary policy in influencing housing prices in Morocco. Bayesian estimation over the period 2007Q2–2017Q2 of a dynamic stochastic general equilibrium model allowed us to reveal a signific...
Changes in interest rates, inflation, and exchange rates are the main components of macroeconomic risks (financial risks) in projects evaluation. However, the conduct of monetary policy as well as its impact on the economic environment is seldom cons...
This paper utilizes unique high-frequency, daily electricity consumption data across economic sectors to examine the impact of monetary policy shocks on economic output, with a particular focus on the network spillover effects and sectoral heterogene...
Global inflation is high, and economic recovery is slow, leading to frequent monetary policy adjustments aimed at maintaining financial stability and accelerating recovery. To study the effects of monetary policies on the systemic risk of financial n...
When the nominal interest rate reaches the zero lower bound (ZLB), a conventional monetary policy, namely, the adjustment of short-term interest rate, may become impractical and ineffective for central banks. Therefore, quantitative easing (QE) is on...
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