Introduction to Part I

2018 ◽  
Author(s):  
Andrew Berg ◽  
Rafael Portillo
Keyword(s):  
Monetary Policy ◽  
Structural Models ◽  
Stylized Facts ◽  
Policy Regimes ◽  
Detailed Case ◽  
Inaccurate Data ◽  
Cross Country

Developing an understanding of monetary policy in LICs must start with the evidence. This chapter briefly reviews the challenges facing the empirical researcher in SSA, including scarce and inaccurate data, short policy regimes that make powerful inference difficult, and the lack of structural models to help interpret the data. It provides an overview of Chapters 4–6, which take three very different approaches to looking at these data: a broad search for cross-country stylized facts (Chapter 4), a detailed case study of a major monetary policy event (Chapter 5), and an examination of whether vector auto-regressions (VARs)—the workhorse empirical tool in this area—are likely to yield useful results in the SSA context (Chapter 6).

Impact of external currency exposures on macroeconomic policies

2020 ◽  
pp. 23-40
Author(s):  
I. V. Prilepskiy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Positive Impact ◽  
Exchange Rate Regime ◽  
Macroeconomic Policies ◽  
Panel Regressions ◽  
Financial Account ◽  
Currency Exposure ◽  
Cross Country ◽  
The Impact

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

Monetary policy regimes in Russia: Guidelines for furtherquantitative studies

2017 ◽  
pp. 38-60 ◽  
Author(s):  
A. Pestova
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Quantitative Research ◽  
Policy Regimes ◽  
Policy Effects ◽  
Exchange Rate Targeting ◽  
Basic Parameters

This paper analyzes the basic parameters of monetary policy in 2000-2015 in Russia. We provide the overview of tools and objectives of monetary policy of the Bank of Russia and identify the periods of homogeneity of monetary policy regimes: from money base targeting to exchange rate targeting and finally, to interest rates policy. On the basis of this research we develop the recommendations for further quantitative research aimed at estimation of monetary policy effects in Russia.

Alternative Monetary Policy Regimes With Multiple Currency Practices

2020 ◽  
Author(s):  
Hamed Ghiaie ◽  
Hossein Tavakolian ◽  
Hamid Tabarraei
Keyword(s):  
Monetary Policy ◽  
Policy Regimes

Monetary Policy in Sub-Saharan Africa

2018 ◽  
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Sub Saharan Africa ◽  
Low Income Countries ◽  
African Countries ◽  
Policy Regimes ◽  
Export Prices ◽  
Policy Work ◽  
Sub Saharan ◽  
Policy Guidance

Having broadly stabilized inflation over the past two decades, many policymakers in sub-Saharan Africa are now asking more of their monetary policy frameworks. They are looking to avoid policy misalignments and respond appropriately to both domestic and external shocks, including swings in fiscal policy and spikes in food and export prices. In many cases they are finding current regimes—often characterized as ‘money targeting’—lacking, with opaque and sometimes inconsistent objectives, inadequate transmission of policy to the economy, and difficulties in responding to supply shocks. At the same time, little existing research on monetary policy is targeted to low-income countries. What do we know about the empirics of monetary transmission in low-income countries? (How) Does monetary policy work in countries characterized by a huge share of food in consumption, underdeveloped financial markets, and opaque policy regimes? (How) Can we use methods largely derived in advanced countries to answer these questions? And (how) can we use the results to guide policymakers? This book draws on years of research and practice at the IMF and in central banks from the region to shed empirical and theoretical light on these questions and to provide practical tools and policy guidance. A key feature of the book is the application of dynamic general equilibrium models, suitably adapted to reflect key features of low-income countries, for the analysis of monetary policy in sub-Saharan African countries.

scholarly journals A clarified typology of core-periphery structure in networks

2021 ◽  
Vol 7 (12) ◽  
pp. eabc9800
Author(s):  
Ryan J. Gallagher ◽  
Jean-Gabriel Young ◽  
Brooke Foucault Welles
Keyword(s):  
Dense Core ◽  
Block Model ◽  
Hub And Spoke ◽  
Block Modeling ◽  
Domain Specific ◽  
The Core ◽  
Detailed Case ◽  
Rich Diversity ◽  
Modeling Techniques

Core-periphery structure, the arrangement of a network into a dense core and sparse periphery, is a versatile descriptor of various social, biological, and technological networks. In practice, different core-periphery algorithms are often applied interchangeably despite the fact that they can yield inconsistent descriptions of core-periphery structure. For example, two of the most widely used algorithms, the k-cores decomposition and the classic two-block model of Borgatti and Everett, extract fundamentally different structures: The latter partitions a network into a binary hub-and-spoke layout, while the former divides it into a layered hierarchy. We introduce a core-periphery typology to clarify these differences, along with Bayesian stochastic block modeling techniques to classify networks in accordance with this typology. Empirically, we find a rich diversity of core-periphery structure among networks. Through a detailed case study, we demonstrate the importance of acknowledging this diversity and situating networks within the core-periphery typology when conducting domain-specific analyses.

Education as the Medium of Upward Mobility: The Case of Dooms of Jammu

2021 ◽  
pp. 097318492110070
Author(s):  
Amithy Jasrotia ◽  
Smriti Srivastava
Keyword(s):  
First Generation ◽  
Upward Mobility ◽  
Educational Institutions ◽  
Process Of Change ◽  
Detailed Case ◽  
Existing Structure ◽  
Course Of Study

The current study explores the multifaceted and entwined structure of constraints and spaces of the possibilities of moving ahead among the Dooms of Jammu, India, where the possibilities of upward mobility through education as a means have been observed. Interviews and detailed case study were done with eight cases. Four overlapping super-ordinate themes developed during the course of study: (a) challenges of different generation learners, (b) lack of different forms of capital, (c) dis-identification from own and emulating others and (d) mushrooming of hybrid and mimic generation. The participants experienced the very process of change and continuity through education in their lives. It is observed that education helped in converting the morphology of their existing structure. Each of the interviewee has some exclusive experiences to share, offering significant insights into their lives, struggles and their conditions. The results indicate that the first-generation learners have to face many obstacles. The study concludes that education gives better results under certain circumstances. The chances of low caste children performing better are higher if the educational institutions run with mixed batches with students belonging to all the sections of the society.

Are Apprenticeships Still Relevant in the 21st Century? A Case Study of Changing Youth Training Arrangements in German Banks

ILR Review ◽  
2002 ◽  
Vol 55 (4) ◽  
pp. 667-685 ◽  
Author(s):  
David Finegold ◽  
Karin Wagner
Keyword(s):  
21St Century ◽  
Cost Savings ◽  
New Firms ◽  
Workplace Flexibility ◽  
Transferable Skills ◽  
The Past ◽  
Detailed Case ◽  
The Cost ◽  
Youth Training

The authors present a detailed case study of the evolution of apprenticeships in German banking over the past two decades to analyze why employers continue to be willing to invest in these programs that provide workers with transferable skills. They explain employers' motivation in terms of two “logics.” Some considerations stemming from the logic of consequences, such as recruitment cost savings and enhanced workplace flexibility, encourage retention of the apprenticeship system. On balance, however, the cost calculus that is at the heart of the logic of consequences would, if unopposed, encourage head-hunting for apprentices trained by other firms, eventually undermining the system. The countervailing logic of appropriateness, however, discourages defections from the system by fostering trust among employers, encouraging new firms to participate in the system, supporting the strong reputational effect associated with training, and creating mechanisms with which banks can have a hand in keeping the system efficient.

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