scholarly journals Szoki polityki fiskalnej i monetarnej jako przedmiot badań makroekonomii gospodarki otwartej

2015 ◽  
pp. 93-116
Author(s):  
Agnieszka Domańska
Keyword(s):  
Monetary Policy ◽  
General Equilibrium ◽  
Open Economy ◽  
Research Method ◽  
Stochastic Dynamic ◽  
Monetary Policy Shocks ◽  
Modern Approach ◽  
Policy Shocks ◽  
The Subject ◽  
Fiscal And Monetary Policy

The aim of this study is to present selected aspects of fiscal and monetary policy shocks as the subject of studies of open economy macroeconomics. The study concentrates on the development of the model presentation (evolution of the research method) in description of fiscal and monetary policy shocks, with a focus on the modern quantitative approach. At present the modern approach to the research on fiscal and monetary policy shocks is based on advanced methods of data analyzing, such as autoregressive models (VAR), or stochastic dynamic general equilibrium models (DSGE)

scholarly journals Transmission of monetary policy shocks in small open emerging market economies

2021 ◽  
Vol 52 (4) ◽  
pp. 37-65
Author(s):  
M.Ye. Mamonov ◽  
◽  
A.A. Pestova ◽  
◽  
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Emerging Market ◽  
Emerging Market Economies ◽  
Monetary Shocks ◽  
Large Set ◽  
Monetary Policy Shocks ◽  
Market Economies ◽  
Policy Shocks ◽  
Transmission Of Monetary Policy

In this paper, we compare the transmission of monetary policy shocks using quarterly data for 13 emerging market economies (EMEs) with that in a benchmark advanced open economy, the United Kingdom, in the periods of inflation targeting (from 1990s onward). To estimate the transmission within a given country, we specify a monetary VAR-model and we extend it with a variable reflecting commodities terms of trade. We identify monetary policy shocks using a sign restriction scheme: a restrictive shock is determined as an unexpected rise of policy rate and reduction of inflation (CPI) and money demand (M2). We apply the Bayesian approach to estimating VARs to address the curse of dimensionality. Our results indicate that monetary policy in EMEs is not less efficient comparable to the U.K.: restrictive monetary shocks decrease inflation but also lead to a slowdown of GDP and stock market outflows. Overall, our findings add to the debate on the real effects of monetary policy surprises with a special attention to a large set of EMEs.

scholarly journals Identifying the Liquidity Effects of Monetary Policy Shocks for a Small Open Economy: Turkey

2010 ◽  
Vol 22 (4) ◽  
pp. 649-667 ◽  
Author(s):  
M. Hakan Berument ◽  
Selahattin Togay ◽  
Afsin Sahin
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Small Open Economy ◽  
Monetary Policy Shocks ◽  
Policy Shocks

scholarly journals Partially Anticipated Monetary Policy Shocks – Are They Stabilizing or Destabilizing?

2016 ◽  
Vol 236 (1) ◽  
Author(s):  
Sven Offick ◽  
Hans-Werner Wohltmann
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Imperfect Information ◽  
Small Open Economy ◽  
Monetary Policy Shocks ◽  
The Public ◽  
Dynamic Framework ◽  
Policy Shocks ◽  
Monetary Policy Shock ◽  
Shock Output

AbstractThis paper uses a dynamic framework of a small open economy to study the volatility effects of partially anticipated monetary policy shocks in which the public has imperfect information about the size and/or the timing of the future expansionary policy intervention. Our two main results are as follows: (i) Partially anticipated monetary policy shocks may be stabilizing, i. e. lead to a lower volatility than a fully anticipated monetary policy shock of the same form. (ii) However, we typically obtain a trade off in volatilities such that a simultaneous stabilization of inflation and output is not possible. If the public underestimates (overestimates) the size of the shock, output (inflation) may be stabilized. Our results imply that the central bank may have an incentive to withhold information from the public about the true central bank’s intention.

CONSUMERS’ UPDATING, POLICY SHOCKS, AND PUBLIC DEBT: AN EMPIRICAL ASSESSMENT OF STATE DEPENDENCIES

2021 ◽  
pp. 1-37
Author(s):  
Martin Geiger ◽  
Marios Zachariadis
Keyword(s):  
Monetary Policy ◽  
Adverse Effects ◽  
Public Debt ◽  
Government Spending ◽  
Monetary Policy Shocks ◽  
Empirical Assessment ◽  
Policy Shocks ◽  
Consumption Intentions ◽  
The Impact ◽  
Fiscal And Monetary Policy

We assess the impact of fiscal and monetary policy shocks on US survey-based consumer expectations within states of low and high public debt. Following an unexpected increase in government spending, consumption intentions rise in the low-debt state and fall in the high-debt state. Overall, such a shock has adverse effects on expectations in high-debt states. Similarly, contractionary monetary policy shocks induce pessimistic expectations in the high-debt state but not in the low-debt state. The estimated responses suggest that higher public debt fuels considerations regarding its repayment, giving rise to state dependencies in the updating of expectations in response to both fiscal and monetary policy shocks.

Measuring Monetary Policy Shocks in a Small Open Economy

2001 ◽  
Vol 30 (1) ◽  
pp. 81-107 ◽  
Author(s):  
Giuseppe De Arcangelis ◽  
Giorgio Di Giorgio
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Small Open Economy ◽  
Monetary Policy Shocks ◽  
Policy Shocks
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