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Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve

Author/Editor: Ales Bulir, Jan Vlcek.

Release Date:January, 2020

Does monetary policy react systematically to macroeconomic innovations? In a sample of 16 countries – operating under various monetary regimes – we find that monetary policy decisions, as more...

Price: $18.00
Decomposing the Inflation Dynamics in the Philippines

Author/Editor: Si Guo, Philippe D Karam, Jan Vlcek.

Release Date:July, 2019

Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation pressures is key to monetary policy response. Qualitatively, indicators have more...

Price: $18.00
Structural Quarterly Projection Model for Belarus

Author/Editor: Karel Musil, Mikhail Pranovich, Jan Vlcek.

Release Date:December, 2018

Belarusian authorities contemplate transiting to inflation targeting. The paper suggests a small structural model at the core of the forecasting and policy analysis system. A well-researched more...

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Banks' Adjustment to Basel III Reform : A Bank-Level Perspective for Emerging Europe

Author/Editor: Michal Andrle, Vladimír Tomšík, Jan Vlcek.

Release Date:February, 2017

The paper seeks to identify strategies of commercial banks in response to higher capital requirements of Basel III reform and its phase-in. It focuses on a sample of nine EU emerging market countries more...

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Monetary Transmission : Are Emerging Market and Low Income Countries Different?

Author/Editor: Ales Bulir, Jan Vlcek.

Release Date:November, 2015

We use two alternative representations of the yield curve to test the functioning of the
 interest rate transmission mechanism along the yield curve based on government paper in
 a more...

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Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya

Author/Editor: Michal Andrle, Andrew Berg, Enrico Berkes, Rafael A Portillo, Jan Vlcek, R Armando Morales.

Release Date:November, 2013

We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an more...

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The Monetary Transmission Mechanism in the Tropics: A Narrative Approach

Author/Editor: Andrew Berg, Luisa Charry, Rafael A Portillo, Jan Vlcek.

Release Date:September, 2013

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels more...

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Forecasting and Monetary Policy Analysis in Low-Income Countries: Food and non-Food Inflation in Kenya

Author/Editor: Michal Andrle, Andrew Berg, R Armando Morales, Rafael Portillo, Jan Vlcek.

Release Date:March, 2013

We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for forecasting and monetary policy analysis in low-income countries and apply it to more...

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Macrofinancial Modeling at Central Banks: Recent Developments and Future Directions

Author/Editor: Scott Roger, Jan Vlcek.

Release Date:January, 2012

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of more...

Price: $18.00
Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements

Author/Editor: Scott Roger, Jan Vlcek.

Release Date:May, 2011

This paper uses a DSGE model with banks and financial frictions in credit markets to assess the medium-term macroeconomic costs of increasing capital and liquidity requirements. The analysis more...

Price: $18.00