A Peek Inside the Black Box  The Monetary Transmission Mechanism in Japan

Bayoumi, Tamim; Morsink, James

doi:10.2139/ssrn.880664

Cited by 20 publications

(13 citation statements)

References 11 publications

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“…We note that this considerable swing is only captured when using the T-bill rate as opposed to the indicative discount rate. Similar dynamics can be observed even when the 20 See Morsink and Bayoumi (2001) for this approach.…”

Section: Figure 4 Svar Impulse Responses For Burundimentioning

confidence: 52%

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Davoodi

Dixit²,

Pintér³

2013

IMF Working Papers

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Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation-posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.

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Section: Figure 4 Svar Impulse Responses For Burundimentioning

confidence: 52%

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Davoodi

Dixit²,

Pintér³

2013

IMF Working Papers

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“…Sub-Saharan Africa Uanguta and Ikhide (2002) considered both steps in the transmission channel in a study for Namibia. They used the "narrative approach" of Romer and Romer (1990) (see also De Fiore (1998) and Morsink and Bayoumi (1999)) to identify focal episodes of monetary tightening by the South African Reserve Bank (because Namibia maintains a currency board pegged to the South African rand) and performed a dynamic forecasting analysis to see how changes in the policy instrument --the repo rate/bank rate --translated into deviations of several key variables from their "normal" behavior after each tightening episode. They found that interest rates indeed tended to be higher and private investment lower after tightening episodes, thereby supporting the effectiveness of both steps in the transmission channel for Namibia.…”

Section: A the Bank Lending Channelmentioning

confidence: 99%

Monetary Transmission in Low Income Countries

2010

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“…7 See, respectively, Christiano, Eichenbaum, and Evans (1999); Peersman and Smets (2001); Bean, Larsen, and Nikolov (2002); and Morsink and Bayoumi (2001). 8 Changes occurred in both financial regulation and in monetary policy; on the latter, see Atoyan (2004).…”

Section: Evidence From Var Modelsmentioning

confidence: 99%

Northern Star: Canada's Path to Economic Prosperity

Klyuev

Mühleisen²,

Bayoumi

2007

Occasional Papers

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The following conventions are used in this publication:• In tables, a blank cell indicates "not applicable," ellipsis points ( . . .) indicate "not available," and 0 or 0.0 indicates "zero" or "negligible." Minor discrepancies between sums of constituent figures and totals are due to rounding.• An en dash (-) between years or months (for example, 2005-06 or January-June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).• "Billion" means a thousand million; "trillion" means a thousand billion.• "Basis points" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).As used in this publication, the term "country" does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis. 4.3. Impact of GDP Volatility on Forecast Quality 5.1. Old-Age Dependency Ratios in Selected G-7 Countries 5.2. Government Spending on Old-Age Pensions 5.3. Projected Canada Pension Plan Contribution Rates and Pension Reserves 6.1. Effects on Real GDP of Immediate versus Delayed Wage Tax Cuts 6.2. Effects on Real GDP of Immediate versus Delayed Corporate Income Tax Cuts 6.3. Effects of Alternative Parameterizations on Impact of a Cut in Transfers and in the Wage Tax Rate on Real GDP 6.4. Effects of Alternative Parameterizations on Impact of a Cut in Transfers and in the Corporate Income Tax Rate on Real GDP

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A Peek Inside the Black Box The Monetary Transmission Mechanism in Japan

Cited by 20 publications

References 11 publications

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Monetary Transmission Mechanism in the East African Community: An Empirical Investigation

Monetary Transmission in Low Income Countries

Northern Star: Canada's Path to Economic Prosperity

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