In June 2014, the European Central Bank (ECB) cut its deposit facility rate by 10 basis points, setting it into negative territory in an attempt to stimulate economic growth. This new unconventional monetary policy tool's effectiveness is being extensively studied, mostly focuse…
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Commodity investment is fundamentally motivated by a desire to improve the performance of portfolios composed of stocks and bonds. Throughout this paper we analyze the out-of-sample performance effects derived from including commodities in a stock-bond portfolio for seven distin…
By focusing on the relationship between financial stability and monetary policy for the cases of Chile, Colombia, Japan, Portugal and the UK, this thesis aims to add to the existing literature on the fundamental issue of the relationship between financial stability and monetary …
Bu çalışmanın temel amacı, para politikasına genel bir bakış ve Afganistan’da uygulanan para politikası amacları ve bu amaclar çerçevesinde kullanılan para politikası araçlarının tarihsel gelişimini ve değişimini genel hatlarıyla incelemektedir. Çalışmanın konusu Afganistan’da p…
Esta Dissertação apresenta uma análise empírica dos efeitos das interações entre as políticas monetária e fiscal no PIB da Zona Euro, utilizando dados trimestrais de 2000 a 2020. Utilizando um modelo ARDL-EC para analisar os efeitos de longo e curto prazo sobre o PIB da Zona Eur…
Traditional literature on energy economics gives a central role to exogenous political events (supply shocks) or to global economic growth (aggregate demand shock) in modeling the oil market. However, more recent literature claims that the increased precautionary demand for oil …
This dissertation analyzes three issues of international reserve accumulation: (i) the impact on the banking systems, (ii) modeling and examining the macroeconomic implications, and (iii) exploring theoretical and empirical interconnections with monetary policy, in the context o…
This study consists of three papers on central banking policies. The first paper analyzes the policy rule for the last three Federal Reserve administrations. It is found that although the parameters characterizing the behavior of the private sector remain stable across the perio…
The purpose of my dissertation is to evaluate the Exchange-rate-based stabilization policy in Lebanon and to explain the circumstances that lead to its success. The dissertation accounts for the main stylized facts associated with Exchange-rate-based stabilization programs, and …
The relationship between central banks' information transparency and the onset of economic crises has been a long discussed topic in economics. It attracts more attentions in the event of the Southeast Asian crises. Stiglitz (1998a, b and 1999) suggests that to investigate the t…
Ce document examine l'identification des chocs réels au sein de quelques pays africains membres de la zone franc. Cette étude est menée sur les pays suivants: Le Gabon, le Cameroun, le République Populaire du Congo, la Côte d'Ivoire, le Sénégal, le Niger, le Togo et enfin la Fra…
It is often argued that monetary instability reduces the informational content of market signals and thereby hinders the efficient allocation of investment. Essay I, uses a signal extraction framework to give empirical content to this idea. In particular, we show why this framew…
This paper examines the causes and effects of the 1997 East Asian financial crisis and analyzes the potential effectiveness of monetary policy in stabilizing exchange rates after a crisis occurs. A debate has erupted as to the appropriateness of tight versus easy monetary policy…
The main purpose of this study is to examine the role of institutional developments on the behavior of the demand for money and velocity of money. The ability of policy makers in Saudi Arabia to conduct effective monetary policy has been discussed. This study has investigated th…
Financial frictions have been used to enrich mechanism transmission in macroeconomics. However, the predictions of real business cycle models of costly external finance imply a procyclical default rate, external premium and relative price of capital which seems at odd with the d…
My dissertation addresses three issues regarding appropriate monetary policy regimes in the aftermath of the Asian currency crisis. First, it investigates whether the monetary policy stance adopted by the crisis-hit countries should have been tight or expansionary in response to…
New Keynesian models, stressing nominal inertia in wages and prices, often assume economic agents are fully rational. The strong assumptions of full rationality suggesting all agents can solve complex dynamic problems are relaxed here. Using both empirical and theoretical approa…
Many developing countries are considering following the practice of some industrial countries to adopt policies of inflation targeting. For many developing countries, open economy aspects of inflation targeting are especially important. Changes in the exchange rate can have subs…
This thesis has a twofold aim. It first argues that monetary policy is inherently political because it involves struggles over meaning. It modifies Niebyl’s (1946) conceptual approach with an explicit attention to meaning, advancing a theory/ policy discourse/institutional pract…