Relevant bibliographies by topics / Long-term monetary policy

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Long-term monetary policy'

Author: Grafiati
Published: 28 May 2022
Last updated: 31 July 2025

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Journal articles on the topic "Long-term monetary policy"

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Stein, Jeremy C., and Samuel Hanson. "Monetary Policy and Long-Term Real Rates." Finance and Economics Discussion Series 2012, no. 46 (2012): 1–43. http://dx.doi.org/10.17016/feds.2012.46.

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Hanson, Samuel G., and Jeremy C. Stein. "Monetary policy and long-term real rates." Journal of Financial Economics 115, no. 3 (2015): 429–48. http://dx.doi.org/10.1016/j.jfineco.2014.11.001.

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WU, SHU. "MONETARY POLICY AND LONG-TERM INTEREST RATES." Contemporary Economic Policy 26, no. 3 (2008): 398–408. http://dx.doi.org/10.1111/j.1465-7287.2007.00085.x.

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Amisano, Gianni, and Oreste Tristani. "Monetary policy and long‐term interest rates." Quantitative Economics 14, no. 2 (2023): 689–716. http://dx.doi.org/10.3982/qe1287.

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We study the relationship between monetary policy and long‐term rates in a structural, general equilibrium model estimated on both macro‐ and yield‐data from the United States. Regime shifts in the conditional variance of productivity shocks, or “uncertainty shocks,” are a crucial driver of bond risk premia. We highlight three main results. First, our term premia on 10‐year bonds are highly correlated with estimates from the affine literature, even if less markedly volatile. Second, uncertainty shocks also induce an increase in equity premia and exert downward pressure on consumption and infla
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Zamrazilová, Eva. "Monetary Policy: Short-Term Stabilization versus Long-Term Risks." Politická ekonomie 62, no. 1 (2014): 3–31. http://dx.doi.org/10.18267/j.polek.935.

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Da Costa Filho, Adonias Evaristo. "Monetary Policy and Long-Term Real Interest Rates in Brazil." Brazilian Review of Finance 16, no. 3 (2018): 371. http://dx.doi.org/10.12660/rbfin.v16n3.2018.73938.

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This paper studies the sensitivity of long-term real rates to monetary policy in Brazil. Based on the response of long-term real rates to monetary policy decisions, it is found that monetary factors have little power over long-term rates, with 100 basis points unexpected hike in the policy rate leading to an increase in long-term real rates of 12 basis points. The results are consistent with the classical view of interest rates, in which the real rate of the economy in the long run is determined by real fundamentals and largely unrelated to monetary factors.
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Abbritti, Mirko, Asier Aguilera-Bravo, and Tommaso Trani. "Long-term business relationships, bargaining and monetary policy." Economic Modelling 101 (August 2021): 105551. http://dx.doi.org/10.1016/j.econmod.2021.105551.

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Wu, Tao. "Unconventional Monetary Policy and Long-Term Interest Rates." IMF Working Papers 14, no. 189 (2014): 1. http://dx.doi.org/10.5089/9781498317245.001.

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Fuhrer, J. C. "Monetary Policy Shifts and Long-Term Interest Rates." Quarterly Journal of Economics 111, no. 4 (1996): 1183–209. http://dx.doi.org/10.2307/2946712.

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Berument, Hakan, and Richard T. Froyen. "Monetary policy and long-term US interest rates." Journal of Macroeconomics 28, no. 4 (2006): 737–51. http://dx.doi.org/10.1016/j.jmacro.2005.02.004.

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Dissertations / Theses on the topic "Long-term monetary policy"

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Tischbirek, Andreas Johannes. "Essays on unconventional monetary policy and long-term government debt." Thesis, University of Oxford, 2014. http://ora.ox.ac.uk/objects/uuid:7b01cae9-95d2-4973-805d-c79ffce22261.

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This thesis studies the optimal conduct of unconventional monetary policy in the form of purchases of long-term government debt by the central bank and, motivated by this policy tool, the evolution of long-term government debt holdings in household portfolios over the course of the life cycle. It is comprised of three self-contained chapters. The first chapter investigates whether it can be beneficial for central banks to use the unconventional tool even when the main policy rate is not constrained by the zero lower bound. A friction in the interaction between households and banks allows centr
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Shaba, Ayomikun Blessing <1994&gt. "Effectiveness of Negative Interest Rate as a Monetary Policy Tool in Influencing Long-term yields." Master's Degree Thesis, Università Ca' Foscari Venezia, 2020. http://hdl.handle.net/10579/18101.

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In unprecedented economic times, governments and central banks have been faced with monetary policy decision that are almost entirely unfamiliar. Due to this, monetary policy has evolved into directions not commonly seen before. These developments have caused significant discussion on their usefulness and effectiveness in achieving monetary policy goals. One of these unconventional measures, and possibly the most debated one due to its counter-intuitive nature are Negative Interest Rates. In attempting to stimulate spending and increase inflation, banks have decreased the short-term interest
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Silva, Teresa Gaspar. "The effect of quantitative easing programmes on long-term government bonds." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14611.

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Mestrado em Economia Monetária e Financeira<br>O objectivo desta dissertação é apresentar os programas de Quantitative Easing levados a cabo nos Estados Unidos da América, Reino Unido, Zona Euro e no Japão durante a Crise Financeira de 2007-2009 e avaliar o seu impacto na variação das taxas de juro de longo prazo para títulos do Governo, usando dados mensais e trimestrais. A analise empírica consiste em quatro equações para cada frequência temporal usando um estimador OLS. No caso dos USA, foi encontrado suporte de que as politicas de QE diminuem a taxa de juro de longo prazo para títulos do G
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Oshima, Katsuhiro. "SUBJECTIVE EXPECTATION，ASSET PRICE，AND MACRO ECONOMY." Kyoto University, 2020. http://hdl.handle.net/2433/253053.

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Сталікова, В. О. "Проблеми валютного регулювання в Україні". Thesis, Юридична лінія, 2016. http://essuir.sumdu.edu.ua/handle/123456789/60064.

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При визначенні перспектив розвитку системи валютного регулювання України обовʼязково мають враховуватися особливості валютних політик зарубіжних країн, оскільки економіка України є відкритою, а отже, залежною певною мірою від дій основних зовнішньоекономічних партнерів. Ефективність як короткострокової, так і довгострокової валютної політики, багато в чому залежить від іміджу країни в світі. Його покращення потребує крім стабільного економічного зростання підвищення ролі України у міжнародних фінансових організаціях та посилення її позицій на світовій політичній арені.<br>Indicated that to imp
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Lazar, Stefan-Alexandru. "Quantitative Easing and its impact on wealth inequality." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264417.

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The aim of this thesis is to show how the unconventional monetary policy rounds of Quantitative Easing introduced in the United States between 2008 and 2014 have led to an increase in wealth inequality. The need for the thesis arises due to the uncharted nature of QE and because of more and more information is surfacing to light which points to this connection. By analysing the distribution of these funds and adding it to the then base distribution of money supply, this study was able to determine a significant 10 % increase in the Gini Index. Furthermore it highlights how a large portion of w
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Novoselova, Ksenia. "Efekty kvantitativního uvolňování v USA, Japonsku, Eurozóně a Velké Británii." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-360682.

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This master thesis aims to describe problematics of the effects of unconventional monetary policy, also known as quantitative easing, on economics of USA, Japan, Eurozone and Great Britain, by using empirical analysis of events related to quantitative easing and large BVAR model. In theoretical part of the thesis there are described transmission mechanisms of conventional monetary policy still effective in conditions of interest rates close to zero, as well as channels of unconventional monetary policy. Practical part of the thesis demonstrates analysis of impact of events related to quantitat
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Маринич, Тетяна Олександрівна, Татьяна Александровна Маринич та Tetiana Oleksandrivna Marynych. "Валютна політика в системі забезпечення фінансової стабільності економіки". Thesis, Українська академія банківської справи Національного банку України, 2014. http://essuir.sumdu.edu.ua/handle/123456789/51529.

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У дисертаційній роботі обґрунтовано науково-методичні підходи та практичні аспекти реалізації механізму валютної політики в умовах посилення фінансової нестабільності в країні та світі. Встановлено місце і роль валютної політики в системі забезпечення фінансової стабільності економіки в контексті її взаємозв’язку із грошово-кредитним та макропруденційним регулюванням. Удосконалено періодизацію валютної політики Національного банку України, що включає оцінку економічних передумов, цілей, інструментів та наслідків для економіки. На підставі розробленої карти оцінювання ризиків фінансової стабіль
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Books on the topic "Long-term monetary policy"

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N, Kothari V., and Maharaja Sayajirao University of Baroda. Dept. of Economics., eds. Papers on long-term fiscal & monetary policy. Dept. of Economics, Faculty of Arts, Maharaja Sayajirao University of Baroda, 1994.

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N, Kothari V., and Maharaja Sayajirao University of Baroda. Dept. of Economics., eds. Papers on long-term fiscal & monetary policy. Dept. of Economics, Faculty of Arts, Maharaja Sayajirao University of Baroda, 1994.

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Hanson, Samuel G. Monetary policy and long-term real rates. Harvard Business School, 2012.

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Nenovski, Nikolaĭ. Monetary regimes in post-communist countries: Some long-term reflections. Agency for Economic Analysis and Forecasting, 2009.

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Hamada, Kōichi. Japan's bubble, deflation, and long-term stagnation. MIT Press, 2011.

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Gurkaynak, Refet S. The excess sensitivity of long-term interest rates: Evidence and implications for macroeconomic models. Federal Reserve Board, 2003.

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Miotti, Luis. Euro and the financial relations between Latin America and Europe: Medium-and long-term implications. Naciones Unidas, CEPAL ECLAC, Economic Development Division, 2002.

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Gaiotti, E. Monetary policy transmission, the exchange rate and long-term yields under different hypotheses on expectations. Banca d'Italia, 1996.

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Gaiotti, Eugenio. Monetary policy transmission, the exchange rate and long term yields under different hypotheses on expectations. Banca d'Italia, 1996.

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Fukui, Tadashi. Policy options for financing the future health and long-term care costs in Japan. National Bureau of Economic Research, 2006.

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Book chapters on the topic "Long-term monetary policy"

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Nölling, Wilhelm. "The Long-term Prospects for a Global Economic System." In Monetary Policy in Europe after Maastricht. Palgrave Macmillan UK, 1993. http://dx.doi.org/10.1007/978-1-349-22725-9_9.

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Kugler, Peter. "Long-term Bond Yields, Monetary Policy and the Expectations Hypothesis of the Term Structure of Interest Rates." In Monetary Policy and Interest Rates. Palgrave Macmillan UK, 1998. http://dx.doi.org/10.1007/978-1-349-26891-7_4.

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Berk, Jan Marc. "Co-Movements in Long-Term Interest Rates and the Role of Exchange Rate Expectations: Evidence from Survey Data." In The Preparation of Monetary Policy. Springer US, 2001. http://dx.doi.org/10.1007/978-1-4757-3405-8_3.

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Koutsobinas, Theodore T. "Monetary Policy Formation at the Long-Term Margin: A Kahn-Tobin Framework." In Aspects of Modern Monetary and Macroeconomic Policies. Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230627345_4.

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Gutleber, Johannes. "From Science to Society: The Open Science and Innovation and Network Approach." In Science Policy Reports. Springer Nature Switzerland, 2024. http://dx.doi.org/10.1007/978-3-031-60931-2_1.

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AbstractPublic investment in fundamental scientific research generates societal benefits (Mazzucato in Public Aff, 2018 [1]; Barrett et al. in Why basic science matters for economic growth. Public investment in basic research will pay for itself. International Monetary Fund Blog, 2011 [2]; Zuniga and Wunsch-Vincent in Harnessing the benefits of publicly-funded research. WIPO Magazine, 2012 [3]; Adams in Calif Manage Rev 48(1):29–51, 2005 [4]; European Physical Society in Physics and the economy. Report. Centre for Economics and Business Research, 2019 [5]). At first sight it seems counterintui
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Mehra, Yash P. "Monetary Policy and Long-Term Interest Rates." In Handbook of Monetary Policy. Routledge, 2020. http://dx.doi.org/10.4324/9780429270949-76.

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Goodhart, Charles A. E., and Philipp Erfurth. "Monetary policy and long-term trends." In European Banking Union. Routledge, 2015. http://dx.doi.org/10.4324/9781315695464-11.

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Cogley, Timothy. "Monetary Policy and Long-Term Real Interest Rates." In Handbook of Monetary Policy. Routledge, 2020. http://dx.doi.org/10.4324/9780429270949-77.

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Bofinger, Peter, Julian Reischle, and Andrea Schachter. "The Institutional Framework of Monetary Policy II: The Design of the Central Bank Legislation." In Monetary Policy. Oxford University PressOxford, 2001. http://dx.doi.org/10.1093/oso/9780199240579.003.0007.

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Abstract The central bank constitution determines the incentive structure of central bankers. Given the long lags of monetary policy, it is important that the central bank constitution guarantees a long-term horizon of the central bank management. Such a ‘conservatism’ is generated by insulating monetary policy from the political process and by long terms of office for the members of a central bank’s decision making body.
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Axilrod, Stephen H. "Basic Monetary Policy Objectives." In The Federal Reserve. Oxford University Press, 2013. http://dx.doi.org/10.1093/wentk/9780199934485.003.0003.

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What are the Fed’s basic objectives? As noted in the preceding chapter, the goals set for monetary policy in the Federal Reserve Act are maximum employment, stable prices, and low, long-term interest rates. The Fed’s other very important objective, the maintenance of systemic stability...
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Conference papers on the topic "Long-term monetary policy"

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Karunarathna, K. K., T. S. de Silva, and S. D. Perera. "The Impact of monetary policy on inflation and production: a comparative study on Sri Lanka, India, and the USA." In International Conference on Business Research. Business Research Unit (BRU), 2024. https://doi.org/10.31705/icbr.2024.13.

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Monetary policy is a critical tool used by the Central banks to stabilize inflation and foster economic growth. Over the past few years, the Sri Lankan economy faced significant economic challenges, such as economic downturn, and rising inflation. This led the Central Bank of Sri Lanka to execute various monetary policy changes to stabilize the economy. This study examines the effects of monetary policy transmission mechanisms (MTM) on production and inflation in the USA, India, and Sri Lanka, using monthly data from 1980 to 2023, to provide a comparative understanding of how monetary policy a
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Gazioğlu, Şaziye. "Recent Monetary Policy in Turkey: Capital Flow, Reserves and Exchange Rate." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00241.

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In this paper, we investigate the recent monetary policies and development of Turkish banking system during the post 2001 financial and banking crisis. We explore the effects of capital inflows and outflows to real exchange rates and the real stock market prices, before and after the financial crisis. We investigate the relationship between real exchange rate, real stock prices and capital flows. We decompose the foreign flows into real assets and liabilities, in order to investigate the possible long-term effect of inflows and outflows. Reversal of capital flow seems to create a possibility o
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Eshov, Mansur, and Karina Benetti. "Impact of Monetary Policy Sustainability Indicators on Economic Growth in Transition to Inflation Targeting." In Liberec Economic Forum 2023. Technical University of Liberec, 2023. http://dx.doi.org/10.15240/tul/009/lef-2023-40.

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Foreign experience in the transition to inflation targeting has been studied empirically. The foreign experience shows that countries with inflation targeting regimes have not abandoned and have not returned to other alternative monetary regimes. This indicates that the inflation targeting regime has been successfully tested in practice. It should be noted that inflation targeting has led to new approaches to monetary policy targets. As a result, international economists and experts have started to research inflation targeting as a new path in the scientific arena. The aim of the study is the
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Taştan, Buket, and Kenan Terzioğlu. "Environmental Degradation: Monetary Transmission Mechanism and CO2 Emission." In International Conference on Eurasian Economies. Eurasian Economists Association, 2021. http://dx.doi.org/10.36880/c13.02552.

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As a result of recent changes in traditional risk perception accompanying industrialization and technology, global economic risks are increasingly based on the climate. While risks are considered using a two-dimensional approach in traditional risk perception, risk structures occur in a chain under globalization. In the concept of sustainability, environmental degradation and economic growth establish the link between environmental degradation and other macroeconomic variables. Monetary transmission channels—including the interest, exchange rate, asset price, credit, and expectation channels—i
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Johnson, Clark. "Did Keynes Make His Case?" In 5th World Conference on Business, Management, Finance, Economics, and Marketing. Eurasia Conferences, 2024. http://dx.doi.org/10.62422/978-81-968539-6-9-027.

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Presentation considers Keynes’ case for fiscal stimulus under depression conditions – a case that remains prominent in both policy and academic literature. It highlights three specific real-history instances where, Keynes argued, monetary measures alone would not have restored prosperity and, hence, where fiscal activism would have been desirable. These were: 1) the depression of the 1890s; 2) the Roosevelt Recovery in 1933; and 3) the 1937- 38 contraction in the US. But evidence from all of these, gathered here, points to overlooked monetary causalities. Talk then shifts to Keynes’ theoretica
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Ray Atsi, Eugene. "THE ROLE OF ECONOMIC POLICY UNCERTAINTY AND ENVIRONMENTAL POLICIES IN SHAPING ENVIRONMENTAL SUSTAINABILITY: EVIDENCE FROM BRICS NATIONS." In Kuala Lumpur – International Conference on Social Science & Humanities, 05-06 May 2025. Global Research & Development Services Publishing, 2025. https://doi.org/10.20319/icssh.2025.138148.

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The intensity of environmental pollution has contributed to an immense depletion in our ozone layer and a recession in the global economy. Factors such as uncertainties in economic policies have resulted in the changes in fiscal and monetary policies, serving as limitation for environmental sustainability. However, this study seeks to explore how economic policy uncertainty (EPU) can interact with environmental policies (EPI) to enhance environmental sustainability in BRICS countries. It employs the clustered pooled least square (PLS) and Fixed-effect (FE) models to analyze data from 2000-2022
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Bubić, Jasenka, and Luka Bašić. "IMPACT OF COVID-19 ON THE GLOBAL ECONOMY: IS FEAR OF AN INFLATION PANDEMIC JUSTIFIED?" In NORDSCI Conference Proceedings. Saima Consult Ltd, 2021. http://dx.doi.org/10.32008/nordsci2021/b2/v4/20.

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International economies are fragile and vulnerable to the various volatilities that occur, due to classic economic imbalances caused by financial meltdowns, inflated balloons, or other internal and external macroeconomic shocks, due to unforeseen phenomena in the form of the economic term "black swan". The first focus of the paper was placed on examining the real impact of the virus on key macroeconomic indicators of the global economy and what is the attitude of international politics when it comes to creating a crisis structure. The implementation of the policy seen since the beginning of th
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Konak, Fatih, and Hakan Turan. "Was the Turkish Financial Crisis in 2001 Caused by External or Internal Factors?" In International Conference on Eurasian Economies. Eurasian Economists Association, 2013. http://dx.doi.org/10.36880/c04.00724.

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There has been much discussion on the issue of whether financial crisis are caused by external factors or internal factors. This research has attempted to demonstrate what were the real reasons whether internal or external factors, behind the Turkish financial crisis in 2001. The crucial question that demands an answer is ‘which one of them overwhelmingly triggered the crisis. It was argued that before the crisis occurred, the Turkey economy had been affected by some unfavourable external shocks such as, rise in crude oil prices which increased the current account deficit; however, it can be s
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Karluk, S. Rıdvan. "Effects of Global Economic Crisis on Kyrgyzstan Economy and Developments in Economic Relations between Turkey and Kyrgyzstan." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00239.

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The global crisis which started in September 2008 adversely affected many global economies and also Kyrgyzstan economy. Kyrgyzstan economy which declined and experienced a severe recession in 2009 due to the crisis started recovering from the adverse effects of the crisis after 2010. What lie beneath this positive development is increased foreign exchange revenues abroad and vigor experienced in construction industry and industrial production. The recovery experienced in economies of Russia and neighbor Kazakhstan resulted in increased exports and thus increased revenues in foreign currencies
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Hiç, Özlen, and Ayşen Hiç Gencer. "The 1994, 1997-98, 2001 and 2008 Crises and their Impacts on the Turkish Economy." In International Conference on Eurasian Economies. Eurasian Economists Association, 2023. http://dx.doi.org/10.36880/c15.02739.

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This article examines the impacts of four major economic and financial crises that significantly affected Turkey’s economic stability and growth: the 1994 crisis, the 1997-98 Asian crisis, the 2001 Turkish crisis, and the 2008 global crisis. The 1994 crisis was triggered by a sudden currency depreciation and resulted in a severe economic contraction. It revealed the vulnerabilities of the Turkish financial system and highlighted the need for structural reforms to improve fiscal discipline and monetary policy. The 1997-98 Asian financial crisis had a ripple effect on Turkey, leading to a sharp
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Reports on the topic "Long-term monetary policy"

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Cochrane, John. A Fiscal Theory of Monetary Policy with Partially-Repaid Long-Term Debt. National Bureau of Economic Research, 2020. http://dx.doi.org/10.3386/w26745.

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Cacciatore, Matteo, Romain Duval, Giuseppe Fiori, and Fabio Ghironi. Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies. National Bureau of Economic Research, 2015. http://dx.doi.org/10.3386/w21784.

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Nuño, Galo, Philipp Renner, and Simon Scheidegger. Monetary policy with persistent supply shocks. Banco de España, 2025. https://doi.org/10.53479/40165.

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This paper studies monetary policy in a New Keynesian model with persistent supply shocks, that is, sustained increases in production costs due to factors such as wars or geopolitical fragmentation. First, we demonstrate that Taylor rules fail to stabilize long-term inflation due to endogenous shifts in the natural interest rate. Second, we analyze optimal policy responses under discretion and commitment. Under discretion, a systematic inflationary bias emerges when the shock impacts the economy. Under commitment, the optimal policy adopts a lean-against-the-wind approach without compensating
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Wright, Jonathan. What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound? National Bureau of Economic Research, 2011. http://dx.doi.org/10.3386/w17154.

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Cepeda, Valentina, Bibiana Taboada-Arango, and Mauricio Villamizar-Villegas. Can Central Bank Credibility Improve Monetary Policy? A Meta-Analysis. Banco de la República, 2023. http://dx.doi.org/10.32468/be.1239.

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We bring together the largest meta-analysis ever conducted in the macroeconomic literature to investigate the effects of central bank credibility on monetary policy. With nearly 1,200 surveyed effects, we first confirm that: (i) conventional policy significantly affects inflation and output, and (ii) unconventional policy significantly affects capital flows and the exchange rate. We next evaluate if different measures of credibility amplify these effects. Our findings indicate that central bank transparency has the largest payoff, as it increases policy effectiveness by 69% when dealing with f
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Aoki, Kosuke, Enric Martorell, and Kalin Nikolov. Monetary policy, bank leverage and systemic risk-taking. Banco de España, 2025. https://doi.org/10.53479/39442.

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We examine the interplay between monetary policy, bank risk-taking, and financial stability in a quantitative macroeconomic model with endogenous risk-taking by banks and systemic crises. Banks’ access to leverage depends on their charter value, which is itself affected by movements in the real interest rate. We find that permanent shifts in the long-term real interest rate have a significant impact on banks’ leverage and on their investments in systemically risky assets, while transitory movements have a more limited impact. We show that in the presence of systemic risk-taking, the systemic c
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7

Vargas-Herrera, Hernando, Juan Jose Ospina-Tejeiro, Carlos Alfonso Huertas-Campos, et al. Monetary Policy Report - April de 2021. Banco de la República de Colombia, 2021. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr2-2021.

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1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lowe
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8

Palatiello, Brett, and Philip Pinkington. Government Deficits and Interest Rates: A Keynesian View. Institute for New Economic Thinking Working Paper Series, 2022. http://dx.doi.org/10.36687/inetwp183.

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We test the neoclassical loanable funds model which postulates that, ceteris paribus, government borrowing increases the long-term rate of interest. The empirical literature exploring such a connection remains largely mixed. We clarify the conflicting results by deploying an ARDL model to decompose the relationship in the United States into long and short-run effects across multiple measures of the government deficit and long-term interest rate. We find a tendency for changes in the deficit to increase long-term interest rates in the short run but the effect is reversed in the long run. We arg
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Muñoz-Martínez, Jonathan Alexander. A Level-Dependence Approach for Assessing De-Anchoring of Inflation Expectations: Evidence from Colombia. Banco de la República, 2025. https://doi.org/10.32468/be.1322.

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This study introduces a methodology for evaluating the de-anchoring of inflation expectations by proposing indicators to measure deviations in short- and long-term inflation expectations from the Central Bank's target, analyzing their dependency over time using traditional and hierarchical statistical copulas, the latter incorporating the effect of the monetary policy stance. Using data from the Colombian financial market, the findings reveal that during inflationary episodes (2008–2009, 2015–2016, and 2022–2023), the dependency between short- and long-term expectations increased, indicating d
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Blackman, Allen, Jorge Bonilla, and Laura Villalobos. Quantifying COVID-19’s Silver Lining: Avoided Deaths from Air Quality Improvements in Bogotá. Inter-American Development Bank, 2021. http://dx.doi.org/10.18235/0003787.

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In cities around the world, Covid-19 lockdowns have improved outdoor air quality, in some cases dramatically. Even if only temporary, these improvements could have longer-lasting effects on policy by making chronic air pollution more salient and boosting political pressure for change. To that end, it is important to develop objective estimates of both the air quality improvements associated with Covid-19 lockdowns and the benefits these improvements generate. We use panel data econometric models to estimate the effect of Bogotás lockdown on fine particulate pollution, epidemiological models to
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