Academic literature on the topic 'Monetary policy efficiency'

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Journal articles on the topic "Monetary policy efficiency"

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Xiang, Haitao. "Optimal monetary policy: distribution efficiency versus production efficiency." Canadian Journal of Economics/Revue canadienne d'économique 46, no. 3 (2013): 836–64. http://dx.doi.org/10.1111/caje.12041.

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Pacheco, Rafael, and Jose Angelo Divino. "Relative Efficiency of Monetary Policy Across Countries." International Journal of Economics and Finance 16, no. 11 (2024): 79. http://dx.doi.org/10.5539/ijef.v16n11p79.

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We analyze the relative efficiency of monetary policy between developed and developing countries by calculating efficiency scores through nonparametric methods and estimating DEA bootstrap efficiency frontiers oriented to both single and multiple outputs, represented by inflation and unemployment. We use a heterogeneous sample of countries from the pre-COVID-19 period because the pandemic severely impacted monetary policy. For developing countries, the combination of an independent central bank with the adoption of an inflation-targeting regime is associated with greater monetary policy effici
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Myskiv, Galina, Nazarii Grygoryshyn, and Olha Levytska-Revutska. "Efficiency of Ukraine’s monetary policy in the context of achieving monetary security." Zeszyty Naukowe Wyższej Szkoły Bankowej w Poznaniu 92, no. 1 (2021): 13–31. http://dx.doi.org/10.5604/01.3001.0014.9150.

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The article explores the effectiveness of monetary policy by identifying its main criteria and analyzing indicators of monetary security. The authors draw conclusions about the state of monetary policy and its impact on Ukraine’s economic security. The analysis indicates that the country’s monetary policy is sufficiently effective to achieve the monetary goals and guarantee economic security. Four groups of monetary threats to economic security were identified, related to monetary policy, banking, investment and institutional environment, which were rated on a scale from 0 to 5 for 2010, 2015
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KALLIANIOTIS, Dr IOANNIS N. "MONETARY POLICY: EFFECTIVENESS, EFFICIENCY, RISK, AND PERSPECTIVES." International Journal of Social Sciences and Management Review 04, no. 04 (2021): 46–95. http://dx.doi.org/10.37602/ijssmr.2021.4405.

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Kim, Jangryoul. "Efficiency and Stability Issues in Monetary Policy." Global Economic Review 39, no. 4 (2010): 405–30. http://dx.doi.org/10.1080/1226508x.2010.533851.

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Han, Dongping, and Peng Zhang. "Monetary policy, financing constraints and investment efficiency." Nankai Business Review International 7, no. 1 (2016): 80–98. http://dx.doi.org/10.1108/nbri-11-2015-0027.

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Purpose – This paper aims to analyze the different impacts of monetary policy on the financing constraints of diverse enterprises from China by introducing the concepts of external and internal management factors, and on the investment efficiency of these enterprises with the help of “Hayek Triangle”. Design/methodology/approach – Based on the concept of human action, this paper builds an empirical model which is remarkably different from previous related researches and conducts an empirical test by using the chosen sample data of 312 Chinese listed private companies from 2003 to 2012. Finding
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Peiris, M. Udara, and Alexandros P. Vardoulakis. "Collateral and the efficiency of monetary policy." Economic Theory 59, no. 3 (2015): 579–603. http://dx.doi.org/10.1007/s00199-014-0857-4.

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Briec, Walter, Emmanuelle Gabillon, Laurence Lasselle, and Hermann Ratsimbanierana. "On measuring the efficiency of monetary policy." Economics Letters 117, no. 1 (2012): 182–85. http://dx.doi.org/10.1016/j.econlet.2012.04.107.

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Zhabina, Svetlana. "Econometric Analysis of Bank Lending Channel Efficiency in Russia." Moscow University Economics Bulletin 2017, no. 3 (2017): 61–79. http://dx.doi.org/10.38050/01300105201734.

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The paper investigates the relationship between monetary policy indicator and bank lending in Russia using dynamic panel regressions and quarterly banks’ balance sheets data for the period of 2010- 2016. The main purpose of the paper is to identify bank characteristics, which determine the reaction of bank lending to monetary policy shocks. The results support the existence of a bank lending channel of monetary transmission. The extent to which banks change lending in response to monetary policy changes depends on banks’ liquidity, size and refinancing from the central bank.
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Mostéfaoui, Sofiane, and Fatiha Allali. "The Strategy Of The Inflation Targeting And The Efficiency Of The Monetary Policy." Journal of Economic Growth and Entrepreneurship JEGE 2, no. 2 (2019): 1–7. https://doi.org/10.5281/zenodo.4476574.

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<em>It is widely recognized that the strategy of the inflation targeting is the basic component of the monetary policy in many countries. The reason behind the widespread of this approach refers to the capability of the target process to enhance the efficiency of the monetary policy both in terms of objectives and execution. However, it should be noticed that the targeting framework is not an absolute panacea to the obstacles facing the policy makers, and this issue comes from the nature of the monetary policy per se. The latter could be considered more discretionally than a pure framework to
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Dissertations / Theses on the topic "Monetary policy efficiency"

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Krause, Stefan. "Macroeconomic performance and efficiency of monetary policy." The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1273069248.

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Mandok, Denis. "The efficiency of monetary policy during the zero lower bound period." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264385.

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This thesis explores efficiency of monetary policy under zero lower bound condition. At first, is defined a role of monetary policy and criteria to judge the effectiveness of monetary policy are introduced. Then reactions of central banks of USA, Japan and Euro zone are explored. Thesis found out that monetary policy can be effective under a condition of zero lower bound. As last is introduced idea how to improve current monetary regime.
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Besar, Dwityapoetra Soeyasa. "Essays on Indonesian banking : competition, efficiency, and its role in monetary policy transmission." Thesis, City University London, 2011. http://openaccess.city.ac.uk/1091/.

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This thesis investigates competitiveness of banking market in Indonesia and monetary policy transmission during the period 2000 to 2009. As has been the case for most previous structure-performance studies, the results using the SCP specification are not very robust. When PR approach is used, as done in other studies, it reveals much evidence of imperfect competition in Indonesian provincial markets. The estimated values of H-statistics for the sample period 2001-2008 are positive ranging between 0.31 - 0.62 which is consistent with the study by Claessens and Laeven (2004). We find that the ma
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Samkange, Edgar. "An investigation of the informational efficiency of the Johannesburg Stock Exchange with respect to monetary policy (2000-2009)." Thesis, University of Fort Hare, 2010. http://hdl.handle.net/10353/324.

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This study aims to investigate the informational efficiency of the Johannesburg Stock Exchange with respect to monetary policy. Multivariate co-integration, Granger causality, vector error correction model, impulse response function analysis and variance decomposition analysis are employed to determine the semi-strong form efficiency in South African equity market. Monthly data of Johannesburg Stock Exchange index, money supply (M1 & M2), short term interest rate, inflation, rand/dollar exchange rate, London Stock Exchange index (FSTE100) and GDP from 2000-2009 are the variables of interest.We
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Åkerström, Paul Linus Martin. "RETURN PATTERNS PROXIMAL TO CENTRAL BANK RATE DECISION ANNOUNCEMENTS : OMX 30 excess return and monetary policy announcements." Thesis, Stockholms universitet, Finansiering, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-105824.

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In this study, it is determined that excess returns on the OMX 30 are confirmed to rise in anticipation of monetary policy decisions made by the central banks of Sweden and The United States of America. Those findings were manifested at a greater magnitude on the first day prior to the announcements and on a statistically significant level one day prior to monetary policy decisions from the Federal Open Market Committee. Moreover, excess returns beyond the average rate were found to be substantially higher on the first and third day prior monetary policy decisions from the Swedish Central bank
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Макаренко, Михайло Ілліч, Михаил Ильич Макаренко, Mykhailo Illich Makarenko та К. М. Жулінська. "Основні напрями підвищення ефективності монетарного регулювання в Україні". Thesis, Східноєвропейський національний університет імені Лесі Українки, 2011. http://essuir.sumdu.edu.ua/handle/123456789/62414.

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Стабільний розвиток банківської системи, найбільш розвиненої складової фінансового сектору в Україні, значно залежить від ефективності монетарного регулювання, що обумовлює важливість аналізу даного питання та розробку заходів щодо підвищення дієвості грошово-кредитної політики (ГКП).
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Сомик, А. В. "Критерії ефективності грошово-кредитної політики". Thesis, Українська академія банківської справи Національного банку України, 2008. http://essuir.sumdu.edu.ua/handle/123456789/60338.

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Грошово-кредитна політика як складова частина економічної політики держави сприяє досягненню прогнозованих соціально-економічних показників шляхом реалізації монетарних цілей і завдань інструментами грошово-кредитного і валютного регулювання.
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Žaliauskas, Žilvinas. "Lietuvos monetarinės politikos vertinimas." Bachelor's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100622_114246-81288.

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Monetarinė politika – tai valstybės naudojamų priemonių rinkinys, kuriuo siekiama reguliuoti tam tikrus ekonomikos procesus. Efektyviai ir tinkamai vykdant monetarinę politiką valstybėje galima uţtikrinti: stabilias kainas, stabilią ir stiprią nacionalinę valiutą, didelį ekonomikos uţimtumą ir apskirtai visos ekonomikos aktyvumą. Kitaip sakant, sutrikusi, sunkiai besivystanti ekonomika tik patvirtina faktą, kad ją kontroliuojanti politika nėra efektyvi. Kaip tik tokia situacija Lietuvoje, kadangi po 2008 metais įvykusios pasaulinės finansų krizės Lietuvos ekonomika atsigauna, tačiau labai lėta
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Лопаткіна, І. В. "Переваги та недоліки грошово-кредитної політики, як інструменту державного регулювання економіки". Thesis, София: «Бял ГРАД-БГ» ООД, 2009. http://essuir.sumdu.edu.ua/handle/123456789/62070.

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Монетаризм, як теорія, і побудована на її засадах державна грошово-кредитна політика, можуть бути ефективним інструментом регулювання, а можуть не виправдати покладених на них надій.<br>Monetarism, as a theory, and state-based monetary policy based on its principles, can be an effective instrument of regulation, but may not justify the hopes placed on them.
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GABRIELI, SILVIA. "Three essays on the unsecured euro money market and its functioning during the 2007-2008 financial crisis." Doctoral thesis, Università degli Studi di Roma "Tor Vergata", 2010. http://hdl.handle.net/2108/207780.

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La mia tesi di dottorato consiste di tre articoli empirici sul mercato interbancario europeo non collateralizzato e il suo funzionamento durante la crisi finanziaria del 2007-2008. Il primo articolo, intitolato “Il funzionamento del mercato interbancario europeo durante la crisi finanziaria del 2007-2008”1 fornisce un’analisi dettagliata del funzionamento del mercato interbancario europeo dei prestiti non collateralizzati con scadenza overnight (O/N) durante la crisi finanziaria del 2007-2008, studiando le serie storiche dei tassi di interesse, del turnover del mercato, e dei costi di indebit
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Books on the topic "Monetary policy efficiency"

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Bisignano, Joseph. Varieties of monetary policy operating procedures: Balancing monetary objectives with market efficiency. Bank for International Settlements, Monetary and Economic Dept., 1996.

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1942-, Brada Josef C., and Dobozi István, eds. Money, incentives, and efficiency in the Hungarian economic reform. M.E. Sharpe, 1990.

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A, Dymski Gary, Epstein Gerald A, and Pollin Robert, eds. Transforming the U.S. financial system: Equity and efficiency for the 21st Century. M.E. Sharpe, 1993.

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Gary, Dymski, Epstein Gerald A, and Pollin Robert, eds. Transforming the U.S. financial system: Equity and efficiency for the 21st century. M.E. Sharpe, 1993.

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O'Brien, Dermot. The efficiency and the conduct of European banks: Developments after 1992. European University Institute, Robert Schuman Centre for Advanced Studies, 2002.

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N, Jouravlev S., and Institute of Transition Period Economic Problems., eds. Monetary-credit policy: Status of the currency-credit market and of the efficiency of external commercial operations in the Russian Federation : (conjuncture review). I.T.P.E.P, 1993.

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Ball, Laurence M. Efficient rules for monetary policy. Reserve Bank of New Zealand, 1997.

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Ball, Laurence M. Efficient rules for monetary policy. National Bureau of Economic Research, 1997.

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Cecchetti, Stephen G. Has monetary policy become more efficient?: A cross country analysis. National Bureau of Economic Research, 2004.

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Drew, Aaron. Efficient simple policy rules and the implications of potential output uncertainty. Reserve Bank of New Zealand, 1999.

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Book chapters on the topic "Monetary policy efficiency"

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Tsionas, Efthymios G. "Banking Efficiency." In Financial and Monetary Policy Studies. Springer International Publishing, 2013. http://dx.doi.org/10.1007/978-3-319-01171-4_33.

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Detzer, Daniel, Nina Dodig, Trevor Evans, Eckhard Hein, Hansjörg Herr, and Franz Josef Prante. "Efficiency of the Financial Sector." In Financial and Monetary Policy Studies. Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-56799-0_9.

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Cappiello, Antonella. "Monetary Policy, Banking Supervisory Policy, and Economic Growth in Europe." In Raising Capital or Improving Risk Management and Efficiency? Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-71749-4_8.

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Ayadi, Rym, and Sami Mouley. "Monetary Policy and Central Banking Independence." In Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean. Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137003485_2.

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Gabbi, Giampaolo. "International Mutual Fund Efficiency and Monetary Policy Sensitivity." In Diversification and Portfolio Management of Mutual Funds. Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230626508_4.

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Chortareas, Georgios, Jesús Gustavo Garza García, and Claudia Girardone. "Concentration versus Efficiency and Financial Liberalization in Latin American Banking." In Issues in Finance and Monetary Policy. Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230801493_8.

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Ayadi, Rym, and Sami Mouley. "Impact of Monetary Policy and Bank Regulations on Efficiency." In Monetary Policies, Banking Systems, Regulatory Convergence, Efficiency and Growth in the Mediterranean. Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137003485_6.

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Solana, Javier. "Market Efficiency as a Directive Principle of E.U. Monetary Policy." In Markets, Constitutions, and Inequality. Routledge, 2022. http://dx.doi.org/10.4324/9781003202257-9.

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Kavrik, Dominik. "Monetary Policy Efficiency and the Taylor Curve: Evidence from Hungary." In Eurasian Studies in Business and Economics. Springer Nature Switzerland, 2025. https://doi.org/10.1007/978-3-031-80256-0_22.

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Ghymers, Christian. "Systemic Potential Aspects of CBDCs." In United Nations University Series on Regionalism. Springer Nature Switzerland, 2024. http://dx.doi.org/10.1007/978-3-031-68475-3_13.

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AbstractCentral Bank Digital Currencies (CBDCs) appear as a necessary step for preserving monetary sovereignty and seizing the benefits of digitalization for the efficiency of payments and financial inclusion. Their blockchain technology permits significantly faster, safer, cheaper payments than cash or bank accounts, particularly for cross-border payments. They will probably affect bank profitability, increasing competition for funding them and they will also increase the effects of interest rate adjustments on the economy (higher efficiency of monetary policy). But, more importantly, CBDCs c
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Conference papers on the topic "Monetary policy efficiency"

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Li, Liang, Xiangning Wang, and Bo Hou. "Monetary Policy Efficiency in China." In 2010 International Conference on E-Product E-Service and E-Entertainment (ICEEE 2010). IEEE, 2010. http://dx.doi.org/10.1109/iceee.2010.5661142.

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Ning, Yuxin, and Feifei Li. "Real Estate Investment Efficiency and Monetary Policy." In 2015 International Conference on Education Reform and Modern Management. Atlantis Press, 2015. http://dx.doi.org/10.2991/ermm-15.2015.85.

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Jieqi, Wan, Gui Cheng, and Tao Xu. "Empirical Analysis on Monetary Policy Efficiency in China." In International Academic Workshop on Social Science (IAW-SC-13). Atlantis Press, 2013. http://dx.doi.org/10.2991/iaw-sc.2013.66.

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Svilokos, Tonći. "MONETARY POLICY EFFICIENCY IN CURBING POST-COVID-19 INFLATION." In International Conference on Economics, Finance & Business, Lisbon. International Institute of Social and Economic Sciences, 2024. https://doi.org/10.20472/efc.2024.023.012.

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Kumi, Evis. "The Effectiveness of the Albanian Monetary Policy." In 9th International Scientific Conference ERAZ - Knowledge Based Sustainable Development. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2023. http://dx.doi.org/10.31410/eraz.2023.97.

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This article aims to assess the efficiency of the Bank of Albania’s monetary policy in attaining its goals of price stability and economic ex­pansion. Price stability is essential for ensuring a favorable business environ­ment, preserving the purchasing power of the currency, and reducing uncer­tainty in the economy. The analysis takes into account the unique character­istics and challenges faced by the Albanian economy. This article offers in­sights into the effectiveness of the monetary policy framework in Albania by assessing the primary instruments and tactics used by the BoA, including in
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Tan, Zhaoqi. "Abnormal Investment Efficiency and Monetary Policy Choice under the Financing Constraint Hypothesis." In Proceedings of the 1st International Symposium on Economic Development and Management Innovation (EDMI 2019). Atlantis Press, 2019. http://dx.doi.org/10.2991/edmi-19.2019.69.

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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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Davlatov, Elyor, and Judit Sági. "The Role of New Keynesian Semi-structural Macroeconomic Forecasting Model in Realisation of Sustainable Development Goals in Uzbekistan." In 7th FEB International Scientific Conference. University of Maribor, University Press, 2023. http://dx.doi.org/10.18690/um.epf.3.2023.7.

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New reforms have been adopted in banking system of Uzbekistan since 2017 as monetary policy framework directed from monetary targeting to inflation targeting (IT). Liberalization of the national currency, reaching 5% inflation target on medium-term and operational independence of the Central Bank of Uzbekistan (CBU) have started progress of the reforms. The CBU has set policy rate as the primary tool of monetary policy in the context of inflation targeting regime. According to the experience of countries that implemented inflation targeting regime successfully, it is recommended to use the New
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Lopotenco, Viorica. "Interacțiunea politicii monetare cu politica fiscală în țările mici cu economii deschise." In International Scientific-Practical Conference "Economic growth in the conditions of globalization". National Institute for Economic Research, 2023. http://dx.doi.org/10.36004/nier.cecg.iii.2023.17.1.

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The consequences of the COVID-19 pandemic, intensified by Russia's aggression in Ukraine, determined that in both developed and emerging countries, the monetary and fiscal authorities could not ensure efficiency in achieving the objectives of financial policies. This study aims to identify the determinants of monetary and fiscal policies in a small open economy, in the example of the Republic of Moldova, which must not only ensure the stability of the financial system but also correspond to the trends of the "new normal," through the interconnection with innovation, which it drives the expansi
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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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Reports on the topic "Monetary policy efficiency"

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Scott, John. High Inequality, Low Revenue: Redistributive Efficiency on Latin American Fiscal Policy in Comparative Perspective. Inter-American Development Bank, 2002. http://dx.doi.org/10.18235/0011008.

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There are three principal redistributive fiscal instruments available to governments in modern mixed economies: a) progressive taxes on income or assets, b) monetary transfers (social security and social assistance), and c) non- monetary transfers, or the subsidized provision of goods and services.
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Traore, Raïssatou Joëlle, and Giulia Mascagni. Tax Harmonisation Policy within the West African Economic and Monetary Union: Analysis and Prospects. Institute of Development Studies, 2025. https://doi.org/10.19088/ictd.2025.015.

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The West African Economic and Monetary Union (WAEMU) has been engaged in an ambitious project to harmonise its members’ domestic tax systems since 1994. After 30 years, this study aims to highlight the successes and challenges associated with WAEMU’s tax harmonisation policy, and to examine its application in practice. Although WAEMU has succeeded in establishing a solid normative framework and has achieved its primary harmonisation goals, the success of a tax policy is measured by its actual implementation. In this respect, the results are mixed. It is therefore essential that WAEMU intensifi
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Ball, Laurence. Efficient Rules for Monetary Policy. National Bureau of Economic Research, 1997. http://dx.doi.org/10.3386/w5952.

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Cecchetti, Stephen, Alfonso Flores-Lagunes, and Stefan Krause. Has Monetary Policy Become More Efficient? A Cross Country Analysis. National Bureau of Economic Research, 2004. http://dx.doi.org/10.3386/w10973.

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Cesa-Bianchi, Ambrogio, and Alessandro Rebucci. Does Easing Monetary Policy Increase Financial Instability? Inter-American Development Bank, 2013. http://dx.doi.org/10.18235/0011445.

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This paper develops a model featuring both a macroeconomic and a financial stability objective that speaks to the interaction between monetary and macroprudential policies. First, we find that interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial stability: they lead to greater financial instability in response to contractionary shocks, while they act as an automatic financial stabilizer in response to expansionary shocks. Second, we find that when the policy interest rate is the only instrument, a monetary authority subject to the same constraints as
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Šiljak, Dženita. The Impact of the Introduction of the Euro in Croatia. Külügyi és Külgazdasági Intézet, 2022. http://dx.doi.org/10.47683/kkielemzesek.ke-2022.43.

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Croatia, the newest member of the European Union, is set to introduce the euro as its currency in January 2023. Although it was announced that Croatia had fulfilled the Maastricht criteria for monetary union membership in May 2022, the country did not meet the criterion on the general government debt rate. This paper analyses Croatia’s readiness to join the euro area beyond meeting the Maastricht criteria. While monetary union membership has its positive sides, by joining, a country loses one of the most important tools of managing its economy – monetary policy. If the economy is strong and co
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Karadi, Peter, Anton Nakov, Galo Nuño, Ernesto Pastén, and Dominik Thaler. Strike while the Iron is Hot: Optimal Monetary Policy with a Nonlinear Phillips Curve. Banco de España, 2025. https://doi.org/10.53479/38958.

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We study the Ramsey optimal monetary policy within the Golosov and Lucas (2007) state-dependent pricing framework. The model provides micro-foundations for a nonlinear Phillips curve: the sensitivity of inflation to activity increases after large shocks due to an endogenous rise in the frequency of price changes, as observed during the recent inflation surge. In response to large cost-push shocks, optimal policy leverages the lower sacrifice ratio to reduce inflation and stabilize the frequency of price adjustments. When facing total factor productivity shocks, an efficient disturbance, the op
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Ávila-Montealegre, Oscar Iván, Anderson Grajales-Olarte, Juan J. Ospina-Tejeiro, and Mario A. Ramos-Veloza. Minimum Wage and Macroeconomic Adjustment: Insights from a Small Open, Emerging, Economy with Formal and Informal Labor. Banco de la República, 2023. http://dx.doi.org/10.32468/be.1264.

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We examine the adjustment of a small, open, emerging market economy (SOEME) to an unexpected increase in the minimum wage using an extended New-Keynesian SOE model that incorporates heterogeneous households, a flexible production structure, and a minimum wage rule. We calibrate the model for Colombia and find that an unexpected increase in the minimum wage has significant effects on the low-skilled labor market, and weaker impacts on inflation and the policy interest rate. The rise in the minimum wage increases production costs and prompts the substitution of formal low-skilled labor with info
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L'Huillier, Jean-Paul, and Gregory Phelan. Can Supply Shocks Be Inflationary with a Flat Phillips Curve? Federal Reserve Bank of Cleveland, 2023. http://dx.doi.org/10.26509/frbc-wp-202336.

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Not in standard models. With conventional pricing frictions, imposing a flat Phillips curve also imposes a price level that is rigid with respect to supply shocks. In the New Keynesian model, price markup shocks need to be several orders of magnitude bigger than other shocks in order to fit the data, leading to unreasonable assessments of the magnitude of the increase in costs during inflationary episodes. To account for the facts, we propose a strategic microfoundation of shock-dependent price stickiness: prices are sticky with respect to demand shocks but flexible with respect to supply shoc
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Ocampo-Gaviria, José Antonio, Roberto Steiner Sampedro, Mauricio Villamizar Villegas, et al. Report of the Board of Directors to the Congress of Colombia - March 2023. Banco de la República de Colombia, 2023. http://dx.doi.org/10.32468/inf-jun-dir-con-rep-eng.03-2023.

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Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this,
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