scholarly journals Has Monetary Policy Become More Efficient? A Cross Country Analysis

2004 ◽  
Author(s):  
Stephen Cecchetti ◽  
Alfonso Flores-Lagunes ◽  
Stefan Krause
Keyword(s):  
Monetary Policy ◽  
Country Analysis ◽  
Cross Country

scholarly journals Has Monetary Policy Become More Efficient? A Cross‐Country Analysis

2006 ◽  
Vol 116 (511) ◽  
pp. 408-433 ◽  
Author(s):  
Stephen G. Cecchetti ◽  
Alfonso Flores‐Lagunes ◽  
Stefan Krause
Keyword(s):  
Monetary Policy ◽  
Country Analysis ◽  
Cross Country

scholarly journals A Cross-Country Analysis of Monetary Policy Effects on Prices

2015 ◽  
Author(s):  
Bruno Coric ◽  
Lena Maleeevii Perovii ◽  
Vladimir Simic
Keyword(s):  
Monetary Policy ◽  
Policy Effects ◽  
Country Analysis ◽  
Cross Country

Impact of external currency exposures on macroeconomic policies

2020 ◽  
pp. 23-40
Author(s):  
I. V. Prilepskiy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Positive Impact ◽  
Exchange Rate Regime ◽  
Macroeconomic Policies ◽  
Panel Regressions ◽  
Financial Account ◽  
Currency Exposure ◽  
Cross Country ◽  
The Impact

Based on cross-country panel regressions, the paper analyzes the impact of external currency exposures on monetary policy, exchange rate regime and capital controls. It is determined that positive net external position (which, e.g., is the case for Russia) is associated with a higher degree of monetary policy autonomy, i.e. the national key interest rate is less responsive to Fed/ECB policy and exchange rate fluctuations. Therefore, the risks of cross-country synchronization of financial cycles are reduced, while central banks are able to place a larger emphasis on their price stability mandates. Significant positive impact of net external currency exposure on exchange rate flexibility and financial account liberalization is only found in the context of static models. This is probably due to the two-way links between incentives for external assets/liabilities accumulation and these macroeconomic policy tools.

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