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Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

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Cited by:

  1. Michal Andrle & Andrew Berg & R. Armando Morales & Rafael Portillo & Jan Vlcek, 2015. "On the Sources of Inflation in Kenya: A Model-Based Approach," South African Journal of Economics, Economic Society of South Africa, vol. 83(4), pages 475-505, December.
  2. Montoro, Carlos & Ortiz, Marco, 2023. "The portfolio balance channel of capital flows and foreign exchange intervention in a small open economy," Journal of International Money and Finance, Elsevier, vol. 133(C).
  3. Cavoli, Tony & Rajan, Ramkishen S., 2015. "Capital inflows and the interest premium problem: The effects of monetary sterilisation in selected Asian economies," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 1-18.
  4. Algozhina, Aliya, 2022. "Monetary policy rule, exchange rate regime, and fiscal policy cyclicality in a developing oil economy," Energy Economics, Elsevier, vol. 112(C).
  5. Yossi Yakhin, 2022. "Breaking the UIP: A Model‐Equivalence Result," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(6), pages 1889-1904, September.
  6. Hernando Vargas & Andrés González & Diego Rodríguez, 2013. "Foreign exchange intervention in Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 95-125, Bank for International Settlements.
  7. Goyal, Ashima & Verma, Akhilesh K, 2023. "Cross border flows, financial intermediation and interactions of policy rules in a small open economy," The Quarterly Review of Economics and Finance, Elsevier, vol. 89(C), pages 369-393.
  8. Xie, Taojun & Liu, Jingting & Alba, Joseph D. & Chia, Wai-Mun, 2017. "Does wage-inflation targeting complement foreign exchange intervention? An evaluation of a multi-target, two-instrument monetary policy framework," Economic Modelling, Elsevier, vol. 62(C), pages 68-81.
  9. Valeria Bejarano-Salcedo & William Iván Moreno-Jimenez & Juan Manuel Julio-Román, 2020. "La Magnitud y Duración del Efecto de la Intervención por Subastas sobre el Mercado Cambiario: El caso Colombiano," Borradores de Economia 1142, Banco de la Republica de Colombia.
  10. Adler, Gustavo & Lama, Ruy & Medina, Juan Pablo, 2019. "Foreign exchange intervention and inflation targeting: The role of credibility," Journal of Economic Dynamics and Control, Elsevier, vol. 106(C), pages 1-1.
  11. Francesca Caselli, 2017. "Did the Exchange Rate Floor Prevent Deflation in the Czech Republic?," Review of Economics and Institutions, Università di Perugia, vol. 8(2).
  12. Andrey G. Shulgin, 2017. "A Simple Theoretical Setup for the Evaluation of Sterilized Intervention Effectiveness in a Small Open Commodity Exporting Economy," HSE Working papers WP BRP 170/EC/2017, National Research University Higher School of Economics.
  13. Tamim Bayoumi & Giovanni Dell'Ariccia & Karl F Habermeier & Tommaso Mancini Griffoli & Fabian Valencia, 2014. "Monetary Policy in the New Normal," IMF Staff Discussion Notes 14/3, International Monetary Fund.
  14. Sebastián Fanelli & Ludwig Straub, 2021. "A Theory of Foreign Exchange Interventions [The Cost of Foreign Exchange Intervention: Concepts and Measurement]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 2857-2885.
  15. Karsten Kohler & Engelbert Stockhammer, 2023. "Flexible exchange rates in emerging markets: shock absorbers or drivers of endogenous cycles?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 32(2), pages 551-572.
  16. Devereux, Michael B. & Yetman, James, 2014. "Globalisation, pass-through and the optimal policy response to exchange rates," Journal of International Money and Finance, Elsevier, vol. 49(PA), pages 104-128.
  17. Mr. Marco Airaudo & Mr. Edward F Buffie & Luis-Felipe Zanna, 2016. "Inflation Targeting and Exchange Rate Management In Less Developed Countries," IMF Working Papers 2016/055, International Monetary Fund.
  18. Richard T. Froyen & Alfred V. Guender, 2022. "The Mundellian Trilemma and Optimal Monetary Policy in a World of High Capital Mobility," Open Economies Review, Springer, vol. 33(4), pages 631-656, September.
  19. Roberto Chang, 2019. "Foreign Exchange Intervention Redux," Central Banking, Analysis, and Economic Policies Book Series, in: Álvaro Aguirre & Markus Brunnermeier & Diego Saravia (ed.),Monetary Policy and Financial Stability: Transmission Mechanisms and Policy Implications, edition 1, volume 26, chapter 7, pages 205-247, Central Bank of Chile.
  20. Shulgin, A., 2017. "Two-Dimensional Monetary Policy Shocks in DSGE-Model Estimated for Russia," Journal of the New Economic Association, New Economic Association, vol. 33(1), pages 75-115.
  21. Boris Hofmann & Hyun Song Shin & Mauricio Villamizar-Villegas, 2019. "FX intervention and domestic credit: Evidence from high-frequency micro data," BIS Working Papers 774, Bank for International Settlements.
  22. Adler, Gustavo & Chang, Kyun Suk & Wang, Zijiao, 2021. "Patterns of foreign exchange intervention under inflation targeting," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(4).
  23. Chamon, Marcos & Garcia, Márcio & Souza, Laura, 2017. "FX interventions in Brazil: A synthetic control approach," Journal of International Economics, Elsevier, vol. 108(C), pages 157-168.
  24. Andrej Drygalla, 2023. "Monetary policy in an oil-dependent economy in the presence of multiple shocks," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(1), pages 185-214, February.
  25. Rong Li & Dongzhou Mei & Bing Tong, 2024. "Gradual Portfolio Adjustment, Foreign Exchange Intervention, and Open Market Operations," CFDS Discussion Paper Series 2024/6, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
  26. Jan Przystupa & Ewa Wróbel, 2016. "Modelling monetary transmission in less developed emerging markets: the case of Tunisia," Bank i Kredyt, Narodowy Bank Polski, vol. 47(5), pages 395-434.
  27. Omar Chafik, 2023. "Monetary Policy in Oil Exporting Countries with Fixed Exchange Rate and Open Capital Account: Expectations Matter," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 19(1), pages 1-22, March.
  28. Alex Cukierman, 2011. "Reflections on the Crisis and on its Lessons for Regulatory Reforms and for Central Bank Policies," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 3, Edward Elgar Publishing.
  29. Suman S. Basu & Atish R. Ghosh & Jonathan D. Ostry & Pablo E. Winant, 2018. "Managing Capital Outflows with Limited Reserves," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 333-374, June.
  30. Viziniuc, Mădălin, 2021. "Winners and losers of central bank foreign exchange interventions," Economic Modelling, Elsevier, vol. 94(C), pages 748-767.
  31. Carrasco, Alex & Florián, David & Nivín, Rafael, 2019. "SFX Interventions, Financial Intermediation, and External Shocks in Emerging Economies," Working Papers 2019-022, Banco Central de Reserva del Perú.
  32. Francesco Franco & Julio Antonio Rocha Delgado & Suzana Camacho Monteiro & Pedro Castro e Silva, 2015. "Exchange rate pressure in Angola," NOVAFRICA Working Paper Series wp1502, Universidade Nova de Lisboa, Nova School of Business and Economics, NOVAFRICA.
  33. Hossein Tavakolian & Hamed Ghiaie, 2019. "Optimal Inflation Targeting in a Dual-Exchange Rate Oil Economy," THEMA Working Papers 2019-09, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  34. Karsten Kohler, 2020. "Gross capital flows and the balance-of-payments: a balance sheet perspective," Working Papers PKWP2019, Post Keynesian Economics Society (PKES).
  35. Jose Vicente Romero & Hernando Vargas-Herrera & Pamela Cardozo & Andrés Murcia, 2020. "Effects of foreign participation in the colombian local public debt market on domestic financial conditions," Borradores de Economia 1115, Banco de la Republica de Colombia.
  36. Ghiaie, Hamed & Tabarraei, Hamid Reza & Tavakolian, Hossein, 2022. "Alternative monetary policy regimes in an oil-exporting economy," The Quarterly Review of Economics and Finance, Elsevier, vol. 83(C), pages 161-177.
  37. Nikola Fabris & Milena Lazić, 2022. "Evaluating the Role of the Exchange Rate in Monetary Policy Reaction Function of Advanced and Emerging Market Economies," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 11(2), pages 77-96.
  38. Shalva Mkhatrishvili & Giorgi Tsutskiridze & Lasha Arevadze, 2020. "Sterilized FX interventions may not be so sterilized," NBG Working Papers 02/2020, National Bank of Georgia.
  39. Martin Feldkircher & Florian Huber & Isabella Moder, 2016. "Modeling the evolution of monetary policy rules in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-27.
  40. Samya Beidas-Strom & Marco Lorusso, 2019. "Macroeconomic Effects of Reforms on Three Diverse Oil Exporters: Russia, Saudi Arabia, and the UK," IMF Working Papers 2019/214, International Monetary Fund.
  41. Pablo Winant & Jonathan Ostry & Atish Ghosh & Suman Basu, 2016. "Managing Capital Outflows: The Role of Foreign Exchange Intervention," 2016 Meeting Papers 756, Society for Economic Dynamics.
  42. Ramis Khabibullin & Alexey Ponomarenko & Sergei Seleznev, 2018. "Forecasting the implications of foreign exchange reserve accumulation with an agent-based model," Bank of Russia Working Paper Series wps37, Bank of Russia.
  43. Shalva Mkhatrishvili & Giorgi Tsutskiridze & Lasha Arevadze, 2024. "Sterilized Interventions May Not Be So Sterilized," International Journal of Central Banking, International Journal of Central Banking, vol. 20(4), pages 371-413, October.
  44. Romero, José Vicente & Vargas, Hernando & Cardozo, Pamela & Murcia, Andrés, 2021. "How foreign participation in the Colombian local public debt market has influenced domestic financial conditions," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 2(4).
  45. Buffie, Edward F. & Airaudo, M. & Zanna, Felipe, 2018. "Inflation targeting and exchange rate management in less developed countries," Journal of International Money and Finance, Elsevier, vol. 81(C), pages 159-184.
  46. Prasad, Nalini, 2018. "Sterilized interventions and capital controls," Journal of International Money and Finance, Elsevier, vol. 88(C), pages 101-121.
  47. Maurice Obstfeld, 2014. "Never Say Never: Commentary on a Policymaker’s Reflections," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 62(4), pages 656-693, November.
  48. Mauricio Villamizar-Villegas & Yasin Kursat Onder, 2020. "Uncovering Time-Specific Heterogeneity in Regression Discontinuity Designs," Borradores de Economia 1141, Banco de la Republica de Colombia.
  49. Olivier Blanchard & Gustavo Adler & Irineu de Carvalho Filho, 2015. "Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?," NBER Working Papers 21427, National Bureau of Economic Research, Inc.
  50. Emanuel Kohlscheen, 2014. "Long‐Run Determinants Of The Brazilian Real: A Closer Look At Commodities," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 19(4), pages 239-250, October.
  51. Horacio Aguirre & Gustavo Cañonero & Mario Torriani, 2019. "Foreign exchange intervention and reserve accumulation in an emerging market economy: selected issues," BIS Papers chapters, in: Bank for International Settlements (ed.), Reserve management and FX intervention, volume 104, pages 57-74, Bank for International Settlements.
  52. Matthew Canzoneri & Robert Cumby, 2014. "Optimal Exchange Intervention in an Inflation Targeting Regime: Some Cautionary Tales," Open Economies Review, Springer, vol. 25(3), pages 429-450, July.
  53. Evan C. Tanner, 2018. "The Algebraic Galaxy of Simple Macroeconomic Models: A Hitchhiker’s Guide," Open Economies Review, Springer, vol. 29(1), pages 177-209, February.
  54. Gustavo Adler & Mr. Ruy Lama & Juan Pablo Medina Guzman, 2016. "Foreign Exchange Intervention under Policy Uncertainty," IMF Working Papers 2016/067, International Monetary Fund.
  55. Montoro, Carlos & Ortiz, Marco, 2016. "Foreign exchange intervention and monetary policy design: a market microstructure analysis," Working Papers 2016-008, Banco Central de Reserva del Perú.
  56. Adler, Gustavo & Lisack, Noëmie & Mano, Rui C., 2019. "Unveiling the effects of foreign exchange intervention: A panel approach," Emerging Markets Review, Elsevier, vol. 40(C), pages 1-1.
  57. Michal Andrle & Mr. Andrew Berg & Rogelio Morales & Mr. Rafael A Portillo & Mr. Jan Vlcek, 2013. "Forecasting and Monetary Policy Analysis in Low-Income Countries: Food and non-Food Inflation in Kenya," IMF Working Papers 2013/061, International Monetary Fund.
  58. repec:nbp:nbpbik:v:47:y:2016:i:6:p:395-434 is not listed on IDEAS
  59. repec:hal:spmain:info:hdl:2441/6kvjk9o32n8m88c6de3gc0gltj is not listed on IDEAS
  60. Yugang He & Zhuoqi Teng, 2024. "Navigating Uncharted Waters: The Transformation of the Bank of Korea’s Monetary Policy in Response to Global Economic Uncertainty," Mathematics, MDPI, vol. 12(11), pages 1-24, May.
  61. Shalva Mkhatrishvili & Giorgi Tsutskiridze & Lasha Arevadze, 2020. "Sterilized FX interventions may not be so sterilized," NBG Working Papers 02/2020, National Bank of Georgia.
  62. Yin, Zhichao & Peng, Hongfeng & Xiao, Weiguo & Xiao, Zumian, 2022. "Capital control and monetary policy coordination: Tobin tax revisited," Research in International Business and Finance, Elsevier, vol. 59(C).
  63. Parrado, Eric, 2023. "An Exchange Rate Policy Rule," IDB Publications (Working Papers) 13347, Inter-American Development Bank.
  64. Syarifuddin, Ferry, 2020. "Macroeconomic Consequences of Foreign Exchange Futures Market for Inflation Targeting Economies," MPRA Paper 104810, University Library of Munich, Germany.
  65. Adler, Gustavo & Mano, Rui C., 2021. "The Cost of Foreign Exchange Intervention: Concepts and Measurement," Journal of Macroeconomics, Elsevier, vol. 67(C).
  66. Chang Wen-ya & Tsai Hsueh-fang & Chang Juin-jen & Lin Hsieh-yu, 2018. "Interest rate rules and equilibrium (in)determinacy in a small open economy: the role of internationally traded capital," The B.E. Journal of Macroeconomics, De Gruyter, vol. 18(2), pages 1-18, June.
  67. Sami Alpanda & Serdar Kabaca, 2020. "International Spillovers of Large-Scale Asset Purchases," Journal of the European Economic Association, European Economic Association, vol. 18(1), pages 342-391.
  68. Syarifuddin, Ferry & Izzulhaq, Syahid, 2020. "The Effectiveness of Futures-based Foreign Exchange Intervention: Comparative Studies of Brazil and India," MPRA Paper 104709, University Library of Munich, Germany.
  69. Anton Grui, 2020. "Uncovered interest parity with foreign exchange interventions under exchange rate peg and inflation targeting: The case of Ukraine," IHEID Working Papers 14-2020, Economics Section, The Graduate Institute of International Studies.
  70. Kohler, Karsten & Bonizzi, Bruno & Kaltenbrunner, Annina, 2023. "Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
  71. Carlos Montoro & Marco Ortiz, 2020. "The Portfolio Channel of Capital Flows and Foreign Exchange Intervention in A Small Open Economy," Working Papers 168, Peruvian Economic Association.
  72. repec:spo:wpmain:info:hdl:2441/6kvjk9o32n8m88c6de3gc0gltj is not listed on IDEAS
  73. Lama, Ruy & Medina, Juan Pablo, 2020. "Mundell meets Poole: Managing capital flows with multiple instruments in emerging economies," Journal of International Money and Finance, Elsevier, vol. 109(C).
  74. Michal Andrle & Mr. Andrew Berg & Mr. Enrico G Berkes & Mr. Rafael A Portillo & Mr. Jan Vlcek & Rogelio Morales, 2013. "Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya," IMF Working Papers 2013/239, International Monetary Fund.
  75. Renzo Rossini & Zenon Quispe & Enrique Serrano, 2013. "Foreign exchange intervention in Peru," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 243-262, Bank for International Settlements.
  76. Yossi Yakhin, 2024. "Foreign Exchange Interventions in the New-Keynesian Model: Transmission, Policy, and Welfare," Bank of Israel Working Papers 2024.01, Bank of Israel.
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