| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15931 |
| DP15931 Monetary Policy Transmission in Emerging Markets and Developing Economies | |
| Luis Brandao-Marques; Thomas Harjes; Ratna Sahay; Yi Xue | |
| 发表日期 | 2021-03-16 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | The effectiveness of monetary policy transmission in emerging markets and developing countries (EMDEs) remains subject to considerable debate in academia and among policymakers. Can EMDEs effectively steer inflation and output by controlling short-term interest rates? Or do structural features of these economies, in particular a lack of financial market depth, hinder such transmission? We conduct a novel empirical analysis using Jordà’s (2005) approach for 39 EMDEs to answer these questions. We find that interest rate hikes do reduce output growth and inflation, if the exchange rate is allowed to adjust. Inflation targeting frameworks adopted by independent and transparent central banks matter more than structural features, such as financial development. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Emerging markets Exchange rate channel Inflation targeting Financial structure |
| URL | https://cepr.org/publications/dp15931-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/544922 |
| 推荐引用方式 GB/T 7714 | Luis Brandao-Marques,Thomas Harjes,Ratna Sahay,et al. DP15931 Monetary Policy Transmission in Emerging Markets and Developing Economies. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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