Negative policy interest rates and exchange rate behavior: Further results

Effectiveness of high interest rate policy on exchange rates: A reexamination of the Asian financial crisis

One of the most controversial issues in the aftermath of the Asian financial crisis has been the appropriate response of monetary policy to a sharp decline in the value of some currencies. In this paper, we empirically examine the effects on Asian exchange rates of sharply higher interest rates during the Asian financial crisis. Taking account of the currency contagion effect, our results indic...

Global Knowledge, Local Solutions: Interest Rate and Monetary Policy

Actual Federal Reserve Policy Behavior and Interest Rate Rules

conomists attempting to approximate the policy behavior of the Federal Reserve often have done so by estimating interest rate rules for the United States. In these rules, the variable on the left-hand side is the interest rate that the Federal Reserve is assumed to control, while the variables on the right-hand side are those that are assumed to affect Federal Reserve behavior. There have been ...

Exchange Rate Policy of Iran

The exchange rate regime in Iran is practically fixed. The Central Bank of Iran (CBI) has committed itself to trying to bring about a particular exchange rate regime to meet two important targets: 1. Sustaining competitiveness of the economy, 2. Acquiring the share of foreign reserves in monetary base in a predetermined level. Since 2001 the share of foreign reserves in monetary base has i...

Monetary Policy without Interest Rates

Many econometric studies use both a narrative approach and an interest rate series to investigate the e ects of US monetary policy. The two alternative measures provide very similar conclusions. This similarity in the results is not likely to be found when central banks use numerous instruments, including unconventional quantitative targets. This paper studies the French experience with tempora...