in this paper, economic convergence in selected oic (36 countries) is studied. the convergence hypothesis is tested through three approaches: beta convergence, sigma convergence, and time series model. ols is used for estimating the cross section model and cross variance is used to test the distributive model. for analyzing time series model, we used augmented dicky fuller test. beta convergenc...

This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with start ECB’s Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former indicates a “locking in low rates for longer”, while latter suggests existence an additional “demand effect” on ...

We compare the findings of central bank researchers and academic economists regarding macroeconomic effects quantitative easing (QE). find that papers QE to be more effective than do. Central report larger on output inflation. They also are significant, both statistically economically, they use positive language in abstract. who experience favorable career outcomes. A survey banks reveals subst...

Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies state-dependent effects of monetary policy on crisis risk. Based near-universe advanced economy cycles since nineteenth century, we show that discretionary policies during credit and asset price are more likely to trigger crises than prevent them. (JEL E4...

I analyze an extension of the New Keynesian model that features overlapping generations finitely lived agents and (stochastic) transitions to inactivity. In contrast with standard model, proposed framework allows for existence rational expectations equilibria asset price bubbles. study conditions under which bubble-driven fluctuations may emerge type monetary policy rules prevent them. conclude...

Central bank behavior is often summarized by simple rules for operating targets, i.e., for a short-run nominal interest rate or for a money growth rate. In this paper we examine conditions under which these rules lead to identical fundamental solutions of a conventional business cycle model. When prices are ‡exible, forward looking interest rate rules can be equivalent to money growth policy. I...

This paper investigates the impact of foreign direct investment (FDI) and corruption on environmental pollution in Tunisia over period 1984–2014 by applying an autoregressive distributed lag model. Our results revealed existence Environmental Kuznets Curve Tunisian case. The haven hypothesis postulates that polluting industrial activity developed countries is shifting to developing with less st...

Premiums on U.S. sovereign CDS have risen to persistently elevated levels since the financial crisis. We ask whether these premiums reflect the probability of a fiscal default – a state in which budget balance can no longer be restored by raising taxes or eroding the real value of debt by raising inflation. We develop an equilibrium macrofinance model in which the fiscal and monetary policy sta...

housing market in iran got out of recession in year 1384 and turn into abnormal growth. but following the housing price growth, which continued until 1386, it deals with the slowdown of the housing market and stable prices in the spring of 1387. afterward, decreasing trend in housing prices continued in the summer, in spite of increase in global housing prices. in this paper, it is investigated...

This paper analyzes the effects of lower bound for interest rates on distributions inflation and rates. In a New Keynesian model with bound, two equilibria emerge: policy is mostly unconstrained in “target equilibrium,” whereas constrained “liquidity trap equilibrium.” Using options data inflation, we find forecast densities consistent target equilibrium no evidence favor liquidity equilibrium....