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284 records from EconBiz based on author Name
1. [Rezension von: Rajan, Raghuram Govind, 1963-, Monetary policy and its unintended consequences]
Levin, Andrew T.; Rajan, Raghuram Govind;2024
Type: Rezension; Buchbesprechung; Buchrezension; Buchkritik; Aufsatz in Zeitschrift; Article in journal;
Availability: Link Link
2. Do Monetary Policy Frameworks Matter in Low Income Countries?
abstractMicroeconomic evidence indicates a very high frequency of price adjustment in low income countries (LICs), raising the question of whether LICs may be reasonably characterized as exhibiting monetary neutrality. To address this question, we analyze a cross-country panel dataset of 79 LICs over the period 1990 to 2015 to assess the impact of external shocks on real GDP growth, and we find highly significant differences between LICs where the central bank targets monetary aggregates or inflation compared to LICs that maintain rigid nominal exchange rates. We also conduct an event study of the surprise devaluation of the Central African Franc (CFA) in January 1994 and find that it had highly significant effects on the output growth of 10 CFA countries relative to 18 similar countries outside the CFA zone. Consequently, the hypothesis of monetary neutrality is decisively rejected, and these findings provide strong support for the role of monetary policy frameworks in fostering price stability and macroeconomic stability in LICs
Carare, Alina; De Resende, Carlos; Levin, Andrew T.; Zhang, Chelsea;2021
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link
3. Do monetary policy frameworks matter in low‑income countries?
Carare, Alina; De Resende, Carlos; Levin, Andrew T.; Zhang, Chelsea;2023
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:

Citations: 1 (based on OpenCitations)
4. Limitations on the effectiveness of monetary policy forward guidance in the context of the COVID-19 pandemic
Levin, Andrew T.; Sinha, Arunima;2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
5. Do monetary policy frameworks matter in low income countries?
abstractIn recent years, many Low-Income Countries (LICs) have implemented substantial reforms to their monetary policy frameworks, but existing economic research has not provided a clear rationale to guide those efforts. In this paper we analyze the role of monetary policy frameworks in the propagation of aggregate shocks, using a large panel dataset of 79 LICs over the period 1990-2015 as well as event study analysis for a group of 28 sub-Saharan African LICs. We find highly significant differences in the propagation of external shocks between the LICs that target monetary aggregates or inflation compared to those that maintain rigid nominal exchange rates as a nominal anchor. We also find that the large surprise devaluation of the Central African Franc (CFA) in January 1994 had highly significant effects on the GDP growth of 10 CFA countries compared to 18 similar countries that were outside the CFA zone. Our empirical analysis provides strong support for the role of monetary policy frameworks in facilitating macroeconomic stability in LICs-a conclusion that is particularly relevant as LICs now face a multitude of similar shocks associated with the global COVID-19 pandemic
Carare, Alina; De Resende, Carlos; Levin, Andrew T.; Zhang, Chelsea;2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

Citations: 3 (based on OpenCitations)
6. The rationale for issuing e-krona in the digital era
Armelius, Hanna; Guibourg, Gabriela; Levin, Andrew T.; Söderberg, Gabriel;2020
Type: Aufsatz in Zeitschrift; Article in journal;
Availability:

7. Assessing the age specificity of infection fatality rates for COVID-19 : meta-analysis & public policy implications
Levin, Andrew T.; Cochran, Kensington B.; Walsh, Seamus P.;2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
8. Incorporating scenario analysis into the Federal Reserve's policy strategy and communications
Bordo, Michael D.; Levin, Andrew T.; Levy, Mickey D.;2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
9. Limitations on the Effectiveness of Monetary Policy Forward Guidance in the Context of the COVID-19 Pandemic
abstractWe examine the effectiveness of forward guidance at the effective lower bound (ELB) in the context of the COVID-19 pandemic. Survey evidence underscores the myopia of professional forecasters at the initial stages of the pandemic and the extraordinary dispersion of their recent forecasts. Moreover, financial markets are now practically certain that U.S. short-term nominal interest rates will remain at the ELB for the next several years; consequently, forward guidance would have to refer to a much longer time horizon than in previous experience. To analyze the effects of these issues, we consider a canonical New-Keynesian model with three modifications: (1) expectations formation incorporates the mechanisms that have been proposed for addressing the forward guidance puzzle; (2) the central bank has imperfect credibility in making longer-horizon commitments regarding the path of monetary policy; and (3) the central bank may not have full knowledge of the true structure of the economy. In this framework, providing substantial near-term monetary stimulus hinges on making promises of relatively extreme overshooting of output and inflation in subsequent years, and hence forward guidance has only tenuous net benefits and may even be counterproductive
Levin, Andrew T.; Sinha, Arunima;2020
Availability: Link Link
Citations: 5 (based on OpenCitations)
10. Assessing the Age Specificity of Infection Fatality Rates for COVID-19 : Meta-Analysis & Public Policy Implications
abstractTo assess age-specific infection fatality rates (IFRs) for COVID-19, we have conducted a systematic review of seroprevalence studies as well as countries with comprehensive tracing programs. Age-specific IFRs were computed using the prevalence data in conjunction with reported fatalities four weeks after the midpoint date of each study, reflecting typical lags in fatalities and reporting. Using metaregression procedures, we find a highly significant log-linear relationship between age and IFR for COVID-19. The estimated age-specific IFRs are very low for children and younger adults but increase progressively to 0.4% at age 55, 1.3% at age 65, 4.2% at age 75, and 14% at age 85. About 90% of the geographical variation in population IFR is explained by differences in age composition of the population and age-specific prevalence. These results indicate that COVID-19 is hazardous not only for the elderly but also for middle-aged adults. Moreover, the population IFR for COVID-19 should not be viewed as a fixed parameter but as intrinsically linked to the age-specific pattern of infections. Consequently, public health measures to protect vulnerable age groups could substantially decrease total deaths
Levin, Andrew T.; Hanage, William P.; Owusu-Boaitey, Nana; Cochran, Kensington B.; Walsh, Seamus P.; Meyerowitz-Katz, Gideon;2020
Availability: Link Link
Citations: 51 (based on OpenCitations)