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Christiano, Lawrence J. (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001676634

Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge E. - 2021

What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what … ffects? We answer these questions in a general class of open economy models, where a financial crisis is modeled as a time … the traded good sector and in adjusting the rate at which that output can be used in other parts of the economy, then a …

Persistent link: https://www.econbiz.de/10013248087

Government Policy, Credit Markets and Economic Activity

Christiano, Lawrence J. - 2011

The US government has recently conducted large scale purchases of assets and implemented policies that reduced the cost of funds to financial institutions. Arguably these policies have helped to correct credit market dysfunctions, allowing interest rate spreads to shrink and output to begin a...

Persistent link: https://www.econbiz.de/10013123690

Taylor Rules in a Limited Participation Model

Christiano, Lawrence J.; Gust, Christopher - 2021

rules for setting the rate of interest. Rules are evaluated according to their ability to protect the economy from bad …

Persistent link: https://www.econbiz.de/10013243624

Monetary Policy and Stock Market Booms

Christiano, Lawrence J. - 2010

that an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy …

Persistent link: https://www.econbiz.de/10013137616

The Simple Analytics of Monetary Policy : A Post-Crisis Approach

Friedman, Benjamin M. - 2013

The standard workhorse models of monetary policy now commonly in use, both for teaching macroeconomics to students and for supporting policymaking within many central banks, are incapable of incorporating the most widely accepted accounts of how the 2007-9 financial crisis occurred and incapable...

Persistent link: https://www.econbiz.de/10013083392

Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001

Christiano, Lawrence J. - 2008

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012773305

Two Reasons Why Money and Credit May Be Useful in Monetary Policy

Christiano, Lawrence J. - 2007

We describe two examples which illustrate in different ways how money and credit may be useful in the conduct of monetary policy. Our first example shows how monitoring money and credit can help anchor private sector expectations about inflation. Our second example shows that a monetary policy...

Persistent link: https://www.econbiz.de/10012775800

Optimal Monetary Policy in a 'Sudden Stop'

Braggion, Fabio - 2010

In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply. We describe an environment in which this is the optimal monetary policy. The optimality of the immediate rise in the interest rate is an example of the theory of the second...

Persistent link: https://www.econbiz.de/10012759929

Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has it Changed the Theory of Monetary Policy?

Friedman, Benjamin M. - 2014

I argue in this paper that one of the two forms of hitherto unconventional monetary policy that many central banks have implemented in response to the 2007 financial crisis - large-scale asset purchases, or to put the matter more generically, use of the central bank's balance sheet as a distinct...

Persistent link: https://www.econbiz.de/10013053846