Showing 1 - 10 of 76
Remittance inflows are driven by macroeconomic conditions in the home and the host economies, respectively. In this paper, we study the effect of U.S. monetary policy on remittance flows into economies in Latin American and the Caribbean. The role of Fed policy for remittances has not yet been...
Persistent link: https://www.econbiz.de/10012694427
. Aggregating the model in closed form, we show that it delivers radically different predictions for the optimal inflation rate than … canonical sticky price models featuring homogenous firms: (1) the optimal steady-state inflation rate generically differs from … zero and (2) inflation optimally responds to productivity disturbances. Using micro data from the US Census Bureau to …
Persistent link: https://www.econbiz.de/10011712837
on individual forecasts for unemployment and inflation submitted by each individual FOMC member, which was recently made … policymakers were aware of these changes in real-time. -- inflation forecast ; NAIRU ; Phillips curve ; monetary policy ; Federal …
Persistent link: https://www.econbiz.de/10003908176
deciding about interest rate policy, members individually formulate regular inflation forecasts. This paper uncovers systematic … differences in individual inflation forecasts submitted by voting and non-voting members. Based on a data set with individual … forecasts recently made available it is shown that non-voters systematically overpredict inflation relative to the consensus …
Persistent link: https://www.econbiz.de/10003962970
autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output … shows no significant response to monetary policy while the inflation response is negative. The paper endogenously determines …
Persistent link: https://www.econbiz.de/10003950519
dynamics of inflation implied by macroeconomic data, the model needs to assume an average duration of price contracts which is …
Persistent link: https://www.econbiz.de/10003546364
This paper investigates how FOMC members revise their forecasts for key macroeconomic variables. Based on a new data set of forecasts from individual FOMC members between 1992 and 2000 it is shown that FOMC members intentionally overrevise their forecasts at the first revision and underrevise at...
Persistent link: https://www.econbiz.de/10009231373
We study the correlation between pairs of bond and stock markets in Canada and the United States between January 1998 and December 2006 in the framework of Diagonal-BEKK models. Our research question is whether monetary policy action and communication by the Bank of Canada and the Federal...
Persistent link: https://www.econbiz.de/10009409360
We examine the impact of large-scale asset purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009 M3 to 2013 M5. We identify an asset purchase shock with sign and zero restrictions. In contrast to...
Persistent link: https://www.econbiz.de/10010403096
This paper investigates to what extent Chinese monetary policy is constrained by the dollar peg. To this end, we use a cointegration framework to examine whether Chinese interest rates are driven by the Fed's policy. In a second step, we estimate a monetary model for China, in which we include...
Persistent link: https://www.econbiz.de/10008796581