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Zhang, Xu - 2021 - Last updated: June 21, 2021

Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...

Persistent link: https://www.econbiz.de/10012546138

Evaluating the effects of forward guidance and large-scale asset purchases

Zhang, Xu - 2021 - Last updated: November 4, 2021

This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler and Karadi (2011,...

Persistent link: https://www.econbiz.de/10012657867

More than words : FED chairs' communication during congressional testimonies

Alexopoulos, Michelle; Han, Xinfen; Kryvtsov, Oleksiy; … - 2022 - Last updated: May 5, 2022

We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Our measures of Fed Chairs' emotions expressed in words, voice and facial expressions are created using machine learning. Increases in the Chair's...

Persistent link: https://www.econbiz.de/10013189228

Monetary policy and racial inequality in housing markets : a study of 140 US metropolitan areas

Li, Qi; Zhang, Xu - 2023 - Last updated: December 28, 2023

This paper investigates the differential impact of monetary policy on homeownership and housing returns among Black, Hispanic and White households. Using data on 13 million repeat sales from 1993 to 2020, we construct and analyze race-specific entries and exits of homeownership and housing...

Persistent link: https://www.econbiz.de/10014457610

Prudent recalibration required: the ECB's response to the 2022 price shocks : monetary policy challenges 2023

Tober, Silke; Theobald, Thomas - 2023 - Completed on 25 May 2023

The ECB was not slow to react to the rising inflation, but rather reacted very strongly as the price shocks escalated and the supply bottlenecks persisted longer than widely expected. The ECB raised rates later and less forcefully than the Federal Reserve because the inflation dynamics in the...

Persistent link: https://www.econbiz.de/10014289158

Time-varying Nairu and real interest rates in the Euro Area

Logeay, Camille; Tober, Silke - 2003

This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit...

Persistent link: https://www.econbiz.de/10011438545

Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting

Meh, Césaire Assah (contributor); … - 2008

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...

Persistent link: https://www.econbiz.de/10003773003

Herausforderungen für die Wirtschaftspolitik 2010 : Geldpolitik, Finanzpolitik und Arbeitsmarktpolitik in diesem Jahr

Horn, Gustav A.; Sturn, Simon; Tober, Silke; Truger, Achim - 2010

endgültig überwunden werden? Wann und wie soll der Expansionskurs der Fiskal- und Geldpolitik beendet werden? Wie bekommt man …

Persistent link: https://www.econbiz.de/10009503564

Finanzmarktstabilität in Zeiten unkonventioneller Geldpolitik

Theobald, Thomas; Tober, Silke; List, Emanuel - 2015

Lockerung auf einem Niveau, das erhöhte Wachsamkeit verlangt. Gefordert ist nicht die Geldpolitik im engeren Sinne, deren Kurs … Geldpolitik wäre daher auch mit Blick auf die Finanzmarktstabilität sinnvoll. …

Persistent link: https://www.econbiz.de/10011350121

Geldpolitik der EZB : Stabilität ohne "sichere" Staatsanleihen?

Tober, Silke - Institut für Makroökonomie und Konjunkturforschung - 2016

Die stark expansive Geldpolitik der Europäischen Zentralbank zeigt positive Wirkungen. Die Zinsen sind weiter gesunken … Weltwirtschaft verstärkt würden. Die Geldpolitik benötigt daher dringend Unterstützung durch die Fiskalpolitik.Der Euroraum hat zudem … ein zentrales Problem, das nicht nur die Effektivität der Geldpolitik beeinträchtigt, sondern auch die Fiskalpolitik …

Persistent link: https://www.econbiz.de/10011441002