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Remittance flows and U.S. monetary policy

Machasio, Immaculate; Tillmann, Peter - 2021 - This version: October 27, 2021

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

Central bank independence and conservatism under uncertainty : substitutes or complements?

Hefeker, Carsten; Zimmer, Blandine - 2010

This paper revisits the trade-of between central bank independence and conservatism using a New Keynesian model with uncertainty about the central banker's output gap target. It is shown that when this uncertainty is high, the trade-of no longer holds. In this case, the optimal combination...

Persistent link: https://www.econbiz.de/10003950407

Optimal monetary policy in a currency union : the role of the cost channel

Michaelis, Jochen - 2012

.The cost channel makes monetary policy less effective in combatting inflation, but it is shown that the optimal response to the …

Persistent link: https://www.econbiz.de/10009409356

Studying international spillovers in a New Keynesian continuous time framework with financial markets

Hayo, Bernd; Niehof, Britta - 2013 - This version September 10, 2013

In light of the recent financial and real economic crisis, it seems clear that macroeconomists need to better account for the influence of financial markets. This paper explores the consequences of treating the interaction between different financial markets, monetary policy, and the real...

Persistent link: https://www.econbiz.de/10010126892

Analysis of monetary policy responses after financial market crises in a continuous time New Keynesian Model

Hayo, Bernd; Niehof, Britta - 2014 - This version: 24 March 2014

monetary policy objective. We find that for the price of a strong hike in inflation a severe economic recession can be avoided …

Persistent link: https://www.econbiz.de/10010336205

The optimal monetary and fiscal policy mix in a financially heterogeneous monetary union

Palek, Jakob - 2015

stabilizing shocks increases, when there is a gap in the inflation differential due to a relative shock, an idiosyncratic shock or …

Persistent link: https://www.econbiz.de/10010474215

Monetary and fiscal policy in times of crises : a new Keynesian perspective in continuous time

Hayo, Bernd; Niehof, Britta - 2014 - This version: October 27, 2014

economies in terms of both output and inflation. In the case of a monetary union, we find that stabilisation of output in the … country where the crisis originated and a positive inflation rate in the other country. …

Persistent link: https://www.econbiz.de/10010419528

Spillover effects in government bond spreads : evidence from a GVAR model

Niehof, Britta - 2014 - This version: November 27, 2014

This paper analyses the main drivers of sovereign bond spreads in a globalised world. Specifically, we account for international spillovers of bond spreads by adding an additional driver, namely, financial markets, and allowing interactions across countries and markets. We contribute to the VAR...

Persistent link: https://www.econbiz.de/10010434572

Inflation targeting, credibility and non-linear Taylor rules

Neuenkirch, Matthias; Tillmann, Peter - 2012

In this paper we systematically evaluate how central banks respond to inflation deviations from target. We present a … stylized New Keynesian model in which agents' inflation expectations are sensitive to inflation deviations from target. To (re …-)establish credibility, optimal monetary policy under discretion is shown to set higher interest rates today if average inflation exceeded …

Persistent link: https://www.econbiz.de/10009564263

Optimal monetary policy under heterogeneous beliefs

Finck, David - 2022

that favorably affects the inflation-output stabilization trade-off. …

Persistent link: https://www.econbiz.de/10013450629