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Monetary Policy Responses to the Crisis and Exit Strategies

Minegishi, Makoto - 2010

Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...

Persistent link: https://www.econbiz.de/10012444285

Chapter 3. Money and Inflation : Some Critical Issues

McCallum, Bennett T.; Nelson, Edward - In: Handbook of monetary economics : volume 3, (pp. 97-153). 2010

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all. We begin by considering the body of...

Persistent link: https://www.econbiz.de/10014025677

The Challenges of Monetary Policy in Turkey

Çulha, Olcay - 2008

Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective...

Persistent link: https://www.econbiz.de/10012445008

Central Bank Credibility and Fiscal Responsibility

Schreger, Jesse; Yared, Pierre; Zaratiegui, Emilio - National Bureau of Economic Research - 2023

We consider a New Keynesian model with strategic monetary and fiscal interactions. The fiscal authority maximizes social welfare. Monetary policy is delegated to a central bank with an anti-inflation bias that suffers from a lack of commitment. The impact of central bank hawkishness on debt...

Persistent link: https://www.econbiz.de/10014287347

Catching-up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits

Égert, Balázs - 2010

This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of...

Persistent link: https://www.econbiz.de/10012444720

Central bank collateral frameworks

Nyborg, Kjell G. - 2015

that the collateral framework in the euro area promotes risky and illiquid collateral and, more generally, impairs market …

Persistent link: https://www.econbiz.de/10011296085

The credibility of monetary policy announcements : empirical evidence for OECD countries since the 1960s

Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012

Diese Arbeit untersucht den Einfluss der Glaubwürdigkeit von Geldpolitik auf die Preisstabilität. Eine regelgebundene … Geldpolitik wird häufig als ein wichtiges Instrument zur Erreichung von Preisstabilität angesehen. In empirischen Studien ist der … Zusammenhang zwischen einer regelgebundenen Geldpolitik und der Inflation jedoch häufig nur relativ schwach ausgeprägt. In der …

Persistent link: https://www.econbiz.de/10009580097

Have Long-term Financial Trends Changed the Transmission of Monetary Policy?

Cournède, Boris - 2008

This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are...

Persistent link: https://www.econbiz.de/10012446032

The Role of Transparency in the Conduct of Monetary Policy

Minegishi, Makoto - 2009

In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of...

Persistent link: https://www.econbiz.de/10012447068

Monetary Policy Wedges and the Long-term Liabilities of Households and Firms

Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024

We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...

Persistent link: https://www.econbiz.de/10014486229

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