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Monetary policy in Croatia during two recessions
Vidaković, Neven - In: Macroeconomic responses to the COVID-19 pandemic : …, (pp. 187-208). 2021
The paper compares the monetary policy in Croatia during two crises: the great recession and the COVID pandemic. The … great recession was a global financial shock that strongly affected Croatia. During the great recession, the central bank … policies to strengthen the quality and inclusiveness of monetary policy in Croatia. …
Persistent link: https://www.econbiz.de/10012608994
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The accuracy of a forecast targeting central bank
Skrove Falch, Nina; Nymoen, Ragnar - 2011
This paper evaluates inflation forecasts made by Norges Bank which is a successful forecast targeting central bank. It is expected that Norges Bank produces inflation forecasts that are on average better than other forecasts, both "naive" forecasts, and forecasts from econometric models outside...
Persistent link: https://www.econbiz.de/10009309483
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Raising an inflation target : the Japanese experience with abenomics
De Michelis, Andrea; Iacoviello, Matteo - 2016
This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target during a liquidity trap. We review Japanese data and examine through a VAR model how macroeconomic variables respond to an identified inflation target shock. We apply these...
Persistent link: https://www.econbiz.de/10011563011
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Can we identify the Fed's preferences?
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one ("zero credibility"). The transmission...
Persistent link: https://www.econbiz.de/10011695111
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Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf...
Persistent link: https://www.econbiz.de/10011695130
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence; Rostagno, Massimo; Motto, Roberto - National Bureau of Economic Research (NBER) - 2007
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/10005085028
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Practical Monetary Policy: Examples from Sweden and the United States
Svensson, Lars E.O. - National Bureau of Economic Research (NBER) - 2012
In the summer of 2010, the Federal Reserve's and the Swedish Riksbank's inflation forecasts were below the former's mandate-consistent rate and the latter's target, respectively, and their unemployment forecasts were above sustainable rates. Given the mandates of the Federal Reserve and the...
Persistent link: https://www.econbiz.de/10009652777
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The accuracy of a forecast targeting central bank
Skrove Falch, Nina; Nymoen, Ragnar - In: Economics - The Open-Access, Open-Assessment E-Journal 5 (2011), pp. 1-36
This paper evaluates inflation forecasts made by Norges Bank which is a successful forecast targeting central bank. It is expected that Norges Bank produces inflation forecasts that are on average better than other forecasts, both naive forecasts, and forecasts from econometric models outside...
Persistent link: https://www.econbiz.de/10009353462
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Macroeconomic equilibrium and welfare under simple monetary and switching fiscal policy rules
Danciulescu, Cristina - In: Economic Modelling 36 (2014) C, pp. 58-68
Using a standard forward-looking New Keynesian model, this paper investigates rational expectation equilibrium determinacy and macroeconomic performance of simple monetary policy rules under exogenous versus endogenous tax policies when there is tax uncertainty. Under the endogenous tax...
Persistent link: https://www.econbiz.de/10010729810
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Interaction of formal and informal financial markets in quasi-emerging market economies
Ngalawa, Harold; Viegi, Nicola - In: Economic Modelling 31 (2013) C, pp. 614-624
The primary objective of this paper is to investigate the interaction of formal and informal financial markets and their impact on economic activity in quasi-emerging market economies. Using a four-sector dynamic stochastic general equilibrium model with asymmetric information in the formal...
Persistent link: https://www.econbiz.de/10010636294