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The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty. Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10005025787
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Liquidity Shortages and Monetary Policy
Cao, Jin; Illing, Gerhard - CESifo - 2008
pure illiquidity risk. It is shown that, when bad states are highly unlikely, public provision of liquidity may improve the … an incentive of financial intermediaries to free ride on liquidity in good states, resulting in excessively low liquidity … more liquid investment. In that case, liquidity injection will make the free riding problem even worse. The results show …
Persistent link: https://www.econbiz.de/10005766205
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10005051516
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Financial Fragility, Bubbles and Monetary Policy
Illing, Gerhard - CESifo - 2001
prevent a run on financial intermediation by injecting liquidity when asset values fall significantly. The inflationary side … a central bank to inject liquidity in a crisis. …
Persistent link: https://www.econbiz.de/10005181425
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Global Financial Transmission of Monetary Policy Shocks
Ehrmann, Michael; Fratzscher, Marcel - CESifo - 2006
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10005181586
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Monetary Policy Analysis in Real-Time. Vintage Combination from a Real-Time Dataset.
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...
Persistent link: https://www.econbiz.de/10008861862
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Monetary Policy Analysis in Real-Time. Vintage combination from a real-time dataset
Altavilla, Carlo; Ciccarelli, Matteo - Centro Studi di Economia e Finanza (CSEF) - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...
Persistent link: https://www.econbiz.de/10008854448