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Does trade integration alter monetary policy transmission?
Cwik, Tobias J.; Müller, Gernot J.; Wolters, Maik H. - Center for Financial Studies - 2008
This paper explores the role of trade integrationor opennessfor monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts...
Persistent link: https://www.econbiz.de/10010986403
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Financial Structure and the Impact of Monetary Policy on Asset Prices
Assenmacher-Wesche, Katrin; Gerlach, Stefan - Center for Financial Studies - 2008
We study the responses of residential property and equity prices, inflation and economic activity to monetary policy shocks in 17 countries, using data spanning 1986-2006, using single-country VARs and panel VARs in which we distinguish between groups of countries depending on their financial...
Persistent link: https://www.econbiz.de/10005007632
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Three great American disinflations
Bordo, Michael D.; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2006
episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated …, and to the transparency and credibility of the monetary authorities. We attempt to account for the salient features of … argument for gradualism under a transparent monetary regime becomes less persuasive if the monetary authority lacks credibility …
Persistent link: https://www.econbiz.de/10010958695
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Three Great American Disinflations
Bordo, Michael; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2007
episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated …, and to the transparency and credibility of the monetary authorities. We attempt to account for the salient features of … argument for gradualism under a transparent monetary regime becomes less persuasive if the monetary authority lacks credibility …
Persistent link: https://www.econbiz.de/10005138841
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A new comparative approach to macroeconomic modeling and policy analysis
Wieland, Volker; Cwik, Tobias J.; Müller, Gernot J.; … - Center for Financial Studies - 2012
In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10010986439
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Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
Coenen, Günter; Warne, Anders - Center for Financial Studies - 2013
This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...
Persistent link: https://www.econbiz.de/10010986359
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Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2008
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central …
Persistent link: https://www.econbiz.de/10010986410
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A quantitative exploration of the opportunistic approach to disinflation
Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - Center for Financial Studies - 2005
Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a central bank controls inflation aggressively when inflation is...
Persistent link: https://www.econbiz.de/10010986427
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Quantitative easing: A rationale and some evidence from Japan
Wieland, Volker - Center for Financial Studies - 2009
This paper reviews the rationale for quantitative easing when central bank policy rates reach near zero levels in light of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal Reserve and the European Central Bank. Empirical evidence...
Persistent link: https://www.econbiz.de/10010958535
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Opting out of the Great Inflation: German Monetary Policy after the Break Down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2009
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central …
Persistent link: https://www.econbiz.de/10005007633