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The Great Stagnation: What Can Policymakers Do?

Wadhwani, Sushil B. - Centre for Economic Performance, LSE - 2013

Although the economic recovery in the UK has been disappointing, it is inappropriate to either assert that Japan's two … badly as Japan. Recall that the UK has, so far, avoided the deflation that held back the Japanese economy. One could …, instead, argue that Japan illustrates the pitfalls associated with insufficiently aggressive monetary policy. Hence, it is …

Persistent link: https://www.econbiz.de/10010638962

Regional Influences on U.S. Monetary Policy: Some Implications for Europe

Meade, Ellen E.; Sheets, D. Nathan - Centre for Economic Performance, LSE - 2002

This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether those decisions have been influenced solely by national concerns, or whether regional factors have played a role. All of the Federal Reserve's policymakers have some regional identity, i.e., either...

Persistent link: https://www.econbiz.de/10005016939

Wage Setting Patterns and Monetary Policy: International Evidence

Olivei, Giovanni; Tenreyro, Silvana - Centre for Economic Performance, LSE - 2008

of wagesetting decisions within the year in Japan, the United States, Germany, the United Kingdom, and France to …

Persistent link: https://www.econbiz.de/10005150992

Unemployment in Britain: A European Success Story

Pissarides, Christopher A. - Centre for Economic Performance, LSE - 2003

Unemployment in Britain has fallen from high European-style levels to US levels. I argue that the key reasons are first the reform of monetary policy, in 1993 with the adoption of inflation targeting and in 1997 with the establishment of the independent Monetary Policy Committee, and second the...

Persistent link: https://www.econbiz.de/10005151008

Cyclical Risk Aversion, Precautionary Saving and Monetary Policy

Paoli, Bianca De; Zabczyk, Pawel - Centre for Economic Performance, LSE - 2012

This paper analyzes the conduct of monetary policy in an environment in which cyclical swings in risk appetite affect households' propensity to save. It uses a New-Keynesian model featuring external habit formation to show that taking note of precautionary saving motives justifies an...

Persistent link: https://www.econbiz.de/10009652088

First Impressions Matter: Signalling as a Source of Policy Dynamics

Hansen, Stephen; McMahon, Michael - Centre for Economic Performance, LSE - 2011

We first establish that policymakers on the Bank of England's Monetary Policy Committee choose lower interest rates with experience. We then reject increasing confidence in private information or learning about the structure of the macroeconomy as explanations for this shift. Instead, a model in...

Persistent link: https://www.econbiz.de/10009293676

Bank Bailouts, International Linkages and Cooperation

Niepmann, Friederike; Schmidt-Eisenlohr, Tim - Centre for Economic Performance, LSE - 2010

Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. We provide a model of international contagion allowing for bank bailouts. While a social planner trades off tax distortions, liquidation...

Persistent link: https://www.econbiz.de/10009643565

Monetary Policy Rules and Foreign Currency Positions

Paoli, Bianca De; Küçük-Tuger, Hande; Søndergaard, Jens - Centre for Economic Performance, LSE - 2010

Using an endogenous portfolio choice model, this paper examines how different monetary policy regimes can lead to different foreign currency positions by changing the cyclical properties of the nominal exchange rate. We find that strict inflation targeting regimes are associated with a short...

Persistent link: https://www.econbiz.de/10008694934

Macroeconomic Assessment: Interest Rates, Taxes and Spending

Crowe, Christopher - Centre for Economic Performance, LSE - 2005

Persistent link: https://www.econbiz.de/10010671170

The Timing of Monetary Policy Shocks

Olivei, Giovanni; Tenreyro, Silvana - Centre for Economic Performance, LSE - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: when the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10005796109