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Regional Heterogeneity and Monetary Policy

Beraja, Martin - 2017

We argue that the time-varying regional distribution of housing equity influences the aggregate consequences of monetary policy through its effects on mortgage refinancing. Using detailed loan-level data, we show that regional differences in housing equity affect refinancing and spending...

Persistent link: https://www.econbiz.de/10012455411

Monetary Policy Analysis when Planning Horizons are Finite

Woodford, Michael - 2018

-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant … question, however, is not whether the assumption can be literally correct, but how much it would matter to model decision … problems such as chess or go, in which decision makers look ahead only a finite distance into the future, and use a value …

Persistent link: https://www.econbiz.de/10012453028

Practical Policy Evaluation

Kocherlakota, Narayana R. - 2018

In the wake of the Lucas Critique, the study of appropriate macroeconomic policy has largely focused on the comparison of different regimes/rules. In practice, few policymakers are faced with making those kinds of choices. In this paper, I examine the problem of a policymaker making but one in a...

Persistent link: https://www.econbiz.de/10012453076

The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets

Favero, Carlo A. - 1999

implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …

Persistent link: https://www.econbiz.de/10012471558

Exchange Rate Dynamics with Sticky Prices : The Deutsch Mark, 1974-1982

Giovannini, Alberto - 1984

like those which appear to be typical in Germany …

Persistent link: https://www.econbiz.de/10012477815

Activist Monetary Policy and Exchange Rate Overshooting : The Deutsche Mark/Dollar Rate

Papell, David H. - 1983

exchange rate overshooting to undershooting. Using constrained maximum likelihood methods, the model is estimated for Germany …

Persistent link: https://www.econbiz.de/10012477904

Exchange Rates, Inflation and the Sterilization Problem : Germany, 1975-1981

Obstfeld, Maurice - 1982

When the goals of internal and external macroeconomic equilibrium are in conflict, sterilized intervention in the foreign exchange market may provide an independent policy instrument through which the central bank can resolve its dilemma in the short run. This paper is concerned with the West...

Persistent link: https://www.econbiz.de/10012478142