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Macroeconomic dynamics near the ZLB: a tale of two equilibria

Aruoba, S. Boragan; Schorfheide, Frank - Federal Reserve Bank of Philadelphia - 2013

This paper studies the dynamics of a New Keynesian dynamic stochastic general equilibrium (DSGE) model near the zero lower bound (ZLB) on nominal interest rates. In addition to the standard targeted-inflation equilibrium, we consider a deflation equilibrium as well as a Markov sunspot...

Persistent link: https://www.econbiz.de/10010681653

Money and capital: a quantitative analysis

Aruoba, S. Boragan; Waller, Christopher J.; Wright, Randall - Federal Reserve Bank of St. Louis - 2009

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a … literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …

Persistent link: https://www.econbiz.de/10005077876

The domestic adjusted monetary base

Anderson, Richard G.; Rasche, Robert H. - Federal Reserve Bank of St. Louis - 2000

held, and of the amount held abroad. Most macroeconomic models that address the role of outside money as a determinant of …

Persistent link: https://www.econbiz.de/10005352832

Construction of an estimated domestic monetary base using new estimates of foreign holdings of U.S. currency

Anderson, Richard G.; Rasche, Robert H. - Federal Reserve Bank of St. Louis - 1997

This paper presents a new method to estimate the amount of U.S. currency held abroad. The method exploits the fact the Federal Reserve System is the major processor of currency for depository institutions. The method exploits differentials across denominations in the ratios of shipments to...

Persistent link: https://www.econbiz.de/10005352909

Real-time macroeconomic monitoring: real activity, inflation, and interactions

Aruoba, S. Boragan; Diebold, Francis X. - Federal Reserve Bank of Philadelphia - 2010

The authors sketch a framework for monitoring macroeconomic activity in real-time and push it in new directions. In particular, they focus not only on real activity, which has received most attention to date, but also on inflation and its interaction with real activity. As for the recent...

Persistent link: https://www.econbiz.de/10008627185

The reform of October 1979: how it happened and why

Lindsey, David E.; Orphanides, Athanasios; Rasche, Robert H. - Federal Reserve Bank of St. Louis - 2004

This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...

Persistent link: https://www.econbiz.de/10005490991

The differential regional effects of monetary policy: evidence from the U.S. States

Carlino, Gerald; DeFina, Robert - Federal Reserve Bank of Philadelphia - 1997

This paper uses time-series techniques to examine whether monetary policy has similar effects across U.S. states during the 1958-92 period. Impulse response functions from estimated structural vector autoregression models reveal differences in state policy responses, which in some cases are...

Persistent link: https://www.econbiz.de/10005387512

Monetary policy and the U.S. and regions: some implications for European Monetary Union

Carlino, Gerald A.; DeFina, Robert - Federal Reserve Bank of Philadelphia - 1998

Under the European Monetary Union (EMU), member countries will be subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Little is known...

Persistent link: https://www.econbiz.de/10005389613

The differential effects of monetary policy shocks on regional economic activity

Carlino, Gerald; DeFina, Robert - Federal Reserve Bank of Philadelphia - 1995

Persistent link: https://www.econbiz.de/10005389738

The effectiveness of monetary policy

Rasche, Robert H.; Williams, Marcela M. - Federal Reserve Bank of St. Louis - 2005

The analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an "effective monetary policy," monetary policy and short-run (output) stabilization, and problems in implementing a short-run stabilization policy.

Persistent link: https://www.econbiz.de/10005707702