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Dissecting saving dynamics: measuring wealth, precautionary and credit effects
Carroll, Christopher; Slacalek, Jiri; Sommer, Martin - European Central Bank - 2012
stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent …
Persistent link: https://www.econbiz.de/10010686749
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful …
Persistent link: https://www.econbiz.de/10005671625
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Monetary policy: why money matters, and interest rates don’t
Thornton, Daniel L. - Federal Reserve Bank of St. Louis - 2012
rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …
Persistent link: https://www.econbiz.de/10010558739
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The role of monetary policy in the current macroeconomic environment
Poole, William - Federal Reserve Bank of St. Louis - 2001
Presentation to the National Association For Business Economics 43rd Annual Meeting, New York City - Sept. 10, 2001
Persistent link: https://www.econbiz.de/10011185077
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Central Bank Purchases of Private Assets
Williamson, Stephen D. - Federal Reserve Bank of St. Louis - 2014
A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...
Persistent link: https://www.econbiz.de/10010938568
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Fiscal policy in a monetary economy with capital and finite lifetime
Annicchiarico, Barbara; Giammarioli, Nicola; … - European Central Bank - 2006
This paper develops a dynamic stochastic general equilibrium model with nominal rigidities, capital accumulation and finite lifetimes. The framework exhibits intergenerational wealth effects and is intended to investigate the macroeconomic implications of fiscal policy, which is specified by...
Persistent link: https://www.econbiz.de/10005344905
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - European Central Bank - 2006
have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation …
Persistent link: https://www.econbiz.de/10005344962
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Government bond risk premia and the cyclicality of fiscal policy
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - European Central Bank - 2011
We introduce a specification of habit formation featuring non-separability between consumption and leisure into an …
Persistent link: https://www.econbiz.de/10009399786
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Restoring central banks after the crisis: Re-examining central bank orthodoxy for unorthodox times: Inaugural meeting of the Global Society of Fellows of the Global Interdependence...
Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2012
Presented at the Inaugural meeting of the Global Society of Fellows of the Global Interdependence Center, Banque de France, Paris, France, March 26, 2012
Persistent link: https://www.econbiz.de/10010727088
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Fiscal policy and monetary policy: restoring the boundaries - U.S. Monetary Policy Forum, The Initiative on Global Markets, University of Chicago Booth School of Business, New York...
Plosser, Charles I. - Federal Reserve Bank of Philadelphia - 2012
Presented at the U.S. Monetary Policy Forum, The Initiative on Global Markets University of Chicago Booth School of Business, New York, New York, February 24, 2012
Persistent link: https://www.econbiz.de/10010727106