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An investigation of the gains from commitment in monetary policy
Schaumburg, Ernst (contributor);  … - 2003 - [Elektronische Ressource]
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10001783067
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The execution of monetary policy : a tale of two central banks
Bartolini, Leonardo (contributor);  … - 2003 - [Elektronische Ressource]
The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...
Persistent link: https://www.econbiz.de/10001752004
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Overnight RRP operations as a monetary policy tool: some design considerations
Martin, Antoine; Remache, Julie Ann; Frost, Joshua; … - Federal Reserve Bank of New York - 2015
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors,...
Persistent link: https://www.econbiz.de/10011184286
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When does a central bank’s balance sheet require fiscal support?
Del Negro, Marco; Sims, Christopher A. - Federal Reserve Bank of New York - 2014
by the fiscal authority. Otherwise its ability to control inflation may be at risk. This need for balance sheet support …—a within-government transaction—is distinct from the need for fiscal backing of inflation policy that arises even in models …
Persistent link: https://www.econbiz.de/10011085499
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Federal Reserve readings on inflation
1979
Persistent link: https://www.econbiz.de/10001852635
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Testimony on improving financial institution supervision: examining and addressing regulatory capture
Dudley, William - Federal Reserve Bank of New York - 2014
Testimony before the Senate Committee on Banking, Housing, and Urban Affairs Financial Institutions and Consumer Protection Subcommittee.
Persistent link: https://www.econbiz.de/10011082686
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Benefits and spillovers of greater competition in Europe : a macroeconomic assessment
Bayoumi, Tamim A. (contributor); Laxton, Douglas (contributor) - 2004 - [Elektronische Ressource]
We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10002101549
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Dynamic prediction pools: an investigation of financial frictions and forecasting performance
Del Negro, Marco; Schorfheide, Frank; Hasegawa, Raiden B. - Federal Reserve Bank of New York - 2014
) models, with and without financial frictions, for output growth and inflation in the period 1992 to 2011. We find strong …
Persistent link: https://www.econbiz.de/10010938565
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The FRBNY staff underlying inflation gauge: UIG
Amstad, Marlene; Potter, Simon; Roberts, Richard - Federal Reserve Bank of New York - 2014
Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …
Persistent link: https://www.econbiz.de/10011027238
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The overnight interbank market : evidence from the G-7 and the euro zone
Prati, Alessandro (contributor);  … - 2001 - [Elektronische Ressource]
This study of the major industrial countries' interbank markets for overnight loans links the behavior of very short-term interest rates to the operating procedures of the countries' central banks. Previous studies have focused on key features of the U.S. federal funds rate's behavior. We find...
Persistent link: https://www.econbiz.de/10001630855