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Are Long-Term Inflation Expectations Well Anchored in Brazil, Chile and Mexico?
De Pooter, Michiel; Robitaille, Patrice; Walker, Ian; … - Federal Reserve Board (Board of Governors of the … - 2014
In this paper, we consider whether long-term inflation expectations have become better anchored in Brazil, Chile, and … first to examine the evidence from Brazil and Mexico, making use of the fact that markets for longterm government debt have …, consumer prices, or real activity variables. Finally, long-run inflation expectations in Brazil appear to have been less well …
Persistent link: https://www.econbiz.de/10010784200
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Monetary policy in a forward-looking input-output economy
Strum, Brad E. - Federal Reserve Board (Board of Governors of the … - 2008
This paper examines the implications for monetary policy of sticky prices in both final and intermediate goods in a New Keynesian model. Both optimal policy under commitment and discretionary policy, which is the minimization of a simple loss function, are studied. Consumer utility losses under...
Persistent link: https://www.econbiz.de/10005721067
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Conservatism and Liquidity Traps
Nakata, Taisuke; Schmidt, Sebastian - Federal Reserve Board (Board of Governors of the … - 2014
Appointing Rogoff's (1985) conservative central banker improves welfare if the economy is subject to large contractionary shocks and the policy rate occasionally falls to the zero lower bound (ZLB). In an economy with occasionally binding ZLB constraints, the anticipation of future ZLB episodes...
Persistent link: https://www.econbiz.de/10011115660
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Politics, economics and investment: explaining plant and equipment spending by U.S. direct investors in Argentina, Brazil, and Mexico
Stevens, Guy V.G. - Federal Reserve Board (Board of Governors of the … - 1994
manufacturing affiliates of U.S. multinationals in Argentina, Brazil, and Mexico. The results of these tests show that the …
Persistent link: https://www.econbiz.de/10005368143
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An agency problem in the MBS market and the solicited refinancing channel of large-scale asset purchases
Kandrac, John; Schlusche, Bernd - Federal Reserve Board (Board of Governors of the … - 2015
In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal prepayment rates than MBS held by the rest of the market. Next, we show that this stylized fact persists even when controlling for factors that affect prepayment behavior, and...
Persistent link: https://www.econbiz.de/10011273692
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Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Frost, Joshua; Logan, Lorie; Martin, Antoine; McCabe, … - Federal Reserve Board (Board of Governors of the … - 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/10011255343
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Optimal monetary and fiscal policy: a linear-quadratic approach
Benigno, Pierpaolo; Woodford, Michael - Federal Reserve Board (Board of Governors of the … - 2004
We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which prices are sticky (so that the supply-side effects of tax changes are more complex than in standard fiscal analyses) and the only available sources of government revenue are...
Persistent link: https://www.econbiz.de/10005368129
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The optimal degree of discretion in monetary policy
Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - Federal Reserve Board (Board of Governors of the … - 2004
How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...
Persistent link: https://www.econbiz.de/10005368142
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Optimal inflation persistence: Ramsey taxation with capital and habits
Chugh, Sanjay - Federal Reserve Board (Board of Governors of the … - 2005
Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit...
Persistent link: https://www.econbiz.de/10005368152
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Global asset prices and FOMC announcements
Hausman, Joshua; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2006
This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...
Persistent link: https://www.econbiz.de/10005368193