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Does Policy Communication During Covid Work?

Coibion, Olivier - 2020

Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households' expectations. We provide random subsets of participants in the Nielsen Homescan panel with different combinations...

Persistent link: https://www.econbiz.de/10012481579

Fiscal Consequences of Central Bank Losses

Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024

In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...

Persistent link: https://www.econbiz.de/10014544756

Innocent Bystanders? Monetary Policy and Inequality in the U.S

Coibion, Olivier - 2012

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the … income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the … historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we …

Persistent link: https://www.econbiz.de/10012460490

Are the Effects of Monetary Policy Shocks Big or Small?

Coibion, Olivier - 2011

This paper studies the small estimated effects of monetary policy shocks from standard VAR's versus the large effects from the Romer and Romer (2004) approach. The differences are driven by three factors: the different contractionary impetus, the period of reserves targeting and lag length...

Persistent link: https://www.econbiz.de/10012461625

Why Are Target Interest Rate Changes So Persistent?

Coibion, Olivier - 2011

While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the U.S. is controversial, with tests of competing hypotheses such as interest-smoothing and...

Persistent link: https://www.econbiz.de/10012461950

Inflation targeting and private sector forecasts

Cecchetti, Stephen G. - 2009

In this paper we study the degree to which increased information about monetary policy might lead to individuals coordinating their forecasts. Specifically, we estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private sector forecasts of...

Persistent link: https://www.econbiz.de/10012463225

Monetary Policy, Trend Inflation and the Great Moderation : An Alternative Interpretation

Coibion, Olivier - 2008

With positive trend inflation, the Taylor principle is not enough to guarantee a determinate equilibrium. We provide new theoretical results on restoring determinacy in New Keynesian models with positive trend inflation and combine these with new empirical findings on the Federal Reserve's...

Persistent link: https://www.econbiz.de/10012464026

How Central Bankers See It : The First Decade of ECB Policy and Beyond

Cecchetti, Stephen G. - 2008

In this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other...

Persistent link: https://www.econbiz.de/10012464158

Strategic Interaction Among Heterogeneous Price-Setters In An Estimated DSGE Model

Coibion, Olivier - 2008

We consider a DSGE model in which firms follow one of four price-setting regimes: sticky prices, sticky-information, rule-of-thumb, or full-information flexible prices. The parameters of the model, including the fractions of each type of firm, are estimated by matching the moments of the...

Persistent link: https://www.econbiz.de/10012464325

Crisis and Responses : the Federal Reserve and the Financial Crisis of 2007-2008

Cecchetti, Stephen G. - 2008

Realizing that their traditional instruments were inadequate for responding to the crisis that began on 9 August 2007, Federal Reserve officials improvised. Beginning in mid-December 2007, they implemented a series of changes directed at ensuring that liquidity would be distributed to those...

Persistent link: https://www.econbiz.de/10012464512