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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

Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money

Belongia, Michael T. - 2017

Discussions of monetary policy rules after the 2007-2009 recession highlight the potential ineffectiveness of a central bank's actions when the short-term interest rate under its control is limited by the zero lower bound. This perspective assumes, in a manner consistent with the canonical New...

Persistent link: https://www.econbiz.de/10012455524

The Evolution of U.S. Monetary Policy : 2000 - 2007

Belongia, Michael T. - 2016

A vector autoregression with time-varying parameters is used to characterize changes in Federal Reserve policy that occurred from 2000 through 2007 and describe how they affected the performance of the U.S. economy. Declining coefficients in the model's estimated policy rule point to a shift in...

Persistent link: https://www.econbiz.de/10012455987

Money and Output : Friedman and Schwartz Revisited

Belongia, Michael T. - 2015

More than fifty years ago, Friedman and Schwartz examined historical data for the United States and found evidence of pro-cyclical movements in the money stock, which led corresponding movements in output. We find similar correlations in more recent data; these appear most clearly when Divisia...

Persistent link: https://www.econbiz.de/10012456875

Monetary Policy, Bond Risk Premia, and the Economy

Ireland, Peter N. - 2015

This paper develops an affine model of the term structure of interest rates in which bond yields are driven by observable and unobservable macroeconomic factors. It imposes restrictions to identify the effects of monetary policy and other structural disturbances on output, inflation, and...

Persistent link: https://www.econbiz.de/10012457093

Interest Rates and Money in the Measurement of Monetary Policy

Belongia, Michael T. - 2014

Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid...

Persistent link: https://www.econbiz.de/10012458530

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

A New Keynesian Perspective on the Great Recession

Ireland, Peter N. - 2010

With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent series of adverse shocks...

Persistent link: https://www.econbiz.de/10012462236