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Optimal monetary policy in a two-sector environmental DSGE model

Holtemöller, Oliver; Sardone, Alessandro - Leibniz-Institut für Wirtschaftsforschung Halle - 2024

In this paper, we discuss how environmental damage and emission reduction policies affect the conduct of monetary policy in a two-sector (clean and dirty) dynamic stochastic general equilibrium model. In particular, we examine the optimal response of the interest rate to changes in sectoral...

Persistent link: https://www.econbiz.de/10014636978

Exchange rates and the information channel of monetary policy

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2020

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …

Persistent link: https://www.econbiz.de/10012295246

Same, but different : testing monetary policy shock measures

Ettmeier, Stephanie; Kriwoluzky, Alexander - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

In this study, we test whether three popular measures for monetary policy, that is, Romer and Romer (2004), Barakchian and Crowe (2013), and Gertler and Karadi (2015), constitute suitable proxy variables for monetary policy shocks. To this end, we employ different test statistics used in the...

Persistent link: https://www.econbiz.de/10011630098

Monetary policy in an oil-dependent economy in the presence of multiple shocks

Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...

Persistent link: https://www.econbiz.de/10011657233

Is there an information channel of monetary policy?

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2024 - This version: May 17, 2024

shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …

Persistent link: https://www.econbiz.de/10014535937