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Overcoming the zero bound on nominal interest rates with negative interest on currency : Gesell's solution
Buiter, Willem H. - London School of Economics (LSE) - 2003
An economy is in a liquidity trap when monetary policy cannot influence either real or nominal variables of interest. A necessary condition for this is that the short nominal interest rate is constrained by its lower bound, typically zero. The paper considers two small analytical models, one...
Persistent link: https://www.econbiz.de/10010745321
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Seigniorage
Buiter, Willem H. - London School of Economics (LSE) - 2007
inflation tax (the reduction in the real value of the stock of base money due to inflation and (4) the operating profits of the … doing this can we appreciate the financial constraints on the Central Bank’s ability to pursue and achieve an inflation …
Persistent link: https://www.econbiz.de/10010746610
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Regional influences on U.S. monetary policy: some implications for Europe
Meade, Ellen E.; Sheets, D. Nathan - London School of Economics (LSE) - 2002
This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether those decisions have been influenced solely by national concerns, or whether regional factors have played a role. All of the Federal Reserve''s policymakers have some regional identity, i.e., either...
Persistent link: https://www.econbiz.de/10010884746
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The timing of monetary policy shocks
Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2006
A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: when the monetary policy shock takes place...
Persistent link: https://www.econbiz.de/10010746450
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Wage setting patterns and monetary policy: international evidence
Olivei, Giovanni; Tenreyro, Silvana - London School of Economics (LSE) - 2008
Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto presents the most well-known case of bunching in wage setting decisions:...
Persistent link: https://www.econbiz.de/10010746577
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Monetary policy and its informative value
Baeriswyl, Romain; Cornand, Camille - London School of Economics (LSE) - 2006
This paper analyzes the welfare effects of economic transparency in the conduct of monetary policy. We propose a model of monopolistic competition with imperfect common knowledge on the shocks affecting the economy where the central bank has no inflationary bias. In this context, monetary policy...
Persistent link: https://www.econbiz.de/10010746660
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Transparency and deliberation within the FOMC: a computational linguistics approach
Hansen, Stephen; McMahon, Michael; Prat, Andrea - London School of Economics (LSE) - 2014
How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the...
Persistent link: https://www.econbiz.de/10011126043
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Transparency and deliberation within the FOMC: a computational linguistics approach
Hansen, Stephen; McMahon, Michael; Prat, Andrea - London School of Economics (LSE) - 2014
How does transparency, a key feature of central bank design, affect the deliberation of monetary policymakers? We exploit a natural experiment in the Federal Open Market Committee in 1993 together with computational linguistic models (particularly Latent Dirichlet Allocation) to measure the...
Persistent link: https://www.econbiz.de/10011126095
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Are annuities value for money?: who can afford them?
Lopes, Paula - London School of Economics (LSE) - 2003
annuities. The model incorporates mortality, inflation, and real interest rate risk. The model draws some interesting …This paper solves an empirically parameterized model of households’ optimal demand for nominal and inflation indexed …
Persistent link: https://www.econbiz.de/10010745194
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A risk assessment model for banks
Goodhart, Charles; Sunirand, Pojanart; Tsomocos, … - London School of Economics (LSE) - 2004
The objective of this paper is to propose a model to assess risk for banks. Its main innovation is to incorporate … endogenous interaction between banks, recognising that the actual risk to which an individual bank is exposed also depends on its … data and therefore can be implemented as a risk assessment tool for financial regulators and central banks. We address the …
Persistent link: https://www.econbiz.de/10010745460