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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

Adam, Klaus - 2020

We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard "target criterion" in terms of inflation and...

Persistent link: https://www.econbiz.de/10012479356

Daily Monetary Policy Shocks and the Delayed Response of New Home Sales

Hamilton, James D. - 2008

This paper offers an explication of the hump-shaped response of real economic activity to changes in monetary policy, focusing on the particular channel operating through new home sales. I suggest that the conventional notion of a monetary policy shock as a surprise change in the fed funds rate...

Persistent link: https://www.econbiz.de/10012464424

Housing and the Monetary Transmission Mechanism

Mishkin, Frederic S. - 2007

transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of … housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary … policy. I begin with a theoretical and empirical review of the main housing-related channels of the transmission mechanism …

Persistent link: https://www.econbiz.de/10012465128

The Impact of Monetary Policy on Asset Prices

Rigobon, Roberto - 2002

Estimating the response of asset prices to changes in monetary policy is complicated by the endogeneity of policy decisions and the fact that both interest rates and asset prices react to numerous other variables. This paper develops a new estimator that is based on the heteroskedasticity that...

Persistent link: https://www.econbiz.de/10012469921

Global Financial Cycles and Risk Premiums

Jordà, Òscar - 2018

This paper studies the synchronization of financial cycles across 17 advanced economies over the past 150 years. The comovement in credit, house prices, and equity prices has reached historical highs in the past three decades. The sharp increase in the comovement of global equity markets is...

Persistent link: https://www.econbiz.de/10012453043

Identifying Monetary Policy Shocks Using the Central Bank's Information Set

Bachmann, Ruediger; Gödl-Hanisch, Isabel; Sims, Eric R. - National Bureau of Economic Research - 2021

We identify monetary policy shocks by exploiting variation in the central bank's information set. To be specific, we use differences between nowcasts of the output gap and inflation with final, revised estimates of these series to isolate movements in the policy rate unrelated to economic...

Persistent link: https://www.econbiz.de/10012794600

Beyond the Balance Sheet Model of Banking : Implications for Bank Regulation and Monetary Policy

Buchak, Greg - 2018

Bank balance sheet lending is commonly viewed as the predominant form of lending. We document and study two margins of adjustment that are usually absent from this view using microdata in the $10 trillion U.S. residential mortgage market. We first document the limits of the shadow bank...

Persistent link: https://www.econbiz.de/10012480801

Credit Traps

Benmelech, Efraim - 2010

This paper studies the limitations of monetary policy transmission within a credit channel frame- work. We show that …, under certain circumstances, the credit channel transmission mechanism fails in that liquidity injections by the central …

Persistent link: https://www.econbiz.de/10012462457

Macroeconomic Modeling for Monetary Policy Evaluation

Galí, Jordi - 2007

significant role of expectations of future policy actions in the monetary transmission mechanism, and the importance for the …

Persistent link: https://www.econbiz.de/10012465104

Globalization and Monetary Control

Woodford, Michael - 2007

nature of the monetary transmission mechanism, and it is sometimes suggested that this could threaten the ability of national … of the three structural equations of a basic model of the monetary transmission mechanism: the LM equation, the IS … markets, and factor markets for the form of each of these parts of the monetary transmission mechanism, and find that …

Persistent link: https://www.econbiz.de/10012465321

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