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Real Interest, Money Surprises and Anticipated Inflation
Makin, John H. - 1981
This paper investigates the hypothesis that surprise changes in the money supply and anticipated inflation (the Mundell … surprises and expected real interest or an inverse relationship between anticipated inflation and expected real interest. These …
Persistent link: https://www.econbiz.de/10012478293
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Dynamic Debt Deleveraging and Optimal Monetary Policy
Benigno, Pierpaolo - 2014
shortening the duration of the crisis and a binding zero bound. Inflation should be front loaded. Fiscal-policy multipliers can …
Persistent link: https://www.econbiz.de/10012458109
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Negative Nominal Interest Rates : Three ways to overcome the zero lower bound
Buiter, Willem H. - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10012463532
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Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
Wu, Jing Cynthia - 2014
This paper employs an approximation that makes a nonlinear term structure model extremely tractable for analysis of an economy operating near the zero lower bound for interest rates. We show that such a model offers an excellent description of the data compared to the benchmark model and can be...
Persistent link: https://www.econbiz.de/10012458549
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A Sticky-Information General-Equilibrium Model for Policy Analysis
Reis, Ricardo - 2009
macroeconomic series (inflation, output, hours, interest rates, and wages), and which can be used to inform applied monetary policy …
Persistent link: https://www.econbiz.de/10012463915
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Exchange Rates and Fundamentals
Engel, Charles - 2004
helps explain the well known puzzle that fundamental variables such as relative money supplies, outputs, inflation and …
Persistent link: https://www.econbiz.de/10012467971
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Inflation, Monetary Policy and Stock Market Conditions
Bordo, Michael D. - 2008
This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the … episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the … postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central …
Persistent link: https://www.econbiz.de/10012464627
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Natural and Neutral Real Interest Rates : Past and Future
Obstfeld, Maurice - National Bureau of Economic Research - 2023
This paper surveys the decline in real interest rates in advanced and emerging economies over the past several decades, linking that process to a range of global factors that have operated with different force in different periods. The paper argues that estimates of long-run equilibrium real...
Persistent link: https://www.econbiz.de/10014447270
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The inflation-targeting debate
Bernanke, Ben (contributor); Woodford, Michael (contributor) - 2005
Persistent link: https://www.econbiz.de/10013409839
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A Shadow Rate New Keynesian Model
Wu, Jing Cynthia - 2016
We propose a tractable and coherent framework that captures both conventional and unconventional monetary policies with the shadow fed funds rate. Empirically, we document the shadow rate's resemblance to an overall financial conditions index, various private interest rates, the Fed's balance...
Persistent link: https://www.econbiz.de/10012455824