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Targeting Inflation with a Prominent Role for Money
Söderström, Ulf - Sveriges Riksbank - 2001
This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of real output, delegating a money growth target to the...
Persistent link: https://www.econbiz.de/10005423768
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Firm-Level Evidence of Shifts in the Supply of Credit
Holmberg, Karolina - Sveriges Riksbank - 2013
Using panel data of 68,800 small and large firms, I examine whether firms are subject to shifts in the supply of credit … over the business cycle. Shifts in the supply of credit are identified by exploring how firms substitute between commitment … credit - lines of credit - and non-commitment credit. I find that firms on average rely more on commitment credits when …
Persistent link: https://www.econbiz.de/10010818844
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A VAR Model for Monetary Policy Analysis in a Small Open Economy
Jacobson, Tor; Jansson, Per; Vredin, Anders; Warne, Anders - Sveriges Riksbank - 1999
The interest in empirical studies of monetary policy has increased in the last decade. The deregulation of financial markets and the increased use of explicit policy rules and targets have made monetary policy more transparent and interesting for economic analysis. This paper demonstrates how a...
Persistent link: https://www.econbiz.de/10005207175
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Housing collateral and the monetary transmission mechanism
Walentin, Karl; Sellin, Peter - Sveriges Riksbank - 2010
In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission mechanism. Furthermore, we want to explore the implications of the increase in household indebtedness, and specifically the loan-to-value ratio, in the last two decades. We set up a two...
Persistent link: https://www.econbiz.de/10008516099
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The Discursive Dilemma in Monetary Policy
Claussen, Carl Andreas; Røisland, Øistein - Sveriges Riksbank - 2010
The discursive dilemma implies that the policy decision of a board of policymakers depends on whether the board reaches the decision by voting directly on policy (conclusion-based procedure), or by voting on the premises for the decision (premise-based procedure). We derive results showing when...
Persistent link: https://www.econbiz.de/10008516100
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Monetary Policy Analysis in a Small Open Economy using Bayesian Cointegrated Structural VARs
Villani, Mattias; Warne, Anders - Sveriges Riksbank - 2003
Structural VARs have been extensively used in empirical macroeconomics during the last two decades, particularly in analyses of monetary policy. Existing Bayesian procedures for structural VARs are at best confined to a severly limited handling of cointegration restrictions. This paper extends...
Persistent link: https://www.econbiz.de/10005190800
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Do Higher Wages Cause Inflation?
Jonsson, Magnus; Palmqvist, Stefan - Sveriges Riksbank - 2004
Much empirical evidence suggests that wage increases do not lead to inflation. This paper demonstrates that a 2-sector dynamic general equilibrium model calibrated to the U.S. economy is able to explain this evidence. We quantify the effect of an increased wage-markup on the inflation rate in...
Persistent link: https://www.econbiz.de/10005190803
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Indicator Accuracy and Monetary Policy: Is Ignorance Bliss?
Nimark, Kristoffer P. - Sveriges Riksbank - 2003
This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the conclusion that monetary policy do not benefit from accurate...
Persistent link: https://www.econbiz.de/10005190807
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Optimal Monetary Policy under Downward Nominal Wage Rigidity
Carlsson, Mikael; Westermark, Andreas - Sveriges Riksbank - 2007
We develop a New Keynesian model with staggered price and wage setting where downward nominal wage rigidity (DNWR) arises endogenously through the wage bargaining institutions. It is shown that the optimal (discretionary) monetary policy response to changing economic conditions then becomes...
Persistent link: https://www.econbiz.de/10005190815
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Monetary Policy and Staggered Wage Bargaining when Prices are Sticky
Carlsson, Mikael; Westermark, Andreas - Sveriges Riksbank - 2006
In this paper, we outline a baseline DSGE model which enables a straightforward analysis of wage bargaining between firms and households/unions in a model with both staggered prices and wages. Relying on empirical evidence, we assume that prices can be changed whenever wages are changed. This...
Persistent link: https://www.econbiz.de/10005423736