Similar Search Results

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 central bank makes discretionary policy more inertial, leading to …

Persistent link: https://www.econbiz.de/10005423768

Testing for the Lucas Critique: A Quantitative Investigation

Lindé, Jesper - Sveriges Riksbank - 2000

In this paper, I try to shed some new light on the "puzzle" why the Lucas critique, belived to be important by most economists, seems to have received very little empirical support. I use a real business cycle model to examine the properties of the super exogeneity test, which is used to detect...

Persistent link: https://www.econbiz.de/10005423743

The Use of Cash and the Size of the Shadow Economy in Sweden

Guibourg, Gabriela; Segendorf, Björn - Sveriges Riksbank - 2007

We use an “unexplained demand for cash” approach to measure the size of the shadow economy in Sweden. The size of the … changes in net financial positions. Moreover, the correlation between the demand for cash that cannot be explained by recorded …

Persistent link: https://www.econbiz.de/10005423748

Monetary Policy Analysis in Backward-Looking Models

Lindé, Jesper - Sveriges Riksbank - 2000

money growth. The backward-looking model displays considerable parameter instability, both from a statistical and economic …

Persistent link: https://www.econbiz.de/10005649085

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...

Persistent link: https://www.econbiz.de/10010818844

Expectation Driven Business Cycles with Limited Enforcement

Walentin, Karl - Sveriges Riksbank - 2009

We explore the implications of shocks to expected future productivity. In a setting with limited enforcement of financial contracts, firms have to post collateral to obtain external finance. In a real one-sector model with this type of "collateral constraint", positive news about future...

Persistent link: https://www.econbiz.de/10004991539

On the Redistributive Effects of Inflation: an International Perspective

Boel, Paola - Sveriges Riksbank - 2013

I use a microfounded model of money to quantify the redistributive effects of expected inflation in a sample of OECD … countries. In doing so, I address two quantitative issues. First, I pin down money demand rigorously, which implies accounting … it depends not only on wealth distribution, but also on the curvature and the level of money demand for any given …

Persistent link: https://www.econbiz.de/10010818839

Simple Monetary Policy Rules and Exchange Rate Uncertainty

Leitemo, Kai; Söderström, Ulf - Sveriges Riksbank - 2001

We analyze the performance and robustness of some common simple rules for monetary policy in a New-Keynesian open economy model under different assumptions about the exchange rate model. Adding the exchange rate to an optimized Taylor rule gives only small improvements in terms of economic...

Persistent link: https://www.econbiz.de/10005207173

Picking the Brains of MPC Members

Apel, Mikael; Claussen, Carl Andreas; Lennartsdotter, Petra - Sveriges Riksbank - 2010

This paper reports and analyzes the results from a questionnaire sent to all present and former members of the Riksbank’s Executive Board, the monetary policy committee (MPC) of the Swedish central bank. The questions cover a number of issues discussed in the growing literature on monetary...

Persistent link: https://www.econbiz.de/10008626086

Nominal GDP Targeting and the Zero Lower Bound: Should We Abandon Inflation Targeting?

Billi, Roberto M. - Sveriges Riksbank - 2013

I compare nominal GDP level targeting to flexible inflation targeting in a small New Keynesian model subject to the zero lower bound on nominal policy rates. First, I study the performance of optimal discretionary policies. I find that, for a standard calibration, inflation targeting under...

Persistent link: https://www.econbiz.de/10010670840