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Establishing a hawkish reputation : interest rate setting by newly appointed central bank governors
Neuenkirch, Matthias - In: Applied economics letters 22 (2015) 4/6, pp. 391-396
Persistent link: https://www.econbiz.de/10010506721
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The varying interest elasticity and the cost of inflation in India
Kumar, Sudhanshu - In: Applied economics letters 21 (2014) 7/9, pp. 497-500
Persistent link: https://www.econbiz.de/10010414262
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Optimal interest rate rules and inflation stabilization versus price-level stabilization
Giannoni, Marc Paolo - 2012
This paper compares the properties of interest rate rules such as simple Taylor rules and rules that respond to price-level fluctuations - called Wicksellian rules - in a basic forward-looking model. By introducing appropriate history dependence in policy, Wicksellian rules perform better than...
Persistent link: https://www.econbiz.de/10009522769
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The Optimal Inflation Target and the Natural Rate of Interest
Andrade, Philippe - 2018
We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in …-for-one: increases in the optimal inflation rate are generally lower than declines in the steady-state real interest rate. Our approach … allows us not only to assess the uncertainty surrounding the optimal inflation target, but also to determine the latter while …
Persistent link: https://www.econbiz.de/10012927026
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Distributional effects of monetary policy
Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...
Persistent link: https://www.econbiz.de/10012605530
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Segregated balance accounts
Garratt, Rod; Martin, Antoine; McAndrews, James Joseph; … - 2015
This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess...
Persistent link: https://www.econbiz.de/10010528292
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Floor systems and the Friedman rule : the fiscal arithmetic of open market operations
Keister, Todd; Martin, Antoine; McAndrews, James Joseph - 2015
In a floor system of monetary policy implementation, the central bank remunerates bank reserves at or near the market rate of interest. Some observers have expressed concern that operating such a system will have adverse fiscal consequences for the public sector and may even require the...
Persistent link: https://www.econbiz.de/10011410519
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Central bank transparency, the accuracy of professional forecasts, and interest rate volatility
Middeldorp, Menno - 2011
Central banks worldwide have become more transparent. An important reason is that democratic societies expect more openness from public institutions. Policymakers also see transparency as a way to improve the predictability of monetary policy, thereby lowering interest rate volatility and...
Persistent link: https://www.econbiz.de/10009130516
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Anticipation and Surprises in Central Bank Interest Rate Policy : The Case of the Bundesbank
International Monetary Fund - 1998
Market reaction to a change in official interest rates will depend on the extent to which the change is anticipated, and on how it is interpreted as a signal of future policy. In this paper, a technique is developed to separate the anticipated and unanticipated components of such changes and is...
Persistent link: https://www.econbiz.de/10014400820
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Monetary Policy with Interest on Reserves
Cochrane, John H. - 2014
determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy … can peg the nominal rate, and determine expected inflation. With sticky prices, monetary policy can also affect real … interest rates and output, though higher interest rates raise output and then inflation. The conventional sign requires a …
Persistent link: https://www.econbiz.de/10013044987