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Oil shocks and optimal monetary policy
Montoro, Carlos - Bank for International Settlements / Monetary and … - 2010
In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...
Persistent link: https://www.econbiz.de/10005870912
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Inflation Risk Premia in the US and the Euro Area
Hördahl, Peter - 2010
inflation and interest rate expectations at various future horizons, as well as term structure data from both nominal and index …
Persistent link: https://www.econbiz.de/10013135613
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Capital Flows and the Risk-Taking Channel of Monetary Policy
Bruno, Valentina - 2014
This paper examines the relationship between low interests maintained by advanced economy central banks and credit booms in emerging economies. In a model with crossborder banking, low funding rates increase credit supply, but the initial shock is amplified through the risk-taking channel of...
Persistent link: https://www.econbiz.de/10013064175
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Understanding Global Liquidity
Eickmeier, Sandra - 2014
We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...
Persistent link: https://www.econbiz.de/10013064186
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Benign Neglect of the Long-Term Interest Rate
Turner, Philip - 2014
Large-scale central bank purchases of government bonds have made the long-term interest rate key in the monetary policy …. But an extended period of very low long rates and high public debt creates financial stability risks. Interest rate risk … frameworks should be reconsidered, with a view to clarifying the importance of the long-term interest rate for monetary policy …
Persistent link: https://www.econbiz.de/10013064188
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Financial Crises and Bank Funding : Recent Experience in the Euro Area
van Rixtel, Adrian A. R. J. M. - 2014
This paper provides an overview of bank funding trends in the euro area following the 2007-09 global financial crisis and the euro area crisis. It shows that funding has become segmented along national borders and that secured instruments are much more prevalent than previously. Rising debt...
Persistent link: https://www.econbiz.de/10013064410
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Systematic Monetary Policy and the Forward Premium Puzzle
Tambakis, Demosthenes N. - 2014
Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest …-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a battery …
Persistent link: https://www.econbiz.de/10013064800
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The Liquidity Consequences of the Euro Area Sovereign Debt Crisis
Allen, William A. - 2014
We examine the liquidity effects of the euro area sovereign debt crisis, including its effects on euro area banks as a group, on intra-euro area financial flows, on the supply of and demand for collateral, and on international liquidity. The lending capacity of the euro area banking system has...
Persistent link: https://www.econbiz.de/10013064809
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Monetary Policy in a Downturn : Are Financial Crises Special?
Bech, Morten L. - 2014
Accommodative monetary policy during the financial crisis was instrumental in preventing a deeper recession. Views differ, however, on how long such measures should be kept in place. At the heart of this debate is the notion that a protracted period of policy accommodation could create...
Persistent link: https://www.econbiz.de/10013065335
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The Effectiveness of Unconventional Monetary Policy at the Zero Lower Bound : A Cross-Country Analysis
Gambacorta, Leonardo - 2014
This paper assesses the macroeconomic effects of unconventional monetary policies by estimating a panel VAR with monthly data from eight advanced economies over a sample spanning the period since the onset of the global finanancial crisis. It finds that an exogenous increase in central bank...
Persistent link: https://www.econbiz.de/10013065515