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Post-Covid Fiscal Rules : A Central Bank Perspective

Hauptmeier, Sebastian; Leiner-Killinger, Nadine; … - 2022

Regarding a prospective reform of the European Stability and Growth Pact (SGP) it seems rather consensual that a … growth rule as single operational indicator linked to a debt anchor. Compared to the status quo, our analysis suggests that … expenditure growth targets which take account of the ECB’s symmetric 2% inflation target can improve the cyclical properties of …

Persistent link: https://www.econbiz.de/10013297106

Monetary policy spillovers and the role of prudential policies in the European Union

Coman, Andra - 2023

, lending standards restrictions and limits to credit growth appear to be particularly effective at mitigating the spillover …

Persistent link: https://www.econbiz.de/10014543604

In the face of spillovers: Prudential policies in emerging economies

Coman, Andra; Lloyd, Simon P. - 2019

We examine whether emerging market prudential policies help to reduce the macrofinancial spillover effects of US monetary policy. We find that emerging markets with tighter prudential policies face significantly smaller, and less negative, spillovers to total credit from US monetary policy...

Persistent link: https://www.econbiz.de/10012389542

Monetary policy strategies for the euro area: Optimal rules in the presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...

Persistent link: https://www.econbiz.de/10014374585

Surprising Comparative Properties of Monetary Models : Results from a New Model Database

Taylor, John B. - 2010

-rate smoothing or with GDP growth deviations from trend in place of the output gap. However, improvement vis-à-vis other models …

Persistent link: https://www.econbiz.de/10013136676

Optimal Monetary Policy in a New Keynesian Model with Habits in Consumption

Leith, Campbell - 2012

While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10013116941

Interest Rate Expectations and Uncertainty During ECB Governing Council Days : Evidence From Intraday Implied Densities of 3-Month EURIBOR

Vergote, Olivier - 2011

This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Governing Council days. For this purpose, it first extends the estimation of risk-neutral probability density functions up to tick frequency. In particular, the non-parametric estimator of these...

Persistent link: https://www.econbiz.de/10013119936

Asset Prices, Collateral and Unconventional Monetary Policy in a DSGE Model

Hilberg, Björn - 2011

In this paper we set up a New-Keynesian model that features an interbank market. The introduction of an interbank market is important to analyze liquidity problems among heterogenous agents within the financial sector. First, because this allows for a situation where increased liquidity supply...

Persistent link: https://www.econbiz.de/10013121427

Financial Frictions and Optimal Monetary Policy in an Open Economy

Kolasa, Marcin - 2011

A growing number of papers have studied positive and normative implications of financial frictions in DSGE models. We contribute to this literature by studying the welfare-based monetary policy in a two-country model characterized by financial frictions, alongside a number of key features, like...

Persistent link: https://www.econbiz.de/10013125365

Central Bank Communication on Fiscal Policy

Allard, Julien - 2012

While the established literature on central bank communication has traditionally dealt with communication of monetary policy messages to financial markets and the wider public, central bank communication on fiscal policy has so far received little attention. This paper empirically reviews the...

Persistent link: https://www.econbiz.de/10013100569