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Central bank liquidity provision, risk-taking and economic efficiency
Bindseil, Ulrich; Jabłecki, Juliusz - 2013
Persistent link: https://www.econbiz.de/10009766427
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Policy risk and the business cycle
Born, Benjamin; Pfeifer, Johannes - 2013 - This version: July 11, 2013, First Version: December 2010
The argument that policy risk, i.e., uncertainty about monetary and fiscal policy, has been holding back the economic … recovery in the U.S. during the Great Recession has a large popular appeal. We analyze the role of policy risk in explaining … business cycle fluctuations by using an estimated New Keynesian model featuring policy risk as well as uncertainty about …
Persistent link: https://www.econbiz.de/10009772961
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Doves for the rich, hawks for the poor? : distributional consequences of monetary policy
Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2016
frictions render labor-market risk countercyclical and endogenous to monetary policy. Our main result is that a majority of …
Persistent link: https://www.econbiz.de/10011563007
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Risk Management in action : robust monetary policy rules under structured uncertainty
Levine, Paul; McAdam, Peter; Pearlman, Joseph; Pierse, … - 2008
Recent interest in "Risk Management"has highlighted the relevance of Bayesian analysis for robust monetary …
Persistent link: https://www.econbiz.de/10003747990
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Uncertainty and fiscal policy in an asymmetric monetary union
Hefeker, Carsten (contributor); Zimmer, Blandine (contributor) - 2008
The paper examines the monetary-fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes, average inflation and output distortions. However, as more...
Persistent link: https://www.econbiz.de/10003749682
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Optimal discretionary policy and uncertainty about inflation persistence
Moessner, Richhild (contributor) - 2005
This paper studies optimal discretionary policy with parameter uncertainty about inflation inertia. Optimal policy rules and impulse responses are presented within a hybrid New-Keynesian model estimated for the euro area by Smets (2003). We find that it may be optimal for policy to respond more...
Persistent link: https://www.econbiz.de/10003208613
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Uncertainty, wage setting and decision making in a monetary union
Hefeker, Carsten (contributor) - 2005
The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction of the enlarged council will be...
Persistent link: https://www.econbiz.de/10003110104
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International monetary policy coordination and financial market integration
Sutherland, Alan (contributor) - 2002
Persistent link: https://www.econbiz.de/10001702821
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International monetary policy coordination and financial market integration
Sutherland, Alan - 2002
Persistent link: https://www.econbiz.de/10001733658
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Tracking global economic uncertainty : implications for the euro area
Bobasu, Alina; Geis, André; Quaglietti, Lucia; Ricci, … - 2021
This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the methodology proposed by Jurado et al. (2015) and estimate global as well as country-specific measures of economic uncertainty for fifteen key euro area trade partners and the euro...
Persistent link: https://www.econbiz.de/10012503567