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Speed limit policies : the output gap and optimal monetary policy
Walsh, Carl E. - 2001
In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...
Persistent link: https://www.econbiz.de/10011408406
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Inflation targeting by debtor central banks in emerging market economies
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010
to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic … stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary … surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By …
Persistent link: https://www.econbiz.de/10003994520
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Exchange rate parities and taylor rule deviations
Anderl, Christina; Caporale, Guglielmo Maria - 2021
This paper investigates the PPP and UIP conditions by taking into account possible nonlinearities as well as the role of Taylor rule deviations under alternative monetary policy frameworks. The analysis is conducted using monthly data from January 1993 to December 2020 for five...
Persistent link: https://www.econbiz.de/10012491545
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Inflation targets versus international monetary integration : a Canadian perspective
Laidler, David E. W. - 2002
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent economic performance under inflation targets, and arguments...
Persistent link: https://www.econbiz.de/10011541166
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Unemployment in Britain : a European success story
Pissaridēs, Christophoros A. - 2003
Unemployment in the United Kingdom has fallen from high European-style levels to US levels. I argue that the key reasons are the reform of monetary policy, in 1993 with the adoption of inflation targeting and in 1997 with the establishment of the independent Monetary Policy Committee, and second...
Persistent link: https://www.econbiz.de/10011508067
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Analysis of monetary policy and financial stability : a new paradigm
Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009
This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for … the economy. Due to liquidity and endogenous default, the transmission mechanism of shocks is well defined, and their …
Persistent link: https://www.econbiz.de/10003923247
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Banking panics and liquidity in a monetary economy
Matsuoka, Tarishi; Watanabe, Makoto - 2017
This paper studies banks' liquidity provision in the Lagos and Wright model of monetary exchanges. With aggregate …
Persistent link: https://www.econbiz.de/10011747458
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The funds concentration effect and discriminatory bailout
Erlenmaier, Ulrich; Gersbach, Hans - 2001
In the presence of macroeconomic shocks severe enough to threaten the liquidity or solvency of the banking system, the …
Persistent link: https://www.econbiz.de/10011400865
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Liquidity shortages and monetary policy
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635213
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Endogenous systemic liquidity risk
Cao, Jin; Illing, Gerhard - 2009
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2008), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10003833348