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Quantitative easing : the challenge for households long-term savings and financial security
Thimann, Christian - 2016
The extremely low long-term interest rates in capital markets, to a relevant extent induced by quantitative easing, imply significant challenges for retirement saving and the stability of households' purchasing power over the long-term. The reason is that prices for the two most important...
Persistent link: https://www.econbiz.de/10011497972
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When should central banks fear inflation expectations?
Gobbi, Lucio; Mazzocchi, Ronny; Tamborini, Roberto - 2024
When inflation picks up, central banks are most concerned that the de-anchoring of inflation expectations and the ignition of wage-price spirals will trigger inflation dynamic instability. However, such scenarios do not materialize in the standard New Keynesian theoretical framework for monetary...
Persistent link: https://www.econbiz.de/10014478734
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Inflation surprises in a New Keynesian economy with a true consumption function
Tamborini, Roberto - 2022
The resurgence of inflation since the late 2021 is now accompanied by a reversal of prospects of growth, reviving fears of stagflation across the world (IMF 2022, World Bank 2022). In almost all accounts of the mounting stagflation threats a prominent role is played by the fall of households'...
Persistent link: https://www.econbiz.de/10013482593
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Drivers of large recessions and monetary policy responses
Melina, Giovanni; Villa, Stefania - 2023
Shocks to capital utilization are introduced in a structural macroeconomic closed-economy model with financial frictions to capture disruptions on the ability of the capital stock to provide capital services used in production. Estimates for the Euro Area and the United States show that these...
Persistent link: https://www.econbiz.de/10014320690
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Impulse response matching estimators for DSGE models
Guerrón-Quintana, Pablo A.; Inoue, Atsushi; Kilian, Lutz - 2016
One of the leading methods of estimating the structural parameters of DSGE models is the VAR-based impulse response matching estimator. The existing asymptotic theory for this estimator does not cover situations in which the number of impulse response parameters exceeds the number of VAR model...
Persistent link: https://www.econbiz.de/10011418016
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What do we know about the macroeconomic effects of fiscal policy? : a brief survey of the literature on fiscal multipliers
Castelnuovo, Efrem; Lim, Guay C. - 2018
This article reviews recent research findings on the effects of fiscal multipliers in normal times, during booms/busts, and in the presence of the zero lower bound. Studies on the effects of fiscal policy in open economy settings as well as contributions on the fiscal-monetary policy mix are...
Persistent link: https://www.econbiz.de/10011933907
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Systematic monetary policy and the macroeconomic effects of shifts in loan-to-value ratios
Bachmann, Ruediger; Rüth, Sebastian - 2017
What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? In a structural VAR, GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls, a...
Persistent link: https://www.econbiz.de/10011646925
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Climate actions and stranded assets : the role of financial regulation and monetary policy
Diluiso, Francesca; Annicchiarico, Barbara; Kalkuhl, … - 2020
tool. A green credit policy as a response to a financial crisis originated in the fossil sector can potentially provide an …
Persistent link: https://www.econbiz.de/10012260638
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Credit shocks and macroeconomic fluctuations in emerging markets
Houssa, Romain; Mohimont, Jolan; Otrok, Christopher M. - 2013
In this paper, we examine the role of global and domestic credit supply shocks in macroeconomic fluctuations for …-Regressive model. Quarterly data from South Africa and G-7 countries in 1985-2010 show that credit supply shocks impact significantly … on macroeconomic aggregates in these economies. However, credit supply shocks have played, on average, a less important …
Persistent link: https://www.econbiz.de/10009754529
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The European Central Bank's QE : a new hope
Wieladek, Tomasz; Garcia Pascual, Antonio - 2016
policy is transmitted via the portfolio rebalancing, the signalling, credit easing and exchange rate channels. Spanish real …
Persistent link: https://www.econbiz.de/10011488021