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Rodríguez López, Antonio - 2016

the international allocation of economic activity. Private assets’ liquidity properties - their usefulness as collateral … entry, production, aggregate productivity, and total market capitalization. In a closed economy, the liquidity market …, cross-country differences in financial development|as measured by the degree of liquidity of a country’s assets - generate …

Persistent link: https://www.econbiz.de/10011587546

The chair of the U.S. Federal Reserve and the macroeconomic causality regimes

Aksoy, Yunus; Morita, Rubens; Psaradakis, Zacharias G. - 2019

We investigate regime-dependent Granger causality between real output, inflation and monetary indicators and map with U.S. Fed Chairperson's tenure since 1965. While all monetary indicators have causal predictive content in certain time periods, we report that the Federal Funds rate (FFR) and...

Persistent link: https://www.econbiz.de/10012157284

The transmission of German monetary policy in the pre-Euro period

Lütkepohl, Helmut; Wolters, Jürgen - 2001

A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...

Persistent link: https://www.econbiz.de/10011400913

Monetary policy and asset price overshooting: a rationale for the Wall/Main Street disconnect

Caballero, Ricardo J.; Simsek, Alp - 2022

We analyze optimal monetary policy and its implications for asset prices, when aggregate demand has inertia and responds to asset prices with a lag. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (asset prices are initially pushed above their...

Persistent link: https://www.econbiz.de/10013093040

Interest rate skewness and biased beliefs

Bauer, Michael D.; Chernov, Mikhail - 2021 - First draft: January 2021, this draft: June 16, 2021

Conditional yield skewness is an important summary statistic of the state of the economy. It exhibits pronounced variation over the business cycle and with the stance of monetary policy, and a tight relationship with the slope of the yield curve. Most importantly, variation in yield skewness has...

Persistent link: https://www.econbiz.de/10012547050

The Central Bank Governor and interest rate setting by committee

Van Ommeren, Emile; Piccillo, Giulia - 2019

This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out this analysis, we constructed a novel dataset of committee voting behaviour for six OECD countries for up to three decades. Using a range of Taylor-rule specifications, we show...

Persistent link: https://www.econbiz.de/10012064411

Quantitative or qualitative forward guidance : does it matter?

Detmers, Gunda-Alexandra; Karagedikli, Özer; Moessner, … - 2018

Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences...

Persistent link: https://www.econbiz.de/10011926064

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

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

Does ECB communication help in predicting its interest rate decisions?

Jansen, David-Jan (contributor); Haan, Jakob de (contributor) - 2006

Persistent link: https://www.econbiz.de/10003377200

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