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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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Perceptions about monetary policy
Bauer, Michael D.; Pflueger, Carolin E.; Sunderam, Adi - 2022
We estimate perceptions about the Fed's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions is time-varying and cyclical: high during tightening episodes but low...
Persistent link: https://www.econbiz.de/10013475251
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Inflation targeting and nonlinear policy rules : the case of asymmetric preferences : presented at CESifo Venice Summer Institute, Workshop on the Revival of Aggregate Demand Manag...
Surico, Paolo - 2004
This paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision-makers are allowed to weight differently positive and negative deviations of inflation and output from the target values. Reduced-form and structural estimates of the central...
Persistent link: https://www.econbiz.de/10011450850
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Monetary policy interactions : the policy rate, asset purchases, and optimal policy with an interest rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The "divine...
Persistent link: https://www.econbiz.de/10014252576
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Quantitative or qualitative forward guidance : does it matter?
Detmers, Gunda-Alexandra; Karagedikli, Özer; Moessner, … - 2018
the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We … announcements that include an interest rate forecast lead to very similar market reactions across the yield curve as announcements …
Persistent link: https://www.econbiz.de/10011926064
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Monetary policy and the stock market : time-series evidence
Neuhierl, Andreas; Weber, Michael - 2016
with the slope factor. Slope predicts changes in future interest rates and forecast revisions of professional forecasters …
Persistent link: https://www.econbiz.de/10011566444
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Monetary policy analysis in real-time : vintage combination from a real-time dataset
Altavilla, Carlo; Ciccarelli, Matteo - 2011
matrix and averages model estimates across all data releases. Using standard forecasting and policy models to analyze … monetary authorities' reaction functions, we show that this simple method can improve forecasting performance and provide … high macroeconomic uncertainty. -- monetary policy ; Taylor rule ; real-time data ; great moderation ; forecasting …
Persistent link: https://www.econbiz.de/10009011352
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …
Persistent link: https://www.econbiz.de/10011619626
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Structural distortions and decentralized fiscal policies in EMU
Beetsma, Roel; Bovenberg, Ary Lans - 2001
The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...
Persistent link: https://www.econbiz.de/10011398780
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Shadow rates as a measure of the monetary policy stance : some international evidence
Anderl, Christina; Caporale, Guglielmo Maria - 2022
This paper examines the usefulness of shadow rates to measure the monetary policy stance by comparing them to the official policy rates and those implied by three types of Taylor rules in both inflation targeting countries (the UK, Canada, Australia and New Zealand) and others that have only...
Persistent link: https://www.econbiz.de/10013285605