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Monetary policy rules in emerging countries : is there an augmented nonlinear taylor rule?

Caporale, Guglielmo Maria; Catik, A. Nazif; Helmi, … - 2016

either the inflation or the output gap varies in terms of magnitude and/or statistical significance across the high and low … inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime …

Persistent link: https://www.econbiz.de/10011497748

The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10003813633

Monetary policy analysis in real-time : vintage combination from a real-time dataset

Altavilla, Carlo; Ciccarelli, Matteo - 2011

This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...

Persistent link: https://www.econbiz.de/10009011352

Do central banks have precautionary demands for expansions and for price stability? : theory and evidence

Cukierman, Alex; Muscatelli, V. Anton - 2002

This paper analyses the impact of asymmetric preferences with respect to inflation and output by policymakers on … for low inflation. Using data for four G7 economies, the paper shows that, except for Germany, nonlinear and asymmetric … monetary authority develops a greater precautionary demand for output expansions than for low inflation. This may generate a …

Persistent link: https://www.econbiz.de/10011410664

Unconventional monetary policy shocks in the euro area and the sovereign-bank nexus

Hristov, Nikolay; Hülsewig, Oliver; Scharler, Johann - 2020

We explore the effects of the ECB’s unconventional monetary policy on the banks’ sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy...

Persistent link: https://www.econbiz.de/10012194625

Causal effects of the Fed's large-scale asset purchases on firms' capital structure

Nocera, Andrea; Pesaran, M. Hashem - 2022

This paper investigates the short- and long-term impacts of the Federal Reserve's large-scale asset purchases (LSAPs) on the capital structure of U.S. non-financial firms. To isolate the effects of LSAPs from the impact of concurrent macroeconomic conditions, we exploit cross-industry variations...

Persistent link: https://www.econbiz.de/10013176956

Fighting inflation more effectively without transferring central banks' profits to banks

De Grauwe, Paul; Ji, Yuemei - 2023

current operating procedures and make monetary policies more effective in fighting inflation. …

Persistent link: https://www.econbiz.de/10014422581

Spend-and-tax adjustments and the sustainability of the government's intertemporal budget constraint

Legrenzi, Gabriella Deborah; Milas, Costas - 2010

We apply non-linear error-correction models to the empirical testing of the sustainability of the government's intertemporal budget constraint. Our empirical analysis, based on Italy, shows that the Italian government is meeting its intertemporal budget constraint, in spite of the high levels of...

Persistent link: https://www.econbiz.de/10003936661

Financial stability and the Fed : evidence from congressional hearings

Wischnewsky, Arina; Jansen, David-Jan; Neuenkirch, Matthias - 2019 - This version: May 2019

This paper retraces how financial stability considerations interacted with U.S. monetary policy before and during the Great Recession. Using text-mining techniques, we construct indicators for financial stability sentiment expressed during testimonies of four Federal Reserve Chairs at...

Persistent link: https://www.econbiz.de/10012024389

Bounded rationality, monetary policy, and macroeconomic stability

Ilabaca, Francisco; Meggiorini, Greta; Milani, Fabio - 2019

. Even if monetary policy is found to react only mildly to inflation pre-Volcker, the substantial degrees of bounded …

Persistent link: https://www.econbiz.de/10012029136

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