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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012149021

The zero-interest-rate and the role of the exchange rate for monetary policy in Japan

Coenen, Günter; Wieland, Volker - 2003

interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United … impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation … the zero bound and evade a potential liquidity trap. Finally, we investigate the international consequences of these …

Persistent link: https://www.econbiz.de/10009765351

The zero-interest-rate and the role of the exchange rate for monetary policy in Japan

Coenen, Günter; Wieland, Volker - 2003

Persistent link: https://www.econbiz.de/10001757651

Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021

The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...

Persistent link: https://www.econbiz.de/10012613426

Inflation rate dispersion and convergence in monetary and economic unions : lessons for the ECB

Weber, Axel A. (contributor); Beck, Günter W. (contributor) - 2005

Persistent link: https://www.econbiz.de/10003351590

Price stability, inflation convergence and diversity in EMU : does one size fit all?

Weber, Axel A. (contributor); Beck, Günter W. (contributor) - 2005

Persistent link: https://www.econbiz.de/10003314597

Money in monetary policy design : monetary cross-checking in the New-Keynesian Model

Beck, Günter W.; Wieland, Volker - 2009

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...

Persistent link: https://www.econbiz.de/10003887442

Three great American disinflations

Bordo, Michael D.; Erceg, Christopher J.; Levin, Andrew T. - 2006

Persistent link: https://www.econbiz.de/10003448346

Money in monetary policy design under uncertainty : the two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günter W. (contributor); Wieland, Volker (contributor) - 2006

Persistent link: https://www.econbiz.de/10003448552

Money in monetary policy design under uncertainty : a formal characterization of ECB-style cross-checking

Beck, Günter W. (contributor); Wieland, Volker (contributor) - 2006

Persistent link: https://www.econbiz.de/10003448559