Similar Search Results

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

Credit risk transfers and the macroeconomy

Faia, Ester - 2010 - This draft: September 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets … risk. -- Credit Risk Transfer ; Dual Moral Hazard ; Monetary Policy ; Liquidity ; Welfare …

Persistent link: https://www.econbiz.de/10008748079

Exit strategies

Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2010

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...

Persistent link: https://www.econbiz.de/10008748083

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

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

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

Three great American disinflations

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

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

Risks to price stability, the zero lower bound and forward guidance : a real-time assessment

Coenen, Günter; Warne, Anders - 2013

This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...

Persistent link: https://www.econbiz.de/10010200892

Imperfect knowledge, inflation expectations, and monetary policy

Orphanides, Athanasios (contributor); … - 2003

Persistent link: https://www.econbiz.de/10003349544

Exchange-rate policy and the zero bound on nominal interest

Wieland, Volker (contributor); Coenen, Günter (contributor) - 2004

Persistent link: https://www.econbiz.de/10003350007