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New evidence on the effectiveness of "Quantitative Easing" in Japan
Voutsinas, Konstantinos; Werner, Richard A. - 2011
approach and have focused on the QE-experience, on which substantial data is available, namely that of Japan (2001 … policy goal of monetary policy. The empirical research finds that the policy conducted by the Bank of Japan between 2001 and …
Persistent link: https://www.econbiz.de/10009356669
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Surprising comparative properties of monetary models : results from a new data base
Taylor, John B.; Wieland, Volker - 2009
In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...
Persistent link: https://www.econbiz.de/10003909186
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Is optimal monetary policy always optimal?
Davig, Troy; Gürkaynak, Refet S. - 2015 - This version: July 28, 2015
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...
Persistent link: https://www.econbiz.de/10011307949
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Monetary policy in Turkey after Central Bank independence
Gürkaynak, Refet S.; Kantur, Zeynep; Tas, M. Anil; … - 2015
We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...
Persistent link: https://www.econbiz.de/10011348828
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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
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The lessons from QE and other "unconventional" monetary policies : evidence from the Bank of England
Lyonnet, Victor; Werner, Richard A. - 2011 - This Version: June 29, 2011
March 2009. Similar policies had been previously implemented in Japan, the U.S. and the Eurozone. The effectiveness is …
Persistent link: https://www.econbiz.de/10009356677
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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
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Endogenous systemic liquidity risk
Cao, Jin (contributor); Illing, Gerhard (contributor) - 2008
Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …
Persistent link: https://www.econbiz.de/10003750531
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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
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A new Keynesian model with unemployment
Blanchard, Olivier (contributor); Galí, Jordi (contributor) - 2006
Persistent link: https://www.econbiz.de/10003448447