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Monetary policies and low-frequency manifestations of the quantity theory

Sargent, Thomas J.; Surico, Paolo - 2008

To detect the quantity theory of money, we follow Lucas (1980) by looking at scatter plots of filtered time series of inflation and money growth rates and interest rates and money growth rates. Like Whiteman (1984), we relate those scatter plots to sums of two-sided distributed lag coefficients...

Persistent link: https://www.econbiz.de/10003803334

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, Christian - 2015

Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...

Persistent link: https://www.econbiz.de/10011299044

Trend inflation in the Japanese pre-2000s : a markov-switching DSGE estimation

Kato, Ryo; Maih, Junior; Nishiyama, Shin-Ichi - 2022

Persistent link: https://www.econbiz.de/10013415103

Flexible inflation targeting and macroeconomic performance : evidence from ASEAN

Nuwat Nookhwun; Waiyawatjakorn Rawipha - 2023

Persistent link: https://www.econbiz.de/10014418027

Monetary policy and endogenous financial crises

Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022

We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...

Persistent link: https://www.econbiz.de/10013259617

What drives the German TARGET balances? : evidence from a BVAR approach

Bettendorf, Timo; Jochem, Axel - 2021

Applying a BVAR model, the present paper first identifies the possible drivers of Germany's TARGET claims. In this context, in terms of potential causes, a distinction is made between a rise in the global risk assessment, tensions within the euro area, and European monetary policy. It becomes...

Persistent link: https://www.econbiz.de/10012510162

Asset prices, collateral, and unconventional monetary policy in a DSGE model

Hilberg, Björn; Hollmayr, Josef - 2013

In this paper we set up a New-Keynesian model with a heterogenous banking sector to analyze liquidity problems on the interbank market. The presence of an interbank market is essential to consider a situation where an increased liquidity supply by the central bank is only partially passed on to...

Persistent link: https://www.econbiz.de/10010192797

The timing of monetary policy shocks

Olivei, Giovanni P. (contributor); … - 2006

Persistent link: https://www.econbiz.de/10003335381

Central bank's two-way communication with the public and inflation dynamics

Aoki, Kosuke (contributor); Kimura, Takeshi (contributor) - 2008

Using a model of island economy where financial markets aggregate dispersed information of the public, we analyze how … two-way communication between the central bank and the public affects inflation dynamics. When inflation target is … observable and credible to the public, markets provide the bank with information about the aggregate state of the economy, and …

Persistent link: https://www.econbiz.de/10003867884

Monetary policy and the asset risk-taking channel

Abbate, Angela; Thaler, Dominik - 2015

Motivated by VAR evidence, we develop a monetary DSGE model where an agency problem between bank financiers, stemming from limited liability and unobservable risk taking, distorts banks’ incentives leading them to choose excessively risky investments. A monetary policy expansion magnifies...

Persistent link: https://www.econbiz.de/10011419626