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Too much too soon : instability and indeterminacy with forward-looking rules

Batini, Nicoletta; Pearlman, Joseph - 2002

This paper extends the existing literature on the uniqueness and stability conditions for an equilibrium under inflation-forecast-based (IFB) rules. It shows that, for a variety of New Keynesian sticky-price and sticky-inflation models, these are a function not just of the degree of...

Persistent link: https://www.econbiz.de/10011517930

Exploring the role of exchange rate in inflation targeting : evidence from Thailand

Pongsak Luangaram; Nipit Wongpunya - 2022

Persistent link: https://www.econbiz.de/10013262839

Monetary policy rules under bounded rationality

Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023

We study the welfare performance of various simple monetary policy rules under bounded rationality (BR) along the lines of Gabaix (2020) in a New Keynesian model with sticky wages and an effective lower bound (ELB) on interest rates. Policy strategies with a strong history dependence lose their...

Persistent link: https://www.econbiz.de/10014320809

Revisiting Thailand's monetary policy model for an integrated policy analysis

Pongpitch Amatyakul; Apaitan, Tosapol; Savaphol … - 2021

Persistent link: https://www.econbiz.de/10012655443

Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010415789

COVID-19 and the fragmentation of the European interbank market

Pala, Melissa - 2024

transactional level allows me to apply advanced panel methods. Furthermore, this paper shows liquidity hoarding during the pandemic …

Persistent link: https://www.econbiz.de/10014481123

Banks' trading after the Lehman crisis : the role of unconventional monetary policy

Podlich, Natalia; Schnabel, Isabel; Tischer, Johannes - 2017

liquidity tightened after the Lehman collapse but there is no evidence of fire sales in the German banking sector. Instead, we … observe a broad-based flight to liquidity. The European Central Bank's unconventional monetary policy had a strong impact on … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

Persistent link: https://www.econbiz.de/10011671299

Robustly optimal monetary policy

Sheedy, Kevin D. (contributor) - 2007

Persistent link: https://www.econbiz.de/10003595280

Interest rate rules under financial dominance

Lewis, Vivien; Roth, Markus - 2018

We study the equilibrium properties of a business cycle model with financial frictions and price adjustment costs. Capital-constrained entrepreneurs finance risky projects by borrowing from banks. Banks, in turn, make loans using equity and deposits. Because financial contracts are not...

Persistent link: https://www.econbiz.de/10011897971

Flexible inflation targeting and macroeconomic performance : evidence from ASEAN

Nuwat Nookhwun; Waiyawatjakorn Rawipha - 2023

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