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This paper uses a "trendy" approach to understand UK inflation dynamics. It focuses on the time series to isolate a low-frequency and slow-moving component of inflation (the trend) from deviations around this trend. We find that this slow-moving trend explains a substantial share of UK inflation...
Persistent link: https://www.econbiz.de/10011664348
.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the … international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that …. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries …
Persistent link: https://www.econbiz.de/10011864739
We evaluate the degree of gradualism and inaction in UK monetary policy over the Monetary Policy Committee (MPC) period (1997-2007) at the quarterly and the monthly frequency. After accounting for misspecification in standard Taylor rules, we find little evidence for gradualism. A measure of...
Persistent link: https://www.econbiz.de/10003642073
Persistent link: https://www.econbiz.de/10003730681
This paper is a case study of the real world monetary policy data uncertainty problem. The initial and the latest release for growth rates of the distribution, hotels and catering sector are combined with official data on household income and two surveys in a state-space model. Though important...
Persistent link: https://www.econbiz.de/10003592309
Persistent link: https://www.econbiz.de/10003603904
The effectiveness of a central bank’s monetary policymaking is determined by the merit of its policy actions and their … additional levers to help achieve their goals. In this paper we examine how UK financial markets react to Bank of England …
Persistent link: https://www.econbiz.de/10003384156
Most analyses of the U.S. Great Moderation have been based on VAR methods, and have consistently pointed toward good luck as the main explanation for the greater macroeconomic stability of recent years. Using data generated by a New-Keynesian model in which the only source of change is the move...
Persistent link: https://www.econbiz.de/10003563240
Persistent link: https://www.econbiz.de/10003504594
Have bank regulatory policies and unconventional monetary policies - and any possible interactions - been a factor … behind the recent "deglobalisation" in cross-border bank lending? To test this hypothesis, we use bank-level data from the … capital requirements tend to reduce international bank lending and some forms of unconventional monetary policy can amplify …
Persistent link: https://www.econbiz.de/10011415783