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Money and the transmission of monetary policy

Carpenter, Seth; Demiralp, Selva - 2009

models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous …. Nevertheless, academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore … the institutional structure of the transmission mechanism beginning with open market operations through to money and loans …

Persistent link: https://www.econbiz.de/10010273662

Greenspan and the Greenbook

Tchaidze, Robert R. - 2002

A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...

Persistent link: https://www.econbiz.de/10010293458

Sacrifice ratios with long-lived effects

Zhang, Lawrence Huiyan - 2001

This paper contains a theoretical and empirical study of sacrifice ratios with long-lived effects including possible strong persistence effects or even hysteresis effects The empirical analysis is based on G-7 quarterly output data as well as unemployment data from 1960 to 1999 In this paper I...

Persistent link: https://www.econbiz.de/10010293484

Supply shocks and the persistence of inflation

Sommer, Martin - 2002

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...

Persistent link: https://www.econbiz.de/10010293489

Estimating Taylor rules in a real time setting

Tchaidze, Robert R. - 2001

This paper demonstrates how the use of revised data distorts our understanding of past monetary policy decisions Three problems are addressed - the use of (i) contemporaneous rather than lagged data (ii) revised rather than unrevised data; and (iii) leads of data unavailable at the time of policy...

Persistent link: https://www.econbiz.de/10010326743

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266

The Stability and Growth Pact - crisis and reform

Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10011606281

A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices

Anene, Dominic; D'Amico, Stefania - 2017

We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...

Persistent link: https://www.econbiz.de/10012030329

Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment

Fischer, Andreas; Amstad, Marlene - 2004

The timely release of macroeconomic data imposes a distinct structure on the panel: the clustering and sequential ordering of real and nominal variables. We call this orderly release of economic data sequential information flow. The ordered panel generates a new class of restrictions that are...

Persistent link: https://www.econbiz.de/10011430053