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Speed Limit Policy and Liquidity Traps
Nakata, Taisuke; Schmidt, Sebastian; Yoo, Paul - 2021
The zero lower bound (ZLB) constraint on interest rates makes speed limit policies (SLPs)—policies aimed at stabilizing output growth—less effective. Away from the ZLB, the history dependence induced by a concern for output growth stabilization improves the inflation-output tradeoff for a...
Persistent link: https://www.econbiz.de/10013315390
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Optimal Monetary Policy Rules with Labor Market Frictions
Faia, Ester - 2021
This paper studies optimal monetary policy rules in a framework with sticky prices, matching frictions and real wage rigidities. Optimal monetary policy is given by a constrained Ramsey plan in which the monetary authority maximizes the agents' welfare subject to the competitive economy...
Persistent link: https://www.econbiz.de/10013317347
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Quantitative Goals for Monetary Policy
Fatás, Antonio; Mihov, Ilian; Rose, Andrew - 2021
We study empirically the macroeconomic effects of an explicit de jure quantitative goal for monetary policy. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation of both having a quantitative target, and of hitting a...
Persistent link: https://www.econbiz.de/10013317649
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Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?
Belkhir, Mohamed - 2023
This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...
Persistent link: https://www.econbiz.de/10015059389
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Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance
Zhang, Zhongxia - 2022
Inflation Targeting (IT) has become a prevalent monetary policy framework in the past three decades, as more central banks adopted and maintained price stability as their primary monetary policy mandate. Using a dataset of 68 major advanced countries and emerging markets economies, this paper...
Persistent link: https://www.econbiz.de/10015060017
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Inflation Targeting at 20
Roger, Scott - 2009
This paper provides an overview of inflation targeting frameworks and macroeconomic performance under inflation targeting. Inflation targeting frameworks are generally quite similar across countries, and a broad consensus has developed in favor of ""flexible"" inflation targeting. The evidence...
Persistent link: https://www.econbiz.de/10012677863
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Excess Liquidity and the Effectiveness of Monetary Policy : Evidence from Sub-Saharan Africa
Saxegaard, Magnus - 2006
Intro -- Contents -- I. INTRODUCTION -- II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN … COUNTRIES -- III. MEASUREMENT OF EXCESS LIQUIDITY -- IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM -- V …
Persistent link: https://www.econbiz.de/10012691164
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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva - 2019
' funding structures jointly with that in their excess liquidity holdings. We find evidence that banks highly exposed to the …, importantly, the explicit consideration of the role of excess liquidity in our analysis …
Persistent link: https://www.econbiz.de/10012869955
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Negative Interest Rates, Excess Liquidity and Retail Deposits : Banks’ Reaction to Unconventional Monetary Policy in the Euro Area
Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2021
reliance on retail deposit funding and the level of excess liquidity holdings may increase banks’ responsiveness to NIRP. We … segments. We are the first to document the importance of banks’ excess liquidity holdings for the effectiveness of NIRP …, pointing to a strong complementarity of NIRP with central bank liquidity injections, e.g. via asset purchases …
Persistent link: https://www.econbiz.de/10013221074
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Assessing the Fiscal-Monetary Policy Mix in the Euro Area
Bańkowski, Krzysztof; Christoffel, Kai; Faria, Thomas - 2021
This paper attempts to gauge the effects of various fiscal and monetary policy rules on macroeconomic outcomes in the euro area. It consists of two major parts – a historical assessment and an assessment based on an extended scenario until 2030 – and it builds on the ECB-BASE –a...
Persistent link: https://www.econbiz.de/10013312080