In a stochastic pure endowment economy with money but no financial markets, two types of agents trade one non … money partition dynamics that the two variants generate absent any macroeconomic shock, exhibit jumps as well as fat …

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary … criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross … include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times …

is that demographic changes, while contributing slowly over time to a decline in the equilibrium interest rate, are not …

This paper analyses changes in short-term interest rate expectations and uncertainty during ECB Governing Council days … triggering an adjustment process for interest rate expectations …

, we identify individual bank balance sheet characteristics that contributed to this fragmentation. Interest rate pass … structures. Results show incomplete pass-through of changes in money market rates targeted by the central bank to firms' lending …

-by-period inflation rate—increases welfare in a New Keynesian model with an occasionally binding lower bound on nominal interest rates …

—forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus …—in ameliorating the adverse consequences stemming from the effective lower bound on nominal interest rates. In particular, we focus on … near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low-real-interest …