Similar Search Results

Risk Management in Action - Robust Monetary Policy Rules under Structured Uncertainty

Levine, Paul; McAdam, Peter; Pearlman, Joseph; Pierse, … - 2021

Recent interest in 'Risk Management' has highlighted the relevance of Bayesian analysis for robust monetary …

Persistent link: https://www.econbiz.de/10013316594

Asset Market Participation, Monetary Policy Rules and the Great Inflation

Bilbiie, Florin - 2015

This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. In an otherwise conventional sticky-price model, standard aggregate demand logic is inverted at low enough asset...

Persistent link: https://www.econbiz.de/10013036907

Asymmetric Monetary Policy Rules for the Euro Area and the Us

Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021

We analyse the implications of asymmetric monetary policy rules by estimating Markov-switching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB’s response to inflation was more forceful when inflation was above 2% than below 2%. Since then, the...

Persistent link: https://www.econbiz.de/10013210663

Optimal Simple Monetary Policy Rules and Non-Atomistic Wage Setters in a New-Keynesian Framework

Gnocchi, Stefano - 2006

The purpose of the paper is to design optimal monetary policy rules in a New-Keynesian model featuring the presence of non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This is because the central bank is able to induce wage...

Persistent link: https://www.econbiz.de/10012779237

Robust Monetary Rules under Unstructured and Structured Model Uncertainty

Levine, Paul - 2008

This paper compares two contrasting approaches to robust monetary policy design. The first developed by Hansen and Sargent (2003, 2007) assumes unstructured model uncertainty and uses a minimax robustness criterion to design monetary rules. This contrasts with an older literature that structures...

Persistent link: https://www.econbiz.de/10012772044

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

Monetary and Fiscal Policy Interactions in a New Keynesian Model with Capital Accumulation and Non-Ricardian Consumers

Leith, Campbell; von Thadden, Leopold - 2021

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...

Persistent link: https://www.econbiz.de/10013317567

Counter-Cyclical Fiscal Rules and the Zero Lower Bound

Hauptmeier, Sebastian; Kamps, Christophe; Radke, Lucas - 2022

We analyse the effectiveness of optimal simple and implementable monetary and fiscal policy rules in stabilising economic activity, inflation and government debt in face of an occasionally binding lower bound on the nominal interest rate in a New Keynesian model. We show that, within the...

Persistent link: https://www.econbiz.de/10014078327

Risk Sharing and Monetary Policy Transmission

Hauptmeier, Sebastian; Holm-Hadulla, Federic; Renault, … - 2022

Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the … real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in … output. With strong risk sharing, the response is attenuated, and output reverts to its initial level over the medium term …

Persistent link: https://www.econbiz.de/10014242298

Openness and Optimal Monetary Policy

Lombardo, Giovanni - 2010

We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...

Persistent link: https://www.econbiz.de/10013135279

1
2
3
4
5
6
7
8
9
10
Next
Last