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Habit Persistence, Non-Separability between Consumption and Leisure, or Rule-of-Thumb Consumers : Which Accounts for the Predictability of Consumption Growth?

Kiley, Michael T. - 2007

Consumption growth is predictable, a basic violation of the permanent-income hypothesis. This paper examines three … possible explanations: rule-of-thumb behavior, in which households allow consumption to track per-period income flows rather … than permanent income; habit persistence; and non-separability in preferences over consumption and leisure. The data appear …

Persistent link: https://www.econbiz.de/10014222407

Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10012459364

What macroeconomic conditions lead financial crises?

Kiley, Michael T. - 2018 - Version 6

Research has suggested that a rapid pace of nonfinancial borrowing reliably precedes financial crises, placing the pace of debt growth at the center of frameworks for the deployment of macroprudential policies. I reconsider the role of asset-prices and current account deficits as leading...

Persistent link: https://www.econbiz.de/10011932225

Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

Mishkin, Frederic S. - 2001

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It...

Persistent link: https://www.econbiz.de/10012470642

An integrated view of tests of rationality, market efficiency and the short-run neutrality of monetary policy

Abel, Andrew B.; Mishkin, Frederic S. - In: Journal of monetary economics 11 (1983) 1, pp. 3-24

Persistent link: https://www.econbiz.de/10001803619

International experiences with different monetary policy regimes

Mishkin, Frederic S. - In: Journal of monetary economics 43 (1999) 3, pp. 579-605

Persistent link: https://www.econbiz.de/10001447670

How Has the Monetary Transmission Mechanism Evolved Over Time?

Boivin, Jean - 2011

We discuss the evolution in macroeconomic thought on the monetary policy transmission mechanism and present related empirical evidence. The core channels of policy transmission - the neoclassical links between short-term policy interest rates, other asset prices such as long-term interest rates,...

Persistent link: https://www.econbiz.de/10013128627

Exchange Rates, Monetary Policy Statements, and Uncovered Interest Parity : Before and after the Zero Lower Bound

Kiley, Michael T. - 2013

While uncovered interest parity (UIP) fails unconditionally, UIP conditional on monetary policy actions remains a cornerstone of macroeconomic models used for monetary policy analysis. We posit that monetary policy actions are partially revealed by FOMC statements and propose a new...

Persistent link: https://www.econbiz.de/10013083657

Monetary Policy Statements, Treasury Yields, and Private Yields : Before and after the Zero Lower Bound

Kiley, Michael T. - 2013

Monetary policy actions since 2008 have influenced long-term interest rates through forward guidance and quantitative easing - both "unconventional" strategies. We examine whether the effect of such actions on Treasury yields have passed through to private yields to a degree comparable to...

Persistent link: https://www.econbiz.de/10013083658

The Response of Equity Prices to Movements in Long-Term Interest Rates Associated with Monetary Policy Statements : Before and after the Zero Lower Bound

Kiley, Michael T. - 2013

Monetary policy actions since 2008 have influenced long-term interest rates through forward guidance and quantitative easing. We propose a strategy to identify the comovement between interest rate and equity price movements induced by monetary policy when an observable representing policy...

Persistent link: https://www.econbiz.de/10013083659