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Voluntary reserve targets
Baughman, Garth; Carapella, Francesca - 2018
This paper updates the standard workhorse model of banks' reserve management to include frictions inherent to money markets. We apply the model to study monetary policy implementation through an operating regime involving voluntary reserve targets (VRT). When reserves are abundant, as is the...
Persistent link: https://www.econbiz.de/10011932184
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The costs and benefits of liquidity regulations : lessons from an idle monetary policy tool
Curfman, Christopher J.; Kandrac, John - 2019
We investigate how liquidity regulations affect banks by examining a dormant monetary policy tool that functions as a liquidity regulation. Our identification strategy uses a regression kink design that relies on the variation in a marginal high-quality liquid asset (HQLA) requirement around an...
Persistent link: https://www.econbiz.de/10012181216
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The Correlation Between Money and Output in the United Kingdom : Resolution of a Puzzle
Nelson, Edward - 2012
Friedman and Schwartz (1982) and Goodhart (1982) report a zero correlation between money growth and output growth in U.K. historical data. This finding is puzzling, as there is wide agreement that changes in monetary policy are frequently nonneutral in the short run and that the U.K. experience,...
Persistent link: https://www.econbiz.de/10013106773
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Reaffirming the influence of Milton Friedman on U.K. economic policy
Nelson, Edward - 2017
onward of incomes policy as a weapon against inflation, and U.K. officials' repeated appeals to monetary sovereignty when …
Persistent link: https://www.econbiz.de/10011803172
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Assessing the Effects of the Zero-Interest-Rate Policy Through the Lens of a Regime-Switching DSGE Model
Chen, Han - 2014
rates immediately after the 2007-2009 economic recession given the predicted output and inflation, contradictory to the … stimulative effect (on average a 0.12% increase in output growth rate and a 0.9% increase in inflation accumulatively over 20 … model generates an explosive and spurious rise in inflation. Therefore, the regime-switching model I propose is more …
Persistent link: https://www.econbiz.de/10013052892
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The Effects of the Federal Reserve's Date-Based Forward Guidance
Raskin, Matthew - 2013
Between August 2011 and December 2012 the Federal Open Market Committee (FOMC) used date-based forward guidance to help stimulate the U.S. economy and promote its objectives of maximum employment and price stability. Some have argued that the formulation of the guidance that the FOMC used may...
Persistent link: https://www.econbiz.de/10013078392
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Using Federal Funds Futures Contracts for Monetary Policy Analysis
Gürkaynak, Refet S. - 2005
Federal funds futures are popular tools for calculating market-based monetary policy surprises. These surprises are usually thought of as the difference between expected and realized federal funds target rates at the current FOMC meeting. This paper demonstrates the use of federal funds futures...
Persistent link: https://www.econbiz.de/10014062144
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Financial Stability Considerations for Monetary Policy : Theoretical Mechanisms
Ajello, Andrea; Boyarchenko, Nina; Gourio, Francois; … - 2022
prices, and depresses economic activity and inflation. Finally, monetary policy may affect the buildup of vulnerabilities …
Persistent link: https://www.econbiz.de/10013300269
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Non-Linear Phillips Curves with Inflation Regime-Switching
Nalewaik, Jeremy - 2016
Building on the results in Nalewaik (FEDS 2015-93), this work models wage growth and core PCE price inflation as regime … price inflation that becomes much larger after labor markets tighten beyond a certain point. The results are informative for … assessing the likelihood and risks of meeting certain inflation targets on a sustained basis …
Persistent link: https://www.econbiz.de/10013210454
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Price Level Risk and Some Long-Run Implications of Alternative Monetary Policy Strategies
Clouse, James A. - 2020
price level. The analysis compares the properties of optimal policy in regimes ranging from pure inflation targeting (IT …), to a form of weighted-average inflation targeting (WAIT), to pure price level targeting (PLT). Strategies such as WAIT …
Persistent link: https://www.econbiz.de/10014048722