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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

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

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

Karl Brunner and U.K. monetary debate

Nelson, Edward - 2018

analysis and control of inflation-an approach supported by leading U.K. Keynesians. In the early 1980s, Brunner had direct …

Persistent link: https://www.econbiz.de/10012016810

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

Pandemic Recession Dynamics : The Role of Monetary Policy in Shifting a U-Shaped Recession to a V-Shaped Rebound

Kiley, Michael T. - 2020

COVID-19 has depressed economic activity around the world. The initial contraction may be amplified by the limited space for conventional monetary policy actions to support recovery implied by the low level of nominal interest rates recently. Model simulations assuming an initial contraction in...

Persistent link: https://www.econbiz.de/10014048734

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

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

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

Financial Stability Considerations for Monetary Policy : Theoretical Mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022

prices, and depresses economic activity and inflation. Finally, monetary policy may affect the buildup of vulnerabilities …

Persistent link: https://www.econbiz.de/10013300269