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Federal Reserve Private Information and the Behavior of Interest Rates

Romer, Christina; Romer, David - 2021

Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about … inflation beyond what is known to commercial forecasters. We also provide evidence that monetary policy actions provide signals …

Persistent link: https://www.econbiz.de/10013218719

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

Hamilton, James D. - 2011

This paper reviews alternative options for monetary policy when the short-term interest rate is at the zero lower bound and develops new empirical estimates of the effects of the maturity structure of publicly held debt on the term structure of interest rates. We use a model of risk-averse...

Persistent link: https://www.econbiz.de/10013127013

Monetary Policy with Interest on Reserves

Cochrane, John H. - 2014

determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy … can peg the nominal rate, and determine expected inflation. With sticky prices, monetary policy can also affect real … interest rates and output, though higher interest rates raise output and then inflation. The conventional sign requires a …

Persistent link: https://www.econbiz.de/10013044987

Optimal Interest-Rate Rules in a Forward-Looking Model, and Inflation Stabilization Versus Price-Level Stabilization

Giannoni, Marc Paolo - 2010

This paper characterizes the properties of various interest-rate rules in a basic forward-looking model. We compare simple Taylor rules and rules that respond to price-level fluctuations (called Wicksellian rules). We argue that by introducing an appropriate amount of history dependence in...

Persistent link: https://www.econbiz.de/10013143464

Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In...

Persistent link: https://www.econbiz.de/10013141286

To Cut or Not to Cut? That is the (Central Bank’s) Question : In Search of the Neutral Interest Rate in Latin America

Magud, Nicolas - 2012

-fledged inflation targeting regimes in place or have recently adopted them, using an array of methodologies commonly used in the … that the interest rate gap can be a good predictor of future inflation dynamics and economic growth. In addition, looking …

Persistent link: https://www.econbiz.de/10013099302

Negative Nominal Interest Rates : Three Ways to Overcome the Zero Lower Bound

Buiter, Willem H. - 2010

The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...

Persistent link: https://www.econbiz.de/10013152378

To Cut or Not to Cut? That is the (Central Bank’s) Question in Search of the Neutral Interest Rate in Latin America

Magud, Nicolas - 2013

Persistent link: https://www.econbiz.de/10013083629

Pride Goes Before a Fall : Federal Reserve Policy and Asset Markets

Reinhart, Carmen M. - 2011

that modest alterations to monetary policy have vast consequences is inconsistent with theory and not supported by evidence …

Persistent link: https://www.econbiz.de/10013129137

Money, Interest and Prices

Fischer, Stanley - 2021

Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...

Persistent link: https://www.econbiz.de/10013230788