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The Zero Interest Rate Floor (ZIF) and its Implications for Monetary Policy in Japan
Laxton, Douglas - 2001
(ZIF) for the design of monetary policy in Japan. Similar to findings in other studies, targeting rates of inflation lower …
Persistent link: https://www.econbiz.de/10014401235
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The costs of macroprudential deleveraging in a liquidity trap
Chen, Jiaqian; Finocchiaro, Daria; Lindé, Jesper; … - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012251966
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Monetary Policy and the Lost Decade : Lessons From Japan
Leigh, Daniel - 2009
near the zero bound by studying the experience of Japan during the ""Lost Decade"" which followed the asset-price bubble … collapse in the early 1990s. Estimation results based on a structural model suggest that the Bank of Japan''s interest …
Persistent link: https://www.econbiz.de/10014402365
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Credible Commitment to Optimal Escape from a Liquidity Trap : The Role of the Balance Sheet of an Independent Central Bank
Jeanne, Olivier - 2004
An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation....
Persistent link: https://www.econbiz.de/10014404026
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Euro Area Monetary Policy in Uncharted Waters
Stavrev, Emil - 2009
We analyze the European Central Bank''s (ECB''s) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB''s monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...
Persistent link: https://www.econbiz.de/10014402463
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Distributional effects of monetary policy
Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...
Persistent link: https://www.econbiz.de/10012605530
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Market power and monetary policy transmission
Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes … - 2021
We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock...
Persistent link: https://www.econbiz.de/10012605640
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Demographics and the natural rate of interest in Japan
Han, Fei - 2019
Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation … expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the … impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on …
Persistent link: https://www.econbiz.de/10012009291
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Pushed past the limit? : how Japanese banks reacted to negative interest rates
Hong, Gee Hee; Kandrac, John - 2018
In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan …
Persistent link: https://www.econbiz.de/10011878753
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One money, many markets : monetary transmission and housing financing in the euro area
Corsetti, Giancarlo; Duarte, Joao B.; Mann, Samuel - 2020
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012252067