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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment: Evidence for the Euro Area
Belke, Ansgar H.; Frenzel Baudisch, Coletta; Göcke, … - 2019
uncertainty effects in investment decisions, e.g. by risk premia. … impact of changes in the interest rate on macroeconomic investment under certainty and under uncertainty to investigate … whether uncertainty over future interest rates in the Euro area hampers monetary policy transmission. In this non-linear model …
Persistent link: https://www.econbiz.de/10012141204
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Distributional Effects of Monetary Policy in Emerging Market Economies
Prasad, Eswar; Zhang, Boyang - 2015
We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...
Persistent link: https://www.econbiz.de/10011307491
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The impact of labor markets on the transmission of monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2005
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...
Persistent link: https://www.econbiz.de/10010267340
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Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
Allen, Sarah; Capkun, Srdjan; Eyal, Ittay; Fanti, Giulia; … - 2020
Central banks around the world are exploring and in some cases even piloting Central Bank Digital Currencies (CBDCs). CBDCs promise to realize a broad range of new capabilities, including direct government disbursements to citizens, frictionless consumer payment and money-transfer systems, and a...
Persistent link: https://www.econbiz.de/10012270213
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Assessing Australian Monetary Policy in the Twenty-First Century
Gross, Isaac; Leigh, Andrew - 2022
Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the...
Persistent link: https://www.econbiz.de/10013426410
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Institute for the Study of Labor (IZA) - 2005
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New- Keynesian closed economy...
Persistent link: https://www.econbiz.de/10005762079
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Causal effects of monetary shocks: semiparametric conditional independence tests with a multinomial propensity score
Angrist, Joshua D.; Kuersteiner, Guido M. - 2008
dependent data and allowing for first-step estimation of the propensity score. …
Persistent link: https://www.econbiz.de/10010270625
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Deriving the New Quantity Equation: An Approach for a Closed and an Open Economy
Welfens, Paul J. J. - 2014
This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...
Persistent link: https://www.econbiz.de/10010398364
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Labor Search and Matching in Macroeconomics
Yashiv, Eran - Institute for the Study of Labor (IZA) - 2007
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What...
Persistent link: https://www.econbiz.de/10005822179
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Deriving the New Quantity Equation: An Approach for a Closed and an Open Economy
Welfens, Paul J. J. - Institute for the Study of Labor (IZA) - 2014
This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...
Persistent link: https://www.econbiz.de/10010891175