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The Impact of Monetary Policy Shocks on Commodity Prices
Anzuini, A.; Lombardi, M. J.; Pagano, P. - In: International Journal of Central Banking 9 (2013) 3, pp. 125-150
Global monetary conditions are often cited as a driver of commodity prices. This paper investigates the empirical relationship between U.S. monetary policy and commodity prices by means of a standard VAR system, commonly used in analyzing the effects of monetary policy shocks. The results...
Persistent link: https://www.econbiz.de/10010839276
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Traditional versus New Keynesian Phillips Curves: Evidence from Output Effects
Roeger, Werner; Herz, Bernhard - In: International Journal of Central Banking 8 (2012) 1, pp. 87-109
We identify a crucial difference between the backwardlooking and forward-looking Phillips curve concerning the real output effects of monetary policy shocks. The backwardlooking Phillips curve predicts a strict intertemporal trade-off in the case of monetary shocks: a positive short-run response...
Persistent link: https://www.econbiz.de/10010839283
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Large Excess Reserves in the United States: A View from the Cross-Section of Banks
Ennis, Huberto M.; Wolman, Alexander L. - In: International Journal of Central Banking 11 (2015) 1, pp. 251-289
that reserves were widely distributed, increasing the liquidity position of many banks which, at the same time, were far …
Persistent link: https://www.econbiz.de/10011188956
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Introducing Funding Liquidity Risk in a Macro Stress-Testing Framework
Gauthier, Céline; Souissi, Moez; Liu, Xuezhi - In: International Journal of Central Banking 10 (2014) 4, pp. 105-142
The main contribution of this paper is to introduce a funding liquidity component `a la Morris and Shin (2009) in a … stresstesting framework. As a result, funding liquidity risk arises as an endogenous outcome of the interactions between market … liquidity and solvency risks, and banks’ liquidity profiles. We perform a calibration exercise that highlights the vulnerability …
Persistent link: https://www.econbiz.de/10011188957
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Financial Stability and Central Bank Governance
Koetter, Michael; Roszbach, Kasper; Spagnolo, Giancarlo - In: International Journal of Central Banking 10 (2014) 4, pp. 31-68
The financial crisis has ignited a debate about the appropriate objectives and the governance structure of central banks. We use novel survey data to investigate the relation between these traits and banking system stability, focusing in particular on their role in micro-prudential supervision....
Persistent link: https://www.econbiz.de/10011188963
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How Monetary Policy Is Made: Two Canadian Tales
Siklos, Pierre L.; Neuenkirch, Matthias - In: International Journal of Central Banking 11 (2015) 1, pp. 225-250
We examine policy rate recommendations of the Bank of Canada’s Governing Council (GC) and its shadow, the C.D. Howe Institute’s Monetary Policy Council (MPC). Individual recommendations of the MPC are observed but not those of the GC. Differences in the two committees’ recommendations are...
Persistent link: https://www.econbiz.de/10011188964
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The Comeback of Inflation as an Optimal Public Finance Tool
Bartolomeo, Giovanni Di; Tirelli, Patrizio; Acocella, Nicola - In: International Journal of Central Banking 11 (2015) 1, pp. 43-70
We challenge the widely held belief that New Keynesian models cannot predict optimal positive inflation rates. In fact, interest rates are justified by the Phelps argument that monetary financing can alleviate the burden of distortionary taxation. We obtain this result because, in contrast with...
Persistent link: https://www.econbiz.de/10011188965
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Monetary and Labor Interactions in a Monetary Union
Cuciniello, Vincenzo - In: International Journal of Central Banking 10 (2014) 4, pp. 1-30
A two-country general equilibrium model with large wage setters is developed to investigate the welfare implications of moving from a flexible exchange rate regime to a monetary union. The paper shows that the currency regime not only affects the central bank’s incentive to improve the terms...
Persistent link: https://www.econbiz.de/10011188966
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The Federal Reserve's Balance Sheet and Earnings: A Primer and Projections
Carpenter, Seth; Ihrig, Jane; Klee, Elizabeth; Quinn, Daniel - In: International Journal of Central Banking 11 (2015) 2, pp. 237-283
Over the past few years, the Federal Reserve’s use of unconventional monetary policy tools has received a vast amount of public attention, from discussing how these asset purchases have put downward pressure on longer-term interest rates and thus supported economic activity to evaluating the...
Persistent link: https://www.econbiz.de/10011188967
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Central Banks' Quasi-Fiscal Policies and Inflation
Park, Seok Gil - In: International Journal of Central Banking 11 (2015) 2, pp. 199-236
Although central banks recently expanded their balance sheets by unconventional policy actions, little theory is …
Persistent link: https://www.econbiz.de/10011188969