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Monetary Policy, Bond Risk Premia, and the Economy

Ireland, Peter N. - 2015

attributable to changing expected future short rates versus risk premia. The estimated model highlights a broad range of channels … through which monetary policy affects risk premia and the economy, risk premia affect monetary policy and the economy, and the … economy affects monetary policy and risk premia …

Persistent link: https://www.econbiz.de/10013015094

A Classical View of the Business Cycle

Belongia, Michael - 2020

In the 1920s, Irving Fisher extended his previous work on the Quantity Theory to describe, through an early version of …

Persistent link: https://www.econbiz.de/10012839715

Circumventing the Zero Lower Bound with Monetary Policy Rules Based on Money

Belongia, Michael T. - 2017

Discussions of monetary policy rules after the 2007-2009 recession highlight the potential ineffectiveness of a central bank's actions when the short-term interest rate under its control is limited by the zero lower bound. This perspective assumes, in a manner consistent with the canonical New...

Persistent link: https://www.econbiz.de/10012963170

Interest Rates and Money in the Measurement of Monetary Policy

Belongia, Michael T. - 2014

Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies. In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid...

Persistent link: https://www.econbiz.de/10013053840

Endogenous Money or Sticky Prices?

Ireland, Peter N. - 2021

What explains the correlations between nominal and real variables in the postwar US data? Are these correlations indicative of significant nominal price rigidity? Or do they simply reflect the particular way that monetary policymakers react to developments in the real economy? To answer these...

Persistent link: https://www.econbiz.de/10013244878

Expectations, Credibility, and Time-Consistent Monetary Policy

Ireland, Peter N. - 2021

This paper addresses the problem of multiple equilibria in a model of time-consistent monetary policy. It suggests that this problem originates in the assumption that agents have rational expectations and proposes several alternative restrictions on expectations that allow the monetary authority...

Persistent link: https://www.econbiz.de/10013234370

Implementing the Friedman Rule

Ireland, Peter N. - 2021

In cash-in-advance models, necessary and sufficient conditions for the existence of an equilibrium with zero nominal interest rates and Pareto optimal allocations place restrictions mainly on the very long-run, or asymptotic, behavior of the money supply. When these asymptotic conditions are...

Persistent link: https://www.econbiz.de/10013216843