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Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001
Christiano, Lawrence J. - 2008
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012773305
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Quantitative Easing : A Rationale and Some Evidence from Japan
Wieland, Volker - 2010
of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …
Persistent link: https://www.econbiz.de/10013149980
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Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?
Friedman, Benjamin M. - 2010
-system, or Japan. Structural estimates of banks' reserve demand, at a frequency corresponding to the required reserve maintenance … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …
Persistent link: https://www.econbiz.de/10013141286
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Monetary Policy and Stock Market Booms
Christiano, Lawrence J. - 2010
Historical data and model simulations support the following conclusion. Inflation is low during stock market booms, so that an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy. Adjustments to the interest rate rule can remove this...
Persistent link: https://www.econbiz.de/10013137616
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Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model
Schmitt-Grohé, Stephanie - 2009
This paper characterizes Ramsey-optimal monetary policy in a medium-scale macroeconomic model that has been estimated to fit well postwar U.S.\ business cycles. We find that mild deflation is Ramsey optimal in the long run. However, the optimal inflation rate appears to be highly sensitive to...
Persistent link: https://www.econbiz.de/10012767470
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How Important is Money in the Conduct of Monetary Policy?
Woodford, Michael - 2007
I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation of the 1970s....
Persistent link: https://www.econbiz.de/10012776198
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Optimal Inflation and the Identification of the Phillips Curve
McLeay, Michael; Tenreyro, Silvana - 2022
Several academics and practitioners have pointed out that inflation follows a seemingly exogenous statistical process, unrelated to the output gap, leading some to argue that the Phillips curve has weakened or disappeared. In this paper we explain why this seemingly exogenous process arises, or,...
Persistent link: https://www.econbiz.de/10013324658
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The Reversal Interest Rate
Brunnermeier, Markus K. - 2019
The “reversal interest rate” is the rate at which accommodative monetary policy reverses its intended effect and becomes contractionary for lending. It occurs when banks' asset revaluation from duration mismatch is more than offset by decreases in net interest income on new business,...
Persistent link: https://www.econbiz.de/10012895911
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Monetary Policy Strategy : How Did We Get Here?
Mishkin, Frederic S. - 2010
This paper, which is the introductory chapter in my book, quot;Monetary Policy Strategyquot;, forthcoming from MIT Press, outlines how thinking in academia and central banks about monetary policy strategy has evolved over time. It shows that six ideas that are now accepted by monetary...
Persistent link: https://www.econbiz.de/10012760655
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The Greenspan Era : Discretion, Rather than Rules
Friedman, Benjamin M. - 2010
What stands out in retrospect about U.S. monetary policy during the Greenspan Era is the ongoing movement away from mechanistic restrictions on the conduct of policy, together with a willingness on occasion to depart even from what more flexible guidelines dictated by contemporary conventional...
Persistent link: https://www.econbiz.de/10012761683