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Long-Run Determinants of Inflation Differentials in a Monetary Union
Altissimo, Filippo; Benigno, Pierpaolo; … - 2021
This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at … establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main … the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely …
Persistent link: https://www.econbiz.de/10013229085
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Putting 'M' Back in Monetary Policy
Leeper, Eric M.; Roush, Jennifer E. - 2021
the money market and finds evidence of an essential role for money in the transmission of policy. Across sub-samples, it …
Persistent link: https://www.econbiz.de/10013248229
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Monetary Stimulus Amidst the Infrastructure Investment Spree : Evidence from China's Loan-Level Data
Chen, Kaiji; Gao, Haoyu; Higgins, Patrick C.; Waggoner, … - 2022
We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit allocation. We develop a two-stage estimation approach and apply it to China's loan-level data that covers all sectors in the economy. We find that except for the manufacturing sector,...
Persistent link: https://www.econbiz.de/10013289458
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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
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E. O. - 2021
This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …
Persistent link: https://www.econbiz.de/10013312477
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Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the Target2 Debate
Eichengreen, Barry - 2014
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10013051745
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Seigniorage in Europe
Grilli, Vittorio - 2021
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...
Persistent link: https://www.econbiz.de/10013248704
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Measuring the Fed'S Revenue from Money Creation
Barro, Robert J. - 2021
The national accounts include the Fed's payments to the Treasury as a component of corporate taxes. These payments constituted 22% of reported corporate profits taxes in 1981. This paper discusses alternative concepts of inflationary finance. Measures for these concepts are reported for the...
Persistent link: https://www.econbiz.de/10013225598
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Credit Traps
Benmelech, Efraim - 2010
This paper studies the limitations of monetary policy transmission within a credit channel frame- work. We show that, under certain circumstances, the credit channel transmission mechanism fails in that liquidity injections by the central bank into the banking sector are hoarded and not lent...
Persistent link: https://www.econbiz.de/10013140991
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Globalization and Monetary Control
Woodford, Michael - 2007
central banks to control inflation within their borders, at least in the absence of coordination of policy with other central … the ability of monetary policy to control inflation: by making liquidity premia a function of quot;global liquidityquot … the form of the three structural equations of a basic model of the monetary transmission mechanism: the LM equation, the …
Persistent link: https://www.econbiz.de/10012776195