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Nature of Oil Price Shocks and Monetary Policy
Lee, Junhee - 2009
oil price is induced by the increase in oil demand in contrast to the previous years when oil price run-up is mostly from …
Persistent link: https://www.econbiz.de/10013156546
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Emu : Ready, or Not?
Obstfeld, Maurice - 2021
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10013235280
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Monetary-Fiscal Interactions and the Euro Area's Malaise
Jarocinski, Marek - 2017
When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent...
Persistent link: https://www.econbiz.de/10012948448
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Characteristics of Observed Limit Order Demand and Supply Schedules for Individual Stocks
Kim, Jung-Wook - 2013
Using complete order books from the Korea Stock Exchange for a four-year period including the 1997 Asian financial … crisis, we observe (not estimate) limit order demand and supply curves for individual stocks. Both curves have demonstrably … and demand elasticities correlate negatively at high frequencies. That is, when a stock exhibits an unusually elastic …
Persistent link: https://www.econbiz.de/10012753216
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Estimating and Interpreting Forward Interest Rates : Sweden 1992 - 1994
Svensson, Lars E. O. - 2006
The use of forward interest rates as a monetary policy indicator is demonstrated, using Sweden 1992-1994 as an example. The forward rates are interpreted as indicating market expectations of the time- path of future interest rates, future inflation rates, and future currency depreciation rates....
Persistent link: https://www.econbiz.de/10012783966
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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
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The Information in the High Yield Bond Spread for the Business Cycle : Evidence and Some Implications
Gertler, Mark; Lown, Cara S. - 2021
The market for high yield (below investment-grade) corporate bonds developed in the middle 1980s. We show that, since this time, the high yield spread has had significant explanatory power for the business cycle. We interpret this finding as possibly symptomatic of financial factors at work in...
Persistent link: https://www.econbiz.de/10013215696
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Inflation Indicators and Inflation Policy
Cecchetti, Stephen G. - 2021
In recent years, central bankers throughout the world have advocated that monetary policy shift toward inflation targeting. Recent actions in the U.S. serve to highlight the desire of the Federal Reserve to keep inflation both low and stable, while downplaying the likely output and employment...
Persistent link: https://www.econbiz.de/10013216862
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Measuring Monetary Policy
Bernanke, Ben; Mihov, Ilian - 2021
Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christiano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a 'semi-structural' VAR approach, which extracts...
Persistent link: https://www.econbiz.de/10013218416
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Indicator Variables for Optimal Policy Under Asymmetric Information
Svensson, Lars E. O.; Woodford, Michael - 2021
The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. The private sector is assumed to have information about the state of the...
Persistent link: https://www.econbiz.de/10013218510