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Semiparametric Estimates of Monetary Policy Effects: String Theory Revisited
Angrist, Joshua; Jorda, Oscar; Kuersteiner, Guido M. - National Bureau of Economic Research (NBER) - 2013
We develop a flexible semiparametric time series estimator that is then used to assess the causal effect of monetary policy interventions on macroeconomic aggregates. Our estimator captures the average causal response to discrete policy interventions in a macro-dynamic setting, without the need...
Persistent link: https://www.econbiz.de/10010969232
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Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers
Clarida, Richard H. - National Bureau of Economic Research (NBER) - 2014
This paper reviews and interprets some of the key policy implications that flow from a class of DSGE models for optimal monetary policy in the open economy. The framework suggests that good macroeconomic outcomes in open economies are possible by focusing inflation targeting that is implemented...
Persistent link: https://www.econbiz.de/10010969375
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Interest Rates and Money in the Measurement of Monetary Policy
Ireland, Peter; Belongia, Michael T. - National Bureau of Economic Research (NBER) - 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/10010950639
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An Empirical Analysis of the Fed's Term Auction Facility
Benmelech, Efraim - National Bureau of Economic Research (NBER) - 2012
mismatch in their balance sheets. The data suggest that foreign banks had to borrow from the Federal Reserve Bank to meet their …
Persistent link: https://www.econbiz.de/10010950874
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Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has It Changed the Theory of Monetary Policy?
Friedman, Benjamin M. - National Bureau of Economic Research (NBER) - 2014
the central bank's balance sheet as a distinct tool of monetary policy - is likely to become part of the standard toolkit … focused on central banks' liabilities, the basis for the effectiveness of central bank asset purchases turns on the role of … the asset side of the central bank's balance sheet. The implications for monetary theory are profound. …
Persistent link: https://www.econbiz.de/10010950954
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The Bond Market: An Inflation-Targeter's Best Friend
Rose, Andrew - National Bureau of Economic Research (NBER) - 2014
This paper explores the relationship between inflation and the existence of a publicly-traded, long-maturity, nominal, domestic-currency bond market. Bond holders suffer from inflation and could be a potent anti-inflationary force; I ask whether their presence is apparent empirically. I use a...
Persistent link: https://www.econbiz.de/10010951071
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Optimal Taylor Rules in New Keynesian Models
House, Christopher; Boehm, Christoph E. - National Bureau of Economic Research (NBER) - 2014
We analyze the optimal Taylor rule in a standard New Keynesian model. If the central bank can observe the output gap … from the central bank's targets. If it observes inflation and the output gap with error, the central bank will temper its … smoothing component. Under such a Taylor rule, if the central bank is behaving optimally, the estimates of inflation and the …
Persistent link: https://www.econbiz.de/10010951201
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Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
Benhabib, Jess; Evans, George William; Honkapohja, … - National Bureau of Economic Research (NBER) - 2012
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after...
Persistent link: https://www.econbiz.de/10011271457
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The Macroeconomic Effects of Interest on Reserves
Ireland, Peter - National Bureau of Economic Research (NBER) - 2012
This paper uses a New Keynesian model with banks and deposits to study the macroeconomic effects of policies that pay interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the way that the monetary authority manages the supply of...
Persistent link: https://www.econbiz.de/10011262796
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Trade Dynamics in the Market for Federal Funds
Lagos, Ricardo; Afonso, Gara - National Bureau of Economic Research (NBER) - 2014
We develop a model of the market for federal funds that explicitly accounts for its two distinctive features: banks have to search for a suitable counterparty, and once they meet, both parties negotiate the size of the loan and the repayment. The theory is used to answer a number of positive and...
Persistent link: https://www.econbiz.de/10011262797