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The International Linkage of Real Interest Rates : The European - U.S. Connection

Cumby, Robert E. - 1984

Casual observation indicates that in recent years real interest rates in the United States appear to have risen sharply and have remained high relative to historical standards. Many observers have claimed that these high real rates have been transmitted abroad and have lead to high real rates in...

Persistent link: https://www.econbiz.de/10012477666

Financial Conditions Indexes : A Fresh Look after the Financial Crisis

Hatzius, Jan - 2010

This paper explores the link between financial conditions and economic activity. We first review existing measures, including both single indicators and composite financial conditions indexes (FCIs). We then build a new FCI that features three key innovations. First, besides interest rates and...

Persistent link: https://www.econbiz.de/10012462507

The Term Structure of Interest Rates and Its Role in Monetary Policy for The European Central Bank

Estrella, Arturo - 1995

This paper examines the relationship of the term structure of interest rates to monetary policy instruments and to subsequent real activity and inflation in both Europe and the United States. The results show that monetary policy is an important determinant of the term structure spread, but it...

Persistent link: https://www.econbiz.de/10012473596

Crunch Time : Fiscal Crises and the Role of Monetary Policy

Greenlaw, David - 2013

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

Persistent link: https://www.econbiz.de/10012459364

International Experiences with Different Monetary Policy Regimes

Mishkin, Frederic S. - 1999

This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...

Persistent link: https://www.econbiz.de/10012471842

Are Real Interest Rates Equal Across Countries? An Empirical Investigation of International Parity Conditions

Mishkin, Frederic S. - 1982

monetary authorities have no control over their real rate relative to the world rate, limiting the impact of their … economy models which allow: 1) domestic real rates to differ from world rates, 2) time varying risk premiums in the forward … policy makers to exertsome control over their domestic real rate relative to those in the rest of the world. However, the …

Persistent link: https://www.econbiz.de/10012478057

Monetary Policy Strategy : Lessons from the Crisis

Mishkin, Frederic S. - 2011

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy...

Persistent link: https://www.econbiz.de/10012461902

Over The Cliff : From the Subprime to the Global Financial Crisis

Mishkin, Frederic S. - 2010

This paper examines what transformed a significant, but relatively mild, financial disruption into a full-fledged financial crisis. It discusses why, although the Lehman Brothers bankruptcy was a key trigger for the global financial crisis, three other events were at least as important: the AIG...

Persistent link: https://www.econbiz.de/10012462048

Does Inflation Targeting Make a Difference?

Mishkin, Frederic S. - 2007

Yes, as inferred from panel evidence for inflation-targeting countries and a control group of high-achieving industrial countries that do not target inflation. Our evidence suggests that inflation targeting helps countries achieve lower inflation in the long run, have smaller inflation response...

Persistent link: https://www.econbiz.de/10012465780

Monetary Policy Strategy : How Did We Get Here?

Mishkin, Frederic S. - 2006

ideas that are now accepted by monetary authorities and governments in almost all countries of the world have led to …

Persistent link: https://www.econbiz.de/10012466151