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Identifying Monetary Policy Shocks Using the Central Bank's Information Set
Bachmann, Ruediger; Gödl-Hanisch, Isabel; Sims, Eric R. - National Bureau of Economic Research - 2021
movements in the policy rate unrelated to economic conditions. We then compute the effects of a monetary policy shock on the … aggregate economy using local projection methods. We find that a contractionary monetary policy shock has a limited negative …
Persistent link: https://www.econbiz.de/10012794600
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The Narrow Channel of Quantitative Easing : Evidence from YCC Down Under
Lucca, David O.; Wright, Jonathan H. - National Bureau of Economic Research - 2022
We study the recent Australian experience with yield curve control (YCC) of government bonds as perhaps the best evidence of how this policy might work in other developed economies. We interpret the evidence with a simple model in which YCC affects prices of both government and other bonds via...
Persistent link: https://www.econbiz.de/10013191066
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Expectations and the Neutrality of Interest Rates
Cochrane, John H. - National Bureau of Economic Research - 2022
Lucas (1972) is the pathbreaking analysis of the neutrality and temporary non-neutrality of money. But our central banks set interest rate targets, and do not even pretend to control money supplies. How is inflation determined under an interest rate target?
Persistent link: https://www.econbiz.de/10013388824
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What about Japan?
Chien, YiLi; Cole, Harold L.; Lustig, Hanno - National Bureau of Economic Research - 2023
As a result of the BoJ's large-scale asset purchases, the consolidated Japanese government borrows mostly at the floating rate from households and invests in longer-duration risky assets to earn an extra 3% of GDP. We quantify the impact of Japan's low-rate policies on its government and...
Persistent link: https://www.econbiz.de/10014436981
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Inflation Past, Present and Future : Fiscal Shocks, Fed Response, and Fiscal Limits
Cochrane, John H. - National Bureau of Economic Research - 2022
Our current inflation stemmed from a fiscal shock. The Fed is slow to react. Why? Will the Fed's slow reaction spur … high real interest rates. Price stickiness means inflation will persist past an initial shock. To reduce inflation, fiscal …
Persistent link: https://www.econbiz.de/10013210124
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Do Monetary Policy Frameworks Matter in Low Income Countries?
Carare, Alina; De Resende, Carlos; Levin, Andrew T.; … - National Bureau of Economic Research - 2021
Microeconomic evidence indicates a very high frequency of price adjustment in low income countries (LICs), raising the question of whether LICs may be reasonably characterized as exhibiting monetary neutrality. To address this question, we analyze a cross-country panel dataset of 79 LICs over...
Persistent link: https://www.econbiz.de/10012496089
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Monetary Policy without Moving Interest Rates : The Fed Non-Yield Shock
Boehm, Christoph E.; Kroner, T. Niklas - National Bureau of Economic Research - 2024
-announcement times. We use a heteroskedasticity-based procedure to estimate a "Fed non-yield shock", which is orthogonal to yield changes … and is identified from excess volatility in the S&P 500 and various dollar exchange rates. A positive non-yield shock …-yield shock is essentially uncorrelated with previous monetary policy shocks and its effects are large in comparison. Its strong …
Persistent link: https://www.econbiz.de/10014576665
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Does Monetary Policy Matter? The Narrative Approach after 35 Years
Romer, Christina; Romer, David - National Bureau of Economic Research - 2023
inflation in the expected directions. Analysis of available policy records suggests that a contractionary monetary shock likely …
Persistent link: https://www.econbiz.de/10014250187
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Managing an Energy Shock : Fiscal and Monetary Policy
Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023
demand. Fiscal policy, especially energy price subsidies, can isolate individual energy importers from the shock, but it has …
Persistent link: https://www.econbiz.de/10014337777
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Oil Prices, Monetary Policy and Inflation Surges
Gagliardone, Luca; Gertler, Mark - National Bureau of Economic Research - 2023
quantitative impact of the oil price shock is a low elasticity of substitution between oil and labor, which we estimate to be the …
Persistent link: https://www.econbiz.de/10014287363