Similar Search Results

Household Balance Sheet Channels of Monetary Policy : A Back of the Envelope Calculation for the Euro Area

Slacalek, Jiri - 2020

This paper formulates a back of the envelope approach to study the effects of monetary policy on household consumption expenditures. We analyze several transmission mechanisms operating through direct, partial equilibrium channels--intertemporal substitution and net interest rate exposure--and...

Persistent link: https://www.econbiz.de/10012479154

On the Need for a New Approach to Analyzing Monetary Policy

Atkeson, Andrew - 2008

We present a pricing kernel that summarizes well the main features of the dynamics of interest rates and risk in postwar U.S. data and use it to uncover how the pricing kernel has moved with the short rate in this data. Our findings imply that standard monetary models miss an essential link...

Persistent link: https://www.econbiz.de/10012464388

The Power of Forward Guidance Revisited

McKay, Alisdair - 2015

In recent years, central banks have increasingly turned to "forward guidance" as a central tool of monetary policy, especially as interest rates around the world have hit the zero lower bound. Standard monetary models imply that far future forward guidance is extremely powerful: promises about...

Persistent link: https://www.econbiz.de/10012457784

Welfare and Macroeconomic Interdependence

Corsetti, Giancarlo - 1997

The paper develops a simple choice-theoretic model suitable for carrying out welfare" analyses of the international transmission of monetary and fiscal policies. The model can be" solved in closed form and illustrated in terms of the simplest graphical apparatus provide the analysis of...

Persistent link: https://www.econbiz.de/10012472506

Does Inflation Targeting Increase Output Volatility? An International Comparison of Policymakers' Preferences and Outcomes

Cecchetti, Stephen G. - 1999

Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation variability, forcing central bankers to make a choice. Differences in the degree of accommodation of shocks lead to disparate variability outcomes, revealing national central...

Persistent link: https://www.econbiz.de/10012471355

Analysis of the Monetary Transmission Mechanism : Methodological Issues

McCallum, Bennett T. - 1999

This paper argues that, in studying the monetary policy transmission process, more emphasis should be given to the systematic portion of policy behavior and correspondingly less to random shocks basically because shocks account for a very small fraction of policy-instrument variability. Analysis...

Persistent link: https://www.econbiz.de/10012471390

The Phillips Curve is Back? Using Panel Data to Analyze the Relationship Between Unemployment and Inflation in an Open Economy

DiNardo, John - 1999

Expanding on an approach suggested by Ashenfelter (1984), we extend the Phillips curve to an open economy and exploit panel data to estimate the textbook 'expectations augmented' Phillips curve with a market-based and observable measure of inflation expectations. We develop this measure using...

Persistent link: https://www.econbiz.de/10012471456

New Directions for Stochastic Open Economy Models

Obstfeld, Maurice - 1999

rigidities than with a popular alternative based on local-currency pricing …

Persistent link: https://www.econbiz.de/10012471471

The Science of Monetary Policy : A New Keynesian Perspective

Clarida, Richard - 1999

This paper reviews the recent literature on monetary policy rules. We exploit the monetary policy design problem within a simple baseline theoretical framework. We then consider the implications of adding various real world complications. Among other things, we show that the optimal policy...

Persistent link: https://www.econbiz.de/10012471647

Monetary-Based Asset Pricing : A Mixed-Frequency Structural Approach

Bianchi, Francesco; Ludvigson, Sydney C.; Ma, Sai - National Bureau of Economic Research - 2022

We integrate a high-frequency monetary event study into a mixed-frequency macro-finance model and structural estimation …. The model and estimation allow for jumps at Fed announcements in investor beliefs, providing granular detail on why … financial market risk. However, the structural estimation also finds that much of the causal impact of monetary policy on …

Persistent link: https://www.econbiz.de/10013210100

1
2
3
4
5
6
7
8
Next
Last