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Interpreting the Unconventional U.S. Monetary Policy of 2007-09

Reis, Ricardo - 2010

This paper reviews the unconventional U.S. monetary policy responses to the financial and real crises of 2007-09, divided into three groups: interest rate policy, quantitative policy, and credit policy. To interpret interest rate policy, it compares the Federal Reserve's actions with the...

Persistent link: https://www.econbiz.de/10012462989

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Christiano, Lawrence - 2007

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012465125

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

Asset Prices and Aggregate Demand in a "Covid-19" Shock : A Model of Endogenous Risk Intolerance and LSAPs

Caballero, Ricardo J. - 2020

In this paper we: (i) provide a model of the endogenous risk intolerance and severe aggregate demand contractions … addressing these contractions. The key mechanism stems from heterogeneous risk tolerance: as a recessionary shock hits the … economy and brings down asset prices, risk-tolerant agents' wealth share declines and their leverage rises endogenously. This …

Persistent link: https://www.econbiz.de/10012482001

Monetary Policy and Innovation

Ma, Yueran; Zimmermann, Kaspar - National Bureau of Economic Research - 2023

We document that monetary policy has a substantial impact on innovation activities. After a tightening shock of 100 basis points, research and development (R&D) spending declines by about 1 to 3 percent and venture capital (VC) investment declines by about 25 percent in the following 1 to 3...

Persistent link: https://www.econbiz.de/10014372455

Inflation and Treasury Convenience

Cieślak, Anna; Li, Wenhao; Pflueger, Carolin E. - National Bureau of Economic Research - 2024

Using a century of data, we show that Treasury convenience yield and inflation comove positively during the inflationary 1970s-1980s, but negatively pre-WWII and post-2000. An inflation decomposition reveals that higher supply inflation predicts higher convenience, while lower demand inflation...

Persistent link: https://www.econbiz.de/10015056207

Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy

Onatski, Alexei - 2000

This paper examines monetary policy in Rudebusch and Svensson's (1999) two equation macroeconomic model when the policymaker recognizes that the model is an approximation and is uncertain about the quality of that approximation. It is argued that the minimax approach of robust control provides a...

Persistent link: https://www.econbiz.de/10012471286

Policymakers' Uncertainty

Cieślak, Anna; Hansen, Stephen; McMahon, Michael; … - National Bureau of Economic Research - 2023

Uncertainty is a ubiquitous concern emphasized by policymakers. We study how uncertainty affects decision-making by the Federal Open Market Committee (FOMC). We distinguish between the notion of Fed-managed uncertainty vis-a-vis uncertainty that emanates from within the economy and which the Fed...

Persistent link: https://www.econbiz.de/10014436980

Optimal interest-rate rules

Giannoni, Marc Paolo; Woodford, Michael - 2002

Persistent link: https://www.econbiz.de/10001731309

How Should Monetary Policy be Conducted in an Era of Price Stability?

Svensson, Lars E.O. - 2000

The paper discusses several issues related to how monetary policy should be conducted in an era of price stability. Low inflation (with base drift in the price level) and price-level stability (without such base drift) are compared, and a suitable loss function (corresponding to flexible...

Persistent link: https://www.econbiz.de/10012471258

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