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Alternative Monetary Policy Rules : A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
McCallum, Bennett T. - 2000
This paper conducts counterfactual historical analysis of several monetary policy rules by contrasting actual settings of instrument variables with values that would have been specified by the rules in response to prevailing conditions. Of particular interest is whether major policy mistakes,...
Persistent link: https://www.econbiz.de/10012471025
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The Gold Standard and the Bank of England in the Crisis of 1847
Dornbusch, Rudiger - 1982
This paper examines the operation of the gold standard and the performance of the Bank of England during the crisis of … external monetary drains,the Bank of England suspended Peel's act and thereby was allowed to issue fiat money without being …
Persistent link: https://www.econbiz.de/10012478066
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Uncovered Interest Parity, Forward Guidance, and the Exchange Rate
Galí, Jordi - 2020
Under uncovered interest parity (UIP), the size of the effect on the real exchange rate of an anticipated change in real interest rate differentials is invariant to the horizon at which the change is expected. Empirical evidence using US, euro area and UK data points to a substantial deviation...
Persistent link: https://www.econbiz.de/10012479321
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US Monetary Policy and International Bond Markets
Gilchrist, Simon - 2019
This paper uses high-frequency financial data to analyze the effects of US monetary policy--during the conventional and unconventional policy regimes--on international bonds markets. We focus on yields of dollar-denominated sovereign bonds issued by more than 90 countries since the early 1990s,...
Persistent link: https://www.econbiz.de/10012479961
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Non-Monetary News in Central Bank Communication
Cieslak, Anna - 2018
We quantify the importance of non-monetary news in central bank communication. Using evidence from four major central …
Persistent link: https://www.econbiz.de/10012480685
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Monetary Policy, Corporate Finance and Investment
Cloyne, James - 2018
We provide new evidence on how monetary policy affects investment and firm finance in the United States and the United Kingdom. Younger firms paying no dividends exhibit the largest and most significant change in capital expenditure - even after conditioning on size, asset growth, Tobin's Q,...
Persistent link: https://www.econbiz.de/10012481014
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Fifty Shades of QE : Conflicts of Interest in Economic Research
Fabo, Brian - 2020
research findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative … easing (QE). We find that central bank papers report larger effects of QE on output and inflation. Central bankers are also …-veals substantial involvement of bank management in research production …
Persistent link: https://www.econbiz.de/10012481153
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Inflation Targeting
Svensson, Lars E.O. - 2010
Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflation target, an implementation of monetary policy that gives a major role to an inflation forecast and has been called forecast targeting, and a high degree of transparency and accountability....
Persistent link: https://www.econbiz.de/10012462017
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The Great Inflation in the United States and the United Kingdom : Reconciling Policy Decisions and Data Outcomes
DiCecio, Riccardo - 2009
We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an explanation valid for both countries. The explanation does not appeal to common shocks or to exchange rate linkages, but to the common doctrine underlying the systematic monetary...
Persistent link: https://www.econbiz.de/10012463753
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Euro Membership as a U.K. Monetary Policy Option : Results from a Structural Model
DiCecio, Riccardo - 2009
Developments in open-economy modeling, and the accumulation of experience with the monetary policy regimes prevailing in the United Kingdom and the euro area, have increased our ability to evaluate the effects that joining monetary union would have on the U.K. economy. This paper considers the...
Persistent link: https://www.econbiz.de/10012463754