Similar Search Results

Congestion in onboarding workers and sticky R&D

Bloesch, Justin; Weber, Jacob P. - 2023

R&D investment spending exhibits a delayed and hump-shaped response to shocks. We show in a simple partial equilibrium model that rapidly adjusting R&D investment is costly if the probability of converting new hires into productive R&D workers ("onboarding") is decreasing in the number of new...

Persistent link: https://www.econbiz.de/10014425856

Central bank liquidity provision, risk-taking and economic efficiency

Bindseil, Ulrich; Jabłecki, Juliusz - 2013

Persistent link: https://www.econbiz.de/10009766427

Risk Management in action : robust monetary policy rules under structured uncertainty

Levine, Paul; McAdam, Peter; Pearlman, Joseph; Pierse, … - 2008

Recent interest in "Risk Management"has highlighted the relevance of Bayesian analysis for robust monetary …

Persistent link: https://www.econbiz.de/10003747990

Optimal discretionary policy and uncertainty about inflation persistence

Moessner, Richhild (contributor) - 2005

This paper studies optimal discretionary policy with parameter uncertainty about inflation inertia. Optimal policy rules and impulse responses are presented within a hybrid New-Keynesian model estimated for the euro area by Smets (2003). We find that it may be optimal for policy to respond more...

Persistent link: https://www.econbiz.de/10003208613

International monetary policy coordination and financial market integration

Sutherland, Alan (contributor) - 2002

Persistent link: https://www.econbiz.de/10001702821

Tracking global economic uncertainty : implications for the euro area

Bobasu, Alina; Geis, André; Quaglietti, Lucia; Ricci, … - 2021

This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the methodology proposed by Jurado et al. (2015) and estimate global as well as country-specific measures of economic uncertainty for fifteen key euro area trade partners and the euro...

Persistent link: https://www.econbiz.de/10012503567

Modelling and forecasting the Yield Curve under Model uncertainty

Donati, Paola (contributor); Donati, Francesco (contributor) - 2008

This paper proposes a procedure to investigate the nature and persistence of the forces governing the yield curve and to use the extracted information for forecasting purposes. The latent factors of a model of the Nelson-Siegel type are directly linked to the maturity of the yields through the...

Persistent link: https://www.econbiz.de/10003782668

Uncertainty shocks, monetary policy and long-term interest rates

Amisano, Gianni; Tristani, Oreste - 2019

, or "uncertainty shocks", are an important model ingredient. First, they account for countercyclical movements in risk … changes in both risk-premia and expected future real rates, uncertainty shocks account for about 1/2 of the variance of long …

Persistent link: https://www.econbiz.de/10012009116

Risk endogeneity at the lender/investor-of-last-resort

Caballero, Diego; Lucas, André; Schwaab, Bernd; Zhang, Xin - 2019

We address the question to what extent a central bank can de-risk its balance sheet by unconventional monetary policy … operations. To this end, we propose a novel risk measurement framework to empirically study the time-variation in central bank … generated beneficial risk spill-overs across monetary policy operations, causing overall risk to be nonlinear in exposures. Some …

Persistent link: https://www.econbiz.de/10011959298

The optimal supply of central bank reserves under uncertainty

Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023 - Revised December 2023

This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...

Persistent link: https://www.econbiz.de/10014426250

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