Although the concept of monetary policy lag has historical roots deep in the monetary economics literature, relatively … explicitly taking into account the lagged effect of monetary policy and characterize the optimal monetary policy reaction …-run stabilization cost to the central bank by explicitly taking into account the lagged effect of monetary policy. It turns out that, in …

solution to exist. The paper then applies the methodto answer a question of interest to policy-makers: does optimal policy … optimal policy under commitment does not lead to price level stationarity in the Smets and Wouters (2003) model. -- Monetary … policy framework …

target deviations and by identifying the empirical determinants of successful monetary policy under IT. We find that part of … targets ; Monetary policy framework …

movements in administered interest rates (part of the People's Bank of China's monetary policy toolkit) are important …-term interbank rates to play a more effective role as the primary indirect monetary policy tool. …

the early 1990s acted as the catalyst for enhanced transparency and communications in the conduct of monetary policy. In … monetary policy and financial stability communications, including markedly the emergence of extraordinary forward guidance as a … distinct policy tool under unconventional monetary policies. Drawing on the record to-date at major central banks, as well as …

Press releases announcing and explaining monetary policy decisions play a critical role in the communication strategy … of Canada (the G7 central bank that had to rely the least on unconventional monetary policy following the global … financial crisis and has therefore broadly continued standard monetary policy communications), the paper shows that press …

The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In …

inflation expectations in IT countries are substantially better anchored than those in the control group, policy rates in IT …

a shock that leaves the policy rate unchanged, which allows us to characterize the macroeconomic consequences of a … decline in the yield spread induced by central banks' asset purchases within an environment in which the policy rate is … suggest that U.S. and U.K. unconventional monetary policy actions have averted significant risks both of deflation and of …

We compare the performance of alternative monetary policy frameworks (inflation targeting, average inflation targeting …