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Unconventional monetary policy and the Great Recession : estimating the macroeconomic effects of a spread compression at the zero lower bound
Baumeister, Christiane; Benati, Luca - 2012
Federal Reserve's and the Bank of England's asset purchase programs on long-term yield spreads, our counterfactual simulations …
Persistent link: https://www.econbiz.de/10009565855
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Understanding post-COVID inflation dynamics
Harding Affeld, Martín Ignacio; Lindé, Jesper; … - 2022 - Last updated: December 13, 2022
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. The nonlinear Phillips curve in our model arises due to a quasi-kinked demand schedule for goods produced by...
Persistent link: https://www.econbiz.de/10013466150
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Central bank digital currency and transmission of monetary policy
Bhattarai, Saroj; Davoodalhosseini, Seyed Mohammadreza; … - 2024 - Last updated: July 25, 2024
How does the transmission of monetary policy change when a central bank digital currency (CBDC) is introduced in the … economy? Do aspects of CBDC design, such as how substitutable it is with bank deposits and whether it is interest bearing … sector where commercial banks face a leverage constraint. In the model, CBDC and commercial bank deposits can be used as a …
Persistent link: https://www.econbiz.de/10015067114
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Managing GDP tail risk
Duprey, Thibaut; Ueberfeldt, Alexander - 2020 - Last updated: January 28, 2020
We propose a novel framework to analyze how policy-makers can manage risks to the median projection and risks specific to the tail of gross domestic product (GDP) growth. By combining a quantile regression of GDP growth with a vector autoregression, we show that monetary and macroprudential...
Persistent link: https://www.econbiz.de/10012154134
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Monetary policy implementation in a negative rate environment
Boutros, Michael; Witmer, Jonathan - 2017
overnight markets in such an environment, we add the option to exchange central bank reserves for cash to the standard workhorse … implementation framework, such as a tiered remuneration of central bank deposits contingent on cash withdrawals, can work to restore …
Persistent link: https://www.econbiz.de/10011673637
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Starting from a blank page? : semantic similarity in central bank communication and market volatility
Ehrmann, Michael; Talmi, Jonathan - 2016
straightforward to compare statements and see how the central bank's thinking has evolved. This paper studies to what extent such … similarity in central bank statements matters for the reception of their content in financial markets. Using the case of the Bank … of Canada (the G7 central bank that had to rely the least on unconventional monetary policy following the global …
Persistent link: https://www.econbiz.de/10011517131
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The macroeconomic effects of quantitative easing in the Euro area : evidence from an estimated DSGE model
Hohberger, Stefan; Priftis, Romanos; Vogel, Lukas - 2018
the macroeconomic effects of the European Central Bank's (ECB’s) quantitative easing (QE) programme. Using data on …
Persistent link: https://www.econbiz.de/10011804879
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A new measure of monetary policy shocks
Zhang, Xu - 2021 - Last updated: June 21, 2021
Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...
Persistent link: https://www.econbiz.de/10012546138
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Evaluating the effects of forward guidance and large-scale asset purchases
Zhang, Xu - 2021 - Last updated: November 4, 2021
This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler and Karadi (2011,...
Persistent link: https://www.econbiz.de/10012657867
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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada
Champagne, Julien; Sekkel, Rodrigo - 2017
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff …
Persistent link: https://www.econbiz.de/10011777945