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Changes in central bank procedures during the subprime crisis and their repercussions on monetary theory
Lavoie, Marc - 2010
The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even clearer the deficiencies and lack of realism in mainstream monetary theory, as can be found...
Persistent link: https://www.econbiz.de/10010286547
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The impact of inflation targeting: Testing the good luck hypothesis
Ravenna, Federico - 2007
Over the last twenty years the level and volatility of inflation decreased across industrial countries. The inflation behaviour can be explained by a shift in monetary policy or by a lucky period of low volatility in business cycle shocks. To test theluck hypothesis we examine the inflation...
Persistent link: https://www.econbiz.de/10010285320
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A framework for understanding inflation - with or without money
Bengtsson, Ingemar - 2005
This paper presents a model that pictures how inflation is determined in a decentralized market process where prices are set in both simultaneous and sequential contracts. Price setting is seen as a coordination game between the price setters of sequential contracts. An important property of the...
Persistent link: https://www.econbiz.de/10013208483
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Lessons for Iceland from the Monetary Policy of Sweden
Andersson, Fredrik N. G.; Jonung, Lars - 2018
The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future monetary policy regime of Iceland. Swedish inflation targeting has been a success in terms of reducing inflation and inflation volatility, but real economic volatility is not lower...
Persistent link: https://www.econbiz.de/10013208816
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The Quest for Economic Stability: A Study on Swedish Stabilization Policies 1873–2019
Andersson, Fredrik N. G. - 2020
There is a never-ending quest for a stable economy with full employment and low inflation. Economists have suggested and policymakers have experimented with different fiscal and monetary policy regimes since at least the beginning of the industrial revolution. In this paper, we study Swedish...
Persistent link: https://www.econbiz.de/10013208879
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Monetary policy with reserves and CBDC: Optimality, equivalence, and politics
Niepelt, Dirk - 2020
We analyze policy in a two-tiered monetary system. Noncompetitive banks issue deposits while the central bank issues reserves and a retail CBDC. Monies differ with respect to operating costs and liquidity. We map the framework into a baseline business cycle model with "pseudo wedges" and derive...
Persistent link: https://www.econbiz.de/10012671250
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Can a time-varying equilibrium real interest rate explain the excess sensitivity puzzle?
Alexius, Annika; Welz, Peter - 2006
The strong response of long-term interest rates to macroeconomic shocks has typically been explained in terms of informational asymmetries between the central bank and private agents. The standard models assume that the equilibrium real interest rate is constant over time and independent of...
Persistent link: https://www.econbiz.de/10010321563
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Japan's liquidity trap
Akram, Tanweer - 2016
Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This … paper examines Japan's liquidity trap in light of the structure and performance of the country's economy since the onset of … understanding Japan's liquidity trap but also for formulating and implementing policies that can overcome the liquidity trap and …
Persistent link: https://www.econbiz.de/10011784652
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Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik
Schnabl, Gunther; Sepp, Tim - 2021
Das Papier untersucht die Veränderung der Sparkultur in Japan während mehr als 30 Jahren Niedrig-, Null- und … Kreditvergabe. Es wird gezeigt, wie durch die anhaltend lockere Geldpolitik der Bank von Japan die Sparkultur in Japan grundlegend …
Persistent link: https://www.econbiz.de/10012608397
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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2011
the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links …
Persistent link: https://www.econbiz.de/10010335985