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Lessons from the Swedish Experience with Negative Central Bank Rates
Andersson, Fredrik N. G.; Jonung, Lars - 2020
Negative interest rates were once seen as impossible outside the realm of economic theory. However, several central banks have recently adopted negative policy rates. The Federal Reserve is coming under increasing pressure to follow suit in the wake of the coronavirus crisis. This paper...
Persistent link: https://www.econbiz.de/10013208878
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Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries
Belke, Ansgar; Herz, Bernhard; Vogel, Lukas - 2006
This paper investigates the relationship between the exchange rate regime and the degree of structural reforms using panel data techniques. We look at a broad sample of countries (the "world sample") and also an OECD sample. Our main findings suggest that adopting a fixed exchange rate rule is...
Persistent link: https://www.econbiz.de/10013370046
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Imperfect Central Bank Communication: Information versus Distraction
Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008
benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …
Persistent link: https://www.econbiz.de/10010321593
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Point versus Band Targets for Inflation
Beechey, Meredith; Österholm, Pär - 2018
Inflation targets come in different shapes and sizes. We explore the choice of a point or band target for inflation in a stylised economy in which agents learn about the inflation-generating process. We simulate under two conditions, namely i) a point inflation target and ii) a band inflation...
Persistent link: https://www.econbiz.de/10012654436
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Optimal Monetary Policy When Agents Are Learning
Molnár, Krisztina; Santoro, Sergio - 2010
We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show … order to facilitate private sector learning and thus ease the future intratemporal inflation-output gap trade-offs. The … policy recommendation is robust: the welfare loss entailed by the optimal policy under learning if the private sector …
Persistent link: https://www.econbiz.de/10012143742
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On policy interactions among nations: When do cooperation and commitment matter?
Kempf, Hubert; von Thadden, Leopold - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10010292265
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Greenspan and the Greenbook
Tchaidze, Robert R. - 2002
A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...
Persistent link: https://www.econbiz.de/10010293458
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An inventory of simple monetary policy rules in a new Keynesian macroeconomic model
Lubik, Thomas A.; Marzo, Massimiliano - 2003
We derive necessary and suffcient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The...
Persistent link: https://www.econbiz.de/10010293494
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Lending standards, credit booms and monetary policy
Afanasyeva, Elena; Güntner, Jochen - 2014
This paper investigates the risk channel of monetary policy on the asset side of banks' balance sheets. We use a factoraugmented vector autoregression (FAVAR) model to show that aggregate lending standards of U.S. banks, such as their collateral requirements for firms, are significantly loosened...
Persistent link: https://www.econbiz.de/10011310800
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Effects of monetary policy shocks on UK regional activity: A constrained MFVAR approach
Mandalinci, Zeyyad - 2015
This paper examines the effects of monetary policy shocks on UK regional economic growth and dispersion in a novel Constrained Mixed Frequency Vector Autoregressive framework. Compared to a standard MFVAR, the model partially accounts for missing quarterly observations for regional growth by...
Persistent link: https://www.econbiz.de/10011380981