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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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A new application of Taylor rules: Model evaluation
Salyer, Kevin; Van Gaasbeck, Kristin - 2000
Taylor rules posit a linear relationship between the output gap, inflation, and short-term nominal interest rates. Previous work has shown that the relationship between these key economic variables as captured by the Taylor rule is quite robust both across countries and monetary policy regimes....
Persistent link: https://www.econbiz.de/10010318600
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Announcements of Interest Rate Forecasts: Do Policymakers Stick to Them?
Mirkov, Nikola; Natvik, Gisle James - 2013
If central banks value the ex-post accuracy of their forecasts, previously announced interest rate paths might affect the current policy rate. We explore whether this "forecast adherence" has influenced the monetary policies of the Reserve Bank of New Zealand and the Norges Bank, the two central...
Persistent link: https://www.econbiz.de/10012143823
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Monetary policy with forward-looking rules: The Swiss case
Cuche, Nicolas A. - 2000
We estimate monetary policy rules in Switzerland for 1981-1997. In addition to an inflation gap, we find that forward-looking rules with output and exchange rate gaps nicely fit monetary aggregates as well as the call rate. We split the sample in 1990 when the Swiss National Bank replaced annual...
Persistent link: https://www.econbiz.de/10011430020
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An institutional analysis of China's reform of their monetary policy framework
He, Zengping; Jia, Genliang - 2019
This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems …. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China … China's Treasury Single Account system. The missing role of the Treasury in monetary policy operations increases the …
Persistent link: https://www.econbiz.de/10012142972
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Sacrifice ratios with long-lived effects
Zhang, Lawrence Huiyan - 2001
This paper contains a theoretical and empirical study of sacrifice ratios with long-lived effects including possible strong persistence effects or even hysteresis effects The empirical analysis is based on G-7 quarterly output data as well as unemployment data from 1960 to 1999 In this paper I...
Persistent link: https://www.econbiz.de/10010293484
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Supply shocks and the persistence of inflation
Sommer, Martin - 2002
This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...
Persistent link: https://www.econbiz.de/10010293489
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The Liquidity Effect in Bank-Based and Market-Based Financial Systems
Scharler, Johann - 2007
This paper assesses how the financial system influences the strength of the liquidity effect in a calibrated limited participation model of the monetary transmission mechanism. The model suggests that bankbased systems should be characterized by smaller liquidity effects since monetary...
Persistent link: https://www.econbiz.de/10010294589
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Noisy Information, Interest Rate Shocks and the Great Moderation
Mayer, Eric; Scharler, Johann - 2010
In this paper we quantitatively evaluate the hypothesis that the Great Moderation is partly the result of a less activist monetary policy. We simulate a New Keynesian model where the central bank can only observe a noisy estimate of the output gap and fnd that the less pronounced reaction of the...
Persistent link: https://www.econbiz.de/10010294868
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Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik
Hoffmann, Andreas; Schnabl, Gunther - 2011
Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt...
Persistent link: https://www.econbiz.de/10010305985