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The Stabilizing Properties of Floating Exchange Rates: Some International Evidence
Bergvall, Anders - 2002
This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...
Persistent link: https://www.econbiz.de/10010321739
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Why did Czech Banks Switch From Loans in 1995?
Nilsen, Jeffrey H. - 1998
? Using data from the Czech National Bank and data on individual Czech banks, I find evidence that in 1995 banks are provided … portfolio switch and find that the central bank instituted a monetary tightening during a regime of fixed exchange rates and … mobile capital. The central bank sterilized the continuing capital inflows. The resulting higher interbank interest rates and …
Persistent link: https://www.econbiz.de/10011430003
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New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...
Persistent link: https://www.econbiz.de/10010292223
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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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Optimal Monetary Policy under Downward Nominal Wage Rigidity
Carlsson, Mikael; Westermark, Andreas - 2007
We develop a New Keynesian model with staggered price and wage setting where downward nominal wage rigidity (DNWR) arises endogenously through the wage bargaining institutions. It is shown that the optimal (discretionary) monetary policy response to changing economic conditions then becomes...
Persistent link: https://www.econbiz.de/10010321528
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Interest Rate Smoothing versus Serially Correlated Errors in Taylor Rules: Testing the Tests
Welz, Peter; Österholm, Pär - 2005
high coefficient on the lagged interest rate term may be a consequence of an incorrectly specified central bank reaction …
Persistent link: https://www.econbiz.de/10010321535
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The Rise and Fall of U.S. Inflation Persistence
Beechey, Meredith; Österholm, Pär - 2007
implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization … predict that the central bank's preference for output stability is a determinant of inflation persistence. Hence, time …
Persistent link: https://www.econbiz.de/10010321537
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The Taylor Rule: A Spurious Regression?
Österholm, Pär - 2003
are therefore likely to be inconsistent and caution should be taken before for central bank policy is evaluated using such …
Persistent link: https://www.econbiz.de/10010321545
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...
Persistent link: https://www.econbiz.de/10010321554