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A tale of four tails: Inflation, the policy rate, longer-term rates, and stock prices

Anene, Dominic; D'Amico, Stefania - 2017

We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates, and equity prices in the U.S. Their simultaneous changes enable us to distinguish between a systematic and "exogenous" response to monetary-policy news. And, those tail...

Persistent link: https://www.econbiz.de/10012030329

Some variables are more worthy than others: New diffusion index evidence on the monitoring of key economic indicators

Armah, Nii Ayi; Swanson, Norman - 2011

Central banks regularly monitor select financial and macroeconomic variables in order to obtain early indication of the impact of monetary policies. This practice is discussed on the Federal Reserve Bank of New York website, for example, where one particular set of macroeconomic indicators is...

Persistent link: https://www.econbiz.de/10010282848

Investment spending, equilibrium indeterminacy, and the interactions of monetary and fiscal policy

Lubik, Thomas A. - 2003

guarantee existence. When investment adjustment costs are introduced, the monetary and fiscal policy dichotomy is in principle …

Persistent link: https://www.econbiz.de/10010293451

What happened to the knowledge economy? ICT, intangible investment and Britain's productivity record revisited

Marrano, Mauro Giorgio; Haskel, Jonathan; Wallis, Gavin - 2007

appears unaffected: investment rates are flat, and productivity has slowed down. We investigate whether measurement issues … as intermediate consumption. Thus they do not count as either GDP or investment. We ask how treating such spending as … investment affects some key macro variables, namely, market sector gross value added (MGVA), business investment, capital and …

Persistent link: https://www.econbiz.de/10010284188

Monetary policy under alternative exchange rate regimes in Central and Eastern Europe

Ziegler, Christina - 2012

Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...

Persistent link: https://www.econbiz.de/10010308235

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

The Rise and Fall of U.S. Inflation Persistence

Beechey, Meredith; Österholm, Pär - 2007

This paper estimates the path of inflation persistence in the United States over the last 50 years and draws 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...

Persistent link: https://www.econbiz.de/10010321537

The Taylor Rule: A Spurious Regression?

Österholm, Pär - 2003

This paper investigates the econometric properties of the Taylor (1993) rule applied to U.S., Australian and Swedish data to judge its empirical relevance. Little attention has been paid to the time series properties of the data underlying interest rate rules, nor the estimations themselves,...

Persistent link: https://www.econbiz.de/10010321545

US Monetary Policy in a Globalized World

Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016

We analyze the interaction between monetary policy in the US and the global economy proposing a new class of Bayesian global vector autoregressive models that accounts for time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock...

Persistent link: https://www.econbiz.de/10013370122

Monetary policy and the house price boom across US Staates

del Negro, Marco; Otrok, Christopher; del Negro, Marco; … - 2005

The authors use a dynamic factor model estimated via Bayesian methods to disentangle the relative importance of the common component in the Office of Federal Housing Enterprise Oversight’s house price movements from state- or region-specific shocks, estimated on quarterly state-level data from...

Persistent link: https://www.econbiz.de/10010397706

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