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Did the crisis change it all? Evidence from monetary and fiscal policy
Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - 2010
The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...
Persistent link: https://www.econbiz.de/10011785345
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Identifying the Interdependence Between Us Monetary Policy and the Stock Market
Bjørnland, Hilde C.; Leitemo, Kai - 2008
-run and long-run restrictions that maintains the qualitative properties of a monetary policy shock found in the established … stock prices immediately fall by 7-9 percent due to a monetary policy shock that raises the federal funds rate by 100 basis … points. A stock price shock increasing real stock prices by one percent leads to an increase in the interest rate of close to …
Persistent link: https://www.econbiz.de/10012143684
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Equity capital, bankruptcy risk and the liquidity trap
Levintal, Oren - 2011
This paper explains the emergence of liquidity traps in the aftermath of large-scale financial crises, as happened in the US 1930s, Japan 1990s and recently in the US and Europe. The paper introduces a new balance sheet channel that links equity capital to the risk-free interest rate. When...
Persistent link: https://www.econbiz.de/10010335985
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Quantifying "quantitative tightening" (QT): How many rate hikes is QT equivalent to?
Wei, Bin - 2022
How many interest rate hikes is quantitative tightening (QT) equivalent to? In this paper, I examine this question based on the preferred-habitat model in Vayanos and Vila (2021). I define the equivalence between rate hikes and QT such that they both have the same impact on the 10-year yield....
Persistent link: https://www.econbiz.de/10014278183
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Forward Guidance Through Interest Rate Projections: Does It Work?
Brubakk, Leif; Xu, Hong; ter Ellen, Saskia - 2017
Based on high-frequency data for Norway and Sweden, we investigate to what extent explicit forward guidance from monetary policy makers, by means of publishing the path of expected future policy rates, affects the market yield curve. We summarise movements in the yield curve by two latent...
Persistent link: https://www.econbiz.de/10012143905
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ECB Spillovers and Domestic Monetary Policy Effectiveness in Small Open Economies
ter Ellen, Saskia; Jansen, Edvard; Midthjell, Nina Larsson - 2018
In this paper we study financial spillovers from the European Central Bank's (ECB) monetary policy and communication, and whether they have consequences for the effectiveness of domestic monetary policy of small open economies. Recent work suggests that the "trilemma" in international economics...
Persistent link: https://www.econbiz.de/10012143934
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Did the Fed and ECB react asymmetrically with respect to asset market developments?
Hoffmann, Andreas - 2012
This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...
Persistent link: https://www.econbiz.de/10010308139
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Monetary policy and credit demand in India and some EMEs
Padit, B. L.; Vashisht, Pankaj - 2011
Impact of changes in policy rate of interest on demand for bank credit is examined for seven emerging market economies including India for the period 2002 to 2010. Panel data techniques are used after ruling out the presence of unit roots. The results show that when other determinants, like...
Persistent link: https://www.econbiz.de/10011807662
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Alternative Indicator of Moneary Policy for a Small Open Economy
Cuche, Nicolas A. - 2000
We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary policy indicators based on different residuals...
Persistent link: https://www.econbiz.de/10011430022
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A post-Keynesian view of central bank independence, policy targets, and the rules-versus-discretion debate
Wray, L. Randall - 2007
This paper addresses three issues surrounding monetary policy formation: policy independence, choice of operating targets, and rules versus discretion. According to the New Monetary Consensus, the central bank needs policy independence to build credibility; the operating target is the overnight...
Persistent link: https://www.econbiz.de/10010266518