Showing 1 - 10 of 294
Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one ("zero credibility"). The transmission...
Persistent link: https://www.econbiz.de/10011695111
Persistent link: https://www.econbiz.de/10013470992
Persistent link: https://www.econbiz.de/10012792375
Persistent link: https://www.econbiz.de/10012294979
To our knowledge, this paper is the first to discuss the response of European energy commodity prices to unexpected monetary policy surprises from the European Central Bank. Using the Rigobon (2003) identification through heteroscedasticity method, we find a significant and positive response...
Persistent link: https://www.econbiz.de/10011810457
Persistent link: https://www.econbiz.de/10014448553
We study alternative approaches to the withdrawal of prolonged unconventional monetary stimulus ("exit strategies") by central banks in large, advanced economies. We first show empirically that large-scale asset purchases affect the exchange rate and domestic and foreign term premiums more...
Persistent link: https://www.econbiz.de/10015066986
In March 2024, the European Central Bank published the results of a review of its operational framework. After discussing how the ECB operational framework has changed since the Great Financial Crisis, we provide an assessment of the review, which we deem as premature, and highlight some gaps it...
Persistent link: https://www.econbiz.de/10015073398
Persistent link: https://www.econbiz.de/10000953592
Persistent link: https://www.econbiz.de/10003286897