Narrow search
Showing 1 - 10 of 518
Cover Image
UK term structure decompositions at the zero lower bound
Carriero, Andrea; Mouabbi, Sarah; Vangelista, Elisabetta - 2015
This paper employs a Zero Lower Bound (ZLB) consistent shadow-rate model to decompose UK nominal yields into expectation and term premia components. Compared to a standard affine term structure model, it performs relatively better in a ZLB setting and effectively captures the countercyclical...
Persistent link: https://www.econbiz.de/10011339919
Cover Image
Monetary policy and economic performance since the financial crisis
Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We...
Persistent link: https://www.econbiz.de/10012308081
Cover Image
Fiscal policy and inflation : understanding the role of expectations in Mexico
López-Martín, Bernabé; Ramírez de Aguilar, Alberto; … - 2018
We exploit a hidden Markov model where inflation is determined by government deficits financed through money creation and/or by destabilizing expectations dynamics (expectations can potentially divorce inflation from fundamentals). The baseline model, proposed by Sargent et al. (2009), is used...
Persistent link: https://www.econbiz.de/10011883865
Cover Image
A monetary-fiscal theory of sudden inflations
Bassetto, Marco; Miller, David S. - 2022
This paper posits an information channel as the explanation for sudden inflations. Consumers saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back...
Persistent link: https://www.econbiz.de/10013472118
Cover Image
Salient features of measuring, interpreting and addressing Indian inflation
Gupta, Kirti; Siddiqui, Fahad - 2014
The paper reviews the calculation of Indian wholesale and consumer price indices and suggests improvements in the light of past experience and international best practices. It confirms that food inflation has been the driver of domestic inflation. The paper studies the recommendations of the...
Persistent link: https://www.econbiz.de/10010404663
Cover Image
The new normal: bank lending and negative interest rates in Austria
Barmeier, Marcel - 2022
Evidence on the effects of negative interest rates on bank lending is inconclusive so far. By applying a difference-in-difference estimation using granular loan level data with a large coverage from Austria, I show, contrary to some previous findings, that the introduction of a negative deposit...
Persistent link: https://www.econbiz.de/10013332415
Cover Image
Optimal Ramsey Tax Cycles
Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2007
This paper asks whether tax cycles can represent the optimal policy in a model without any extrinsic uncertainty. I …
Persistent link: https://www.econbiz.de/10005857753
Cover Image
Fiscal stimulus with learning-by-doing
D'Alessandro, Antonello; Fella, Giulio - 2017
Using a structural VAR analysis, we document that an increase in government purchases raises private consumption, total factor productivity (TFP) and the real wage. This poses a puzzle for both neoclassical and New-Keynesian models. We extend a standard New-Keynesian model to allow for skill...
Persistent link: https://www.econbiz.de/10011694749
Cover Image
Monetary policy and liquid government debt
Andolfatto, David; Martin, Fernando M. - 2018
We examine the conduct of monetary policy in a world where the supply of outside money is controlled by the fiscal authority-a scenario increasingly relevant for many developed economies today. Central bank control over the long-run inflation rate depends on whether fiscal policy is Ricardian or...
Persistent link: https://www.econbiz.de/10011782908
Cover Image
Policy uncertainty and aggregate fluctuations
Mumtaz, Haroon; Surico, Paolo - 2013
This paper estimates the impact on the US economy of four types of uncertainty about (i) government spending, (ii) tax … changes, (iii) public debt sustainability and (iv) monetary policy. Following a one standard deviation shock, uncertainty …, consumption and investment after two years around 0.5%, 0.3% and 1.5% respectively. Uncertainty on the other economic policies has …
Persistent link: https://www.econbiz.de/10009790714