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Considerations on the monetary policy framework of the European Central Bank

Tosato, Andrea Giorgio - 2022

This working paper offers some considerations on the monetary policy framework of the European Central Bank. The trade-offs arising from adopting a point target configuration over a range target one are assessed in terms of their flexibility vs. inflation anchoring properties. This layout is...

Persistent link: https://www.econbiz.de/10012802090

What does monetary policy reveal about central bank's preferences?

Castelnuovo, Efrem; Surico, Paolo - 2002

The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...

Persistent link: https://www.econbiz.de/10011594051

An exchange rate policy rule

Parrado, Eric - 2023

This paper introduces a novel monetary policy framework where the exchange rate becomes the central instrument. Using Singapore as a case study, it explores the Monetary Authority's adoption of the exchange rate as the primary tool since 1981, diverging from conventional approaches centered on...

Persistent link: https://www.econbiz.de/10014538995

Can we identify the Fed's preferences?

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

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

Forward guidance matters : disentangling monetary policy shocks

Ferreira, Leonardo Nogueira - 2020

Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...

Persistent link: https://www.econbiz.de/10012295693

Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory …

Persistent link: https://www.econbiz.de/10011695130

Monetary policy surprises and their transmission through term premia and expected interest rates

Kaminska, Iryna; Mumtaz, Haroon; Šustek, Roman - 2020

for macroeconomic outcomes? Using an affine term structure model, we shed new light on these questions. Estimation is … subject to restrictions addressing an estimation bias in expected interest rates obtained by previous studies. Highfrequency … the transmission mechanism and broadly consistent with macroeconomic theory. …

Persistent link: https://www.econbiz.de/10012316011

How to starve the beast: fiscal and monetary policy rules

Martin, Fernando M. - 2019

Societies often rely on simple rules to restrict the size and behavior of governments. When fiscal and monetary policies are conducted by a discretionary and profligate government, I find that revenue ceilings vastly outperform debt, deficit and monetary rules, both in effectiveness at curbing...

Persistent link: https://www.econbiz.de/10012137093

The response of European energy prices to ECB monetary policy

Torró, Hipòlit - 2018

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

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

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