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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
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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
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The risk-taking channel of monetary policy in Macedonia : evidence from credit registry data
Miteski, Mite; Mitreska, Ana; Vaskov, Mihajlo - 2018
The last global crisis brought the monetary policy risk-taking channel to the fore, arguing that lingering low interest rates might affect not only the quantity, but the quality of credit extended as well. In line with this debate, this paper is the first effort to empirically investigate the...
Persistent link: https://www.econbiz.de/10011944421
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Unconventional monetary policy, leverage & default dynamics
Palombo, Edoardo - 2020
The objective of this paper to investigate the effectiveness of credit easing policy in mitigating the economic fallout from a financial recession using a model that can account for the observed default and leverage dynamics during the financial crisis of 2007. A general equilibrium model is...
Persistent link: https://www.econbiz.de/10012243296
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An exchange rate policy rule
Parrado, Eric - 2023
responds to inflation and output volatility, especially during economic crises. This framework offers a promising alternative …
Persistent link: https://www.econbiz.de/10014538995
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A case for intermediate exchange-rate regimes
Salins, Véronique; Bénassy-Quéré, Agnès - 2010
Persistent link: https://www.econbiz.de/10003996360
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A worldwide system of reference rates
Williamson, John - 2006
Persistent link: https://www.econbiz.de/10003383881
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Considerations on the monetary policy framework of the European Central Bank
Tosato, Andrea Giorgio - 2022
. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the … dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the … policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim …
Persistent link: https://www.econbiz.de/10012802090
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What does monetary policy reveal about central bank's preferences?
Castelnuovo, Efrem; Surico, Paolo - 2002
indicator for future inflation, therefore being only instrumental (to stabilize inflation) rather than important per se. …
Persistent link: https://www.econbiz.de/10011594051
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The value of constraints on discretionary government policy
Martin, Fernando M. - 2016
desirable as they hinder the ability of governments to smooth distortions. Allowing for the effective use of inflation during …
Persistent link: https://www.econbiz.de/10011585839