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Estimation of monetary policy preferences in a forward-looking model : a Bayesian approach

Ilbas, Pelin - 2008

In this paper we adopt a Bayesian approach towards the estimation of the monetary policy preference parameters in a general equilibrium framework. We start from the model presented by Smets and Wouters (2003) for the euro area where, in the original set up, monetary policy behaviour is described...

Persistent link: https://www.econbiz.de/10011610240

The fragility of two monetary regimes : the European Monetary System and the Eurozone

De Grauwe, Paul; Ji, Yuemei - 2013

We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. …

Persistent link: https://www.econbiz.de/10011590398

Monetary and macroprudential policy games in a monetary union

Dennis, Richard J.; Ilbas, Pelin - 2016

We use the two-country model of the euro area developed by Quint and Rabanal (2014) to study policymaking in the European Monetary Union (EMU). In particular, we focus on strategic interactions: 1) between monetary policy and a common macroprudential authority, and; 2) between an EMU-level...

Persistent link: https://www.econbiz.de/10011635141

Inflation persistence and price-setting behaviour in the euro area : a summary of the Inflation Persistence Network evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are: i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10011622329

Forward guidance, quantitative easing, or both?

De Graeve, Ferre; Theodoridis, Konstantinos - 2016

During the Great Recession numerous central banks have implemented various unconventional monetary policy measures. This paper aims to empirically evaluate two particular types of unconventional policies (forward guidance and quantitative easing) in a structural manner. The primary aim is to...

Persistent link: https://www.econbiz.de/10011635138

BEMGIE : Belgian Economy in a Macro General and International Equilibrium model

De Walque, Gregory; Lejeune, Thomas; Rannenberg, Ansgar; … - 2023

This paper outlines the three-country New Keynesian Dynamic Stochastic General Equilibrium model of the National Bank of Belgium. The model is named BEMGIE for Belgian Economy in a Macro General and International Equilibrium model. It features imperfect market competition, standard real and...

Persistent link: https://www.econbiz.de/10014233574

Central bank misperceptions and the role of money in interest rate rules

Beck, Günter W.; Wieland, Volker - 2008

Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and...

Persistent link: https://www.econbiz.de/10011599217

Can excess liquidity signal an asset price boom?

Bruggeman, Annick - 2007

This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis perspective. After having identified periods of sustained excess liquidity, we analyse under which...

Persistent link: https://www.econbiz.de/10011617387

Monetary and macroprudential policies in an estimated model with financial intermediation

Gelain, Paolo; Ilbas, Pelin - 2014

We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...

Persistent link: https://www.econbiz.de/10011589082

The influence of the Taylor rule on US monetary policy

Ilbas, Pelin; Røisland, Øistein; Sveen, Tommy - 2013

We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with a term that represents the degree of reluctance to letting the interest...

Persistent link: https://www.econbiz.de/10011590439