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Surprising comparative properties of monetary models : results from a new model database

Taylor, John B.; Wieland, Volker - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10008688516

Quantitative easing and the price-liquidity trade-off

Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, … - 2020

We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The … a decline in yields, while they have opposite effects on market liquidity. This results in a price-liquidity trade …-off. Initially, liquidity improves in reaction to central bank demand. As the central bank buys and holds bonds, supply becomes …

Persistent link: https://www.econbiz.de/10012212850

The relationship between central bank auctions and bill market liquidity

Bats, Joost V.; Hoondert, Jurian J. A. - 2022

This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The …

Persistent link: https://www.econbiz.de/10013337422

Tracking growth in the euro area subject to a dimensionality problem

Comunale, Mariarosaria; Mongelli, Francesco Paolo - 2021

We investigate which variables have supported growth in the euro area over the last 30 years. This is a challenging task due to dimensionality problems: a large set of potential determinants, limited data, and the prospect that some variables could be non-stationary. We assemble a set of 35...

Persistent link: https://www.econbiz.de/10012625874

Convex supply curves

Boehm, Christoph E.; Pandalai-Nayar, Nitya - 2020

We provide evidence that industries' supply curves are convex. To guide our empirical analysis, we develop a model, in which capacity constraints at the plant level generate convex supply curves at the industry level. The industry's capacity utilization rate is a sufficient statistic for the...

Persistent link: https://www.econbiz.de/10012271523

Global growth on life support? : the contributions of fiscal and monetary policy since the global financial crisis

Baumann, Ursel; Lodge, David; Miescu, Mirela S. - 2019

This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...

Persistent link: https://www.econbiz.de/10011987115

Expectations-driven liquidity traps : implications for monetary and fiscal policy

Nakata, Taisuke; Schmidt, Sebastian - 2019

can give rise to persistent liquidity trap episodes. Unlike in the case of fundamental-driven liquidity traps, there is no …-driven liquidity traps. Raising the in ation target or appointing an in ation-conservative central banker improves in ation outcomes … sufficiently less concerned with government spending stabilization than society can eliminate expectations-driven liquidity traps …

Persistent link: https://www.econbiz.de/10012037377

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...

Persistent link: https://www.econbiz.de/10012137689

Macroeconomic effects of carbon transition policies : an assessment based on the ECB's New Area-Wide Model with a disaggregated energy sector

Coenen, Günter; Lozej, Matija; Priftis, Romanos - 2023

We use scenario analysis to assess the macroeconomic effects of carbon transition policies aimed at mitigating climate change. To this end, we employ a version of the ECB's New Area-Wide Model (NAWM) augmented with a framework of disaggregated energy production and use, which distinguishes...

Persistent link: https://www.econbiz.de/10014315252

Monetary-fiscal policy interactions when price stability occasionally takes a back seat

Schmidt, Sebastian - 2024

What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...

Persistent link: https://www.econbiz.de/10014484339

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