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The conquest of U.S. inflation : learning and robustness to model uncertainty

Cogley, Timothy (contributor); … - 2005

Previous studies have interpreted the rise and fall of U.S. inflation after World War II in terms of the Fed's changing views about the natural rate hypothesis but have left an important question unanswered. Why was the Fed so slow to implement the low-in ation policy recommended by a natural...

Persistent link: https://www.econbiz.de/10003001800

Insurance policies for monetary policy in the euro area

Küster, Keith (contributor); Wieland, Volker (contributor) - 2005

In this paper, we examine the cost of insurance against model unvertainty for the Euro are considering four alternative reference models, all of which are used for policy-analysis at the ECB. We find that maximal insurance across this model range in terms of a Minimax policy comes at moderate...

Persistent link: https://www.econbiz.de/10003014212

ECB communication as a stabilization and coordination device: evidence from ex-ante inflation uncertainty

Fernandes, Cecilia Melo - 2021

This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation uncertainty and sheds light on how central bank information shocks operate. The paper finds that ECB communication of new outlook information not only reduces professional...

Persistent link: https://www.econbiz.de/10012603073

Global impacts of US monetary policy uncertainty shocks

Lastauskas, Povilas; Nguyen, Anh D. M. - 2021

We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification. By allowing for rich dynamic interaction between the...

Persistent link: https://www.econbiz.de/10012418859

The fundamentals of safe assets

Habib, Maurizio Michael; Stracca, Livio; Venditti, Fabrizio - 2020

changes in global risk (VIX). We find that inertia (whether the bond behaved as a safe asset in the past) and good … on whether the change in global risk is driven by financial shocks rather than by US monetary policy. …

Persistent link: https://www.econbiz.de/10012138612

Trust in the central bank and inflation expectation

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2020

Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals' expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that higher trust in the ECB lowers inflation...

Persistent link: https://www.econbiz.de/10012165306

Policy uncertainty, lender of last resort and the real economy

Jasova, Martina; Mendicino, Caterina; Supera, Dominik - 2021

LOLRfunding for banks as a quasi-natural experiment. Using micro-level data on banks, firms and loans in Portugal, we generate …

Persistent link: https://www.econbiz.de/10012426306

Risk sharing and monetary policy transmission

Hauptmeier, Sebastian; Holm-Hadulla, Fédéric; … - 2022

Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the … real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in … output. With strong risk sharing, the response is attenuated, and output reverts to its initial level over the medium term …

Persistent link: https://www.econbiz.de/10013448692

Deflationary financial shocks and inflationary uncertainty shocks : an SVAR investigation

De Santis, Roberto A.; Van der Veken, Wouter - 2022

response to uncertainty shocks, firms increase their markups, in line with the theory of self-insurance against being stuck …

Persistent link: https://www.econbiz.de/10013373603

Information acquisition and decision making in committees

Gerling, Kerstin; Grüner, Hans Peter; Kiel, Alexandra; … - 2003

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...

Persistent link: https://www.econbiz.de/10009635876