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Bank capital structure and the credit channel of central bank asset purchases
Darracq Pariès, Matthieu; Hałaj, Grzegorz; Kok … - 2016
Persistent link: https://www.econbiz.de/10011618396
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Central banks in parliaments : a text analysis of the parliamentary hearings of the Bank of England, the European Central Bank and the Federal Reserve
Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2020
, it detects the topics and sentiments in parliamentary hearings of the Bank of England, the European Central Bank and the … Federal Reserve from 1999 to 2019. It shows that, while central bank objectives play the most relevant role in determining the … when uncertainty is higher and when inflation is more distant from the central bank's inflation aim. These findings suggest …
Persistent link: https://www.econbiz.de/10012241292
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Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment
Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021
The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...
Persistent link: https://www.econbiz.de/10012594057
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Optimal monetary policy with uncertainty about financial frictions
Moessner, Richhild (contributor) - 2006
This paper studies optimal discretionary monetary policy in the presence of uncertainty about the degree of financial frictions. Changes in the degree of financial frictions are modelled as changes in parameters of a hybrid New-Keynesian model calibrated for the UK, following Bean, Larsen and...
Persistent link: https://www.econbiz.de/10003337251
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10003794175
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Monetary Policy Committees : meetings and outcomes
Berk, Jan Marc; Bierut, Beata K. - 2009
and therefore policy outcomes. We then apply our results to the Bank of England and the Federal Reserve. A general finding … expressed by the members, as is the case at the Bank of England and appears to be the case in the FOMC under Chairman Bernanke …. -- Monetary policy committee ; voting ; Bank of England ; Federal Open Market Committee …
Persistent link: https://www.econbiz.de/10003867075
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Measuring monetary policy expectations from financial market instruments
Joyce, Michael; Relleen, Jonathan; Sorensen, Steffen - 2008
This paper reviews the main instruments and associated yield curves that can be used to measure financial market participants’ expectations of future UK monetary policy rates. We attempt to evaluate these instruments and curves in terms of their ability to forecast policy rates over the period...
Persistent link: https://www.econbiz.de/10003826005
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Futures contract rates as monetary policy forecasts
Ferrero, Giuseppe; Nobili, Andrea - 2008
The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...
Persistent link: https://www.econbiz.de/10003826011
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The "Great Moderation" in the United Kingdom
Benati, Luca (contributor) - 2007
We use a Bayesian time-varying parameters structural VAR with stochastic volatility for GDP deflator inflation, real GDP growth, a 3-month nominal rate, and the rate of growth of M4 to investigate the underlying causes of the Great Moderation in the United Kingdom. Our evidence points towards a...
Persistent link: https://www.econbiz.de/10003484192
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Unconventional monetary policy and the great recession : estimating the impact of a compression in the yield spread at the zero lower bound
Baumeister, Christiane; Benati, Luca - 2010
inflation. Second, conditional on available estimates of the impact of the FED's and the Bank of England's asset purchase …
Persistent link: https://www.econbiz.de/10008688522