Narrow search
Showing 1 - 10 of 1,885
Cover Image
Monetary policy shocks and firms' bank loan expectations
Ferrando, Annalisa; Grazzini, Caterina Forti - 2023
, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms' response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …
Persistent link: https://www.econbiz.de/10014362639
Cover Image
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
Cover Image
Trust, but verify : de-anchoring of inflation expectations under learning and heterogeneity
Busetti, Fabio; Delle Monache, Davide; Gerali, Andrea; … - Task Force on Low Inflation (LIFT) - 2017
The paper studies how a prolonged period of subdued price developments may induce a de-anchoring of inflation expectations from the central bank's objective. This is shown within a framework where agents form expectations using adaptive learning, choosing among a set of alternative forecasting...
Persistent link: https://www.econbiz.de/10011636284
Cover Image
Average inflation targeting and the interest rate lower bound
Budianto, Flora; Nakata, Taisuke; Schmidt, Sebastian - 2020
Assigning a discretionary central bank a mandate to stabilize an average in ation rate| rather than a period-by-period in ation rate|increases welfare in a New Keynesian model with an occasionally binding lower bound on nominal interest rates. Under rational expecta- tions, the...
Persistent link: https://www.econbiz.de/10012206238
Cover Image
Attenuating the forward guidance puzzle : implications for optimal monetary policy
Nakata, Taisuke; Ogaki, Ryota; Schmidt, Sebastian; Yoo, Paul - 2019
We examine the implications of less powerful forward guidance for optimal policy using a sticky-price model with an effective lower bound (ELB) on nominal interest rates as well as a discounted Euler equation and Phillips curve. When the private-sector agents discount future economic conditions...
Persistent link: https://www.econbiz.de/10011959272
Cover Image
Mitigating the forward guidance puzzle : inattention, credibility, finite planning horizons and learning
De Groot, Oliver; Mazelis, Falk - 2020
lies in the exact preservation of all other shock transmissions. We describe four scenarios regarding how agents …
Persistent link: https://www.econbiz.de/10012241145
Cover Image
The (ir)relevance of the nominal lower bound for real yield curve analysis
Schupp, Fabian - 2020
I propose a new term structure model for euro area real and nominal interest rates which explicitly incorporates a time-varying lower bound for nominal interest rates. Results suggest that the lower bound is of importance in structural analyses implying time-varying impulse responses of yield...
Persistent link: https://www.econbiz.de/10012299079
Cover Image
Can more public information raise uncertainty? : the international evidence on forward guidance
Ehrmann, Michael; Gaballo, Gaetano; Hoffmann, Peter; … - 2019
Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
Persistent link: https://www.econbiz.de/10011997441
Cover Image
Measuring market-based core inflation expectations
Grønlund, Asger Munch; Jørgensen, Kasper; Schupp, Fabian - 2024
We build a novel term structure model for pricing synthetic euro area core inflation-linked swaps, a hypothetical swap contract indexed to core inflation. Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation. The model...
Persistent link: https://www.econbiz.de/10014490417
Cover Image
Monetary policy and regional inequality
Hauptmeier, Sebastian; Holm-Hadulla, Fédéric; … - 2020
We study the impact of monetary policy on regional inequality using granular data on economic activity at the city- and county-level in Europe. We document pronounced heterogeneity in the regional patterns of monetary policy transmission. The output response to monetary policy shocks is stronger...
Persistent link: https://www.econbiz.de/10012197783