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Economic uncertainty and the effectiveness of monetary policy
Aastveit, Knut Are; Natvik, Gisle James; Sola, Sergio - Norges Bank - 2013
This paper explores if economic uncertainty alters the macroeconomic influence of monetary policy. We consider several measures of U.S. economic uncertainty, and estimate their interaction effects with monetary policy shocks as identified through structural vector autoregressions. We find that...
Persistent link: https://www.econbiz.de/10010787774
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Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
Reynard, Samuel - Schweizerische Nationalbank (SNB) - 2007
part of the monetary policy transmission process. The analysis also sheds light on the recent change in inflation …
Persistent link: https://www.econbiz.de/10005091280
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News shocks and inflation
Jinnai, Ryo - In: Economics Letters 119 (2013) 2, pp. 176-179
This paper shows that the empirically documented disinflationary nature of news shocks is consistent with the implications of a sensibly modified version of a New Keynesian model, even if capital is introduced to the model. The modification proposed in the current paper, however, is different...
Persistent link: https://www.econbiz.de/10010664119
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Maintaining Low Inflation: Money, Interest Rates, and Policy Stance
Reynard, Samuel - Schweizerische Nationalbank (SNB) - 2007
part of the monetary policy transmission process. The analysis also sheds light on the recent change in inflation …
Persistent link: https://www.econbiz.de/10008925034
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Inflation Expectations and Consumer Spending at the Zero Bound: Micro Evidence
Ichiue, Hibiki; Nishiguchi, Shusaku - Bank of Japan - 2013
Standard theoretical models predict that higher inflation expectations generate greater current consumer spending at … this relationship. We use micro data for Japan, which has experienced low interest rates for a prolonged period, to …: survey respondents with higher expected inflation tend to indicate that their household has increased real spending compared …
Persistent link: https://www.econbiz.de/10010894601
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Money, Credit, Monetary Policy and the Business Cycle in the Euro Area
Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michèle - European Centre for Advanced Research in Economics and … - 2012
This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are re-...
Persistent link: https://www.econbiz.de/10009654179
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Cross-border banking flows spillovers in the Eurozone: Evidence from an estimated DSGE model
Poutineau, Jean-Christophe; Vermandel, Gauthier - In: Journal of Economic Dynamics and Control 51 (2015) C, pp. 378-403
monetary union. Using Bayesian techniques, we estimate a two-country DSGE model that distinguishes between Eurozone core and …
Persistent link: https://www.econbiz.de/10011190681
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Wage and Price Phillips Curves An empirical analysis of destabilizing wage-price spirals
Krolzig, Hans-Martin; Flaschel, Peter - Department of Economics, Oxford University - 2003
In this paper we introduce a small Keynesian model of economic growth which is centered around two advanced types of Phillips curves, one for money wages and one for prices, both being augmented by perfect myopic foresight and supplemented by a measure of the medium-term inflationary climate...
Persistent link: https://www.econbiz.de/10010605118
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Evaluating monetary policy under preferences with zero wealth effect: A Bayesian approach
Dey, Jaya - In: Journal of Economic Dynamics and Control 38 (2014) C, pp. 209-234
, these preferences fail to generate observed inflation inertia and output persistence after a monetary policy shock …
Persistent link: https://www.econbiz.de/10010730085
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Revisiting the Phillips curve for India and inflation forecasting
Kapur, Muneesh - In: Journal of Asian Economics 25 (2013) C, pp. 17-27
This paper focuses on modeling and forecasting inflation in India using an augmented Phillips curve framework. Both … demand and supply factors are seen as drivers of inflation. Demand conditions are found to have a stronger impact on non …-food manufactured products (NFMP) inflation vis-a-vis headline wholesale price inflation; moreover, NFMP inflation is found to be more …
Persistent link: https://www.econbiz.de/10010868896