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Hungarian Abstract: A hagyományos közgazdaságtan a reálelemzés keretében érvel, és ez akadálya a valós gazdasági folyamatok megértésének. Schumpeter és Keynes kritizálta ezt a megközelítést és helyette a monetáris elemzést alkalmazta. Ezt az elméleti alapvetést követem,...
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We investigate, theoretically and empirically, the relationship between monetary policy and the term structure of interest rates. In particular, we show in a dynamic macroeconomic model that if monetary policy reveals information about economic developments, interest rates of all maturities move...
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This paper presents a model of the optimal bidding behaviour of a single bank in the context of fixed rate liquidity … tenders. Banks’ bidding is shown to depend crucially on the central bank’s liquidity policy as regards tender allotments. The … paper also analyses ECB liquidity policy in terms of the model. The ECB, while applying fixed rate tenders, appears to have …
Persistent link: https://www.econbiz.de/10005648869
In a simple dynamic macroeconomic model, it is shown that uncertainty about structural parameters does not necessarily lead to more cautious monetary policy, refining the accepted wisdom concerning the effects of parameter uncertainty on optimal policy. In particular, when there is uncertainty...
Persistent link: https://www.econbiz.de/10005649477
Simple models of monetary policy often imply optimal policy behavior that is considerably more aggressive than what is commonly observed. This paper argues that such counterfactual implications are due to model restrictions and a failure to account for multiplicative parameter uncertainty,...
Persistent link: https://www.econbiz.de/10005207188