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LIBOR deception and central bank forward (mis-)guidance: Evidence from Norway during 2007–2011
Stenfors, Alexis - In: Journal of International Financial Markets, … 32 (2014) C, pp. 452-472
This paper is an empirical investigation into the Norwegian Interbank Offered Rate (NIBOR) during 2007–11. It is demonstrated that an informal rule change to the benchmark fixing mechanism, instigated by the NIBOR panel banks, not only increased the susceptibility of the benchmark to...
Persistent link: https://www.econbiz.de/10010906350
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Central Bank Design with Heterogeneous Agents
Berentsen, Aleksander; Strub, Carlo - Institut für Volkswirtschaftslehre, … - 2008
We study alternative institutional arrangements for the determination of monetary policy in a general equilibrium model with heterogeneous agents, where monetary policy has redistributive effects. Inflation is determined by a policy board using either simple-majority voting, supermajority...
Persistent link: https://www.econbiz.de/10005627916
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American Quantity Theorists prior to Irving Fisher’s Purchasing Power of Money
Rebeca, Gomez Betancourt; de Boyer des Roches, Jérôme - Université Paris-Dauphine (Paris IX) - 2011
The aim of this paper is to analyze the state of the quantity theory in the United States prior to the publication of Irving Fisher’s Purchasing Power of Money in 1911. We start by presenting the participants in the monetary debate. Next, we analyze the controversies regarding prices,...
Persistent link: https://www.econbiz.de/10010707069
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Are financial markets fit for purpose?
De Koning, Kees - Volkswirtschaftliche Fakultät, … - 2014
Savings can be used in two different applications. Companies will nearly always use savings –equity, loans and bonds- to help produce and increase output and increase employment levels –the economic use of savings-. Individual households will take up mortgages. However the collective...
Persistent link: https://www.econbiz.de/10011109832
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The impact of monetary policy in the midst of big shocks
Ohanian, Lee E. - In: Journal of Economic Dynamics and Control 49 (2014) C, pp. 35-48
during the Fed׳s first 100 years: the post-World War I deflation, the deflation of the Great Depression, the inflation of … World War II, and the Great Inflation of the 1970s. In terms of their macroeconomic impacts, I find that deflation was … markets, and not because deflation is generically depressing. I find that the biggest impact of monetary policy during World …
Persistent link: https://www.econbiz.de/10011117339
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The Dynamic (In)efficiency of Monetary Policy by Committee
Riboni, Alessandro; Ruge-Murcia, Francesco - Université Paris-Dauphine (Paris IX) - 2008
This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power, and in certain states of nature, they also differ in their preferred instrument value....
Persistent link: https://www.econbiz.de/10010707538
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Preference Heterogeneity in Monetary Policy Committees
Riboni, Alessandro; Ruge-Murcia, Francesco - Université Paris-Dauphine (Paris IX) - 2008
This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard New Keynesian framework that allows...
Persistent link: https://www.econbiz.de/10010708693
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Preference Heterogeneity in Monetary Policy Committees
RIBONI, Alessandro; RUGE-MURCIA, Francisco J. - Centre Interuniversitaire de Recherche en Économie … - 2007
This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard Neo Keynesian framework that allows...
Persistent link: https://www.econbiz.de/10008617036
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Inflation and Inequality
Albanesi, Stefania - EconWPA - 2002
Cross-country evidence on inflation and income inequality suggests that they are positively correlated. I explore the hypothesis that this correlation is the outcome of a distributional conflict underlying the determination of fiscal policy.
Persistent link: https://www.econbiz.de/10005561158
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Innocent Bystanders? Monetary Policy and Inequality in the U.S.
Coibion, Olivier; Gorodnichenko, Yuriy; Kueng, Lorenz; … - Institute for the Study of Labor (IZA) - 2012
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures....
Persistent link: https://www.econbiz.de/10010884139