Showing 1 - 10 of 100
Persistent link: https://www.econbiz.de/10011121909
This paper analyzes the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate (target...
Persistent link: https://www.econbiz.de/10008865693
This paper documents the impact of U.S. monetary policy announcement surprises on foreign equity indexes, short- and long-term interest rates, and exchange rates in 49 countries. We use two proxies for monetary policy surprises: the surprise change to the current target federal funds rate...
Persistent link: https://www.econbiz.de/10005368193
Persistent link: https://www.econbiz.de/10008888932
Persistent link: https://www.econbiz.de/10010942900
We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and show that steady-state inflation affects welfare...
Persistent link: https://www.econbiz.de/10008492985
We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and solve for the optimal level of inflation in the...
Persistent link: https://www.econbiz.de/10011080007
We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and solve for the optimal level of inflation in the...
Persistent link: https://www.econbiz.de/10010970172
In a small open economy New Keynesian model without capital, the size of the fiscal multiplier is above 1, if and only if the terms of trade deteriorate in response to a fiscal expansion. I test whether the terms of trade exhibit this deterioration in the liquidity trap and find that the data...
Persistent link: https://www.econbiz.de/10010554416
We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and show that steady-state inflation affects welfare...
Persistent link: https://www.econbiz.de/10008574233