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Central Bank Design
Reis, Ricardo - C.E.P.R. Discussion Papers - 2013
What set of institutions can support the activity of a central bank? Designing a central bank requires specifying its objective function, including the bank's mandate at different horizons and the choice of banker(s), specifying the resource constraint that limits the resources that the central...
Persistent link: https://www.econbiz.de/10011083451
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Central banks going long
Reis, Ricardo - 2018
model of inflation dynamics to evaluate monetary policies that rely on going long. It concludes that these policies for the … most part fail to keep inflation under control. A complementary methodological contribution is to re-state the classic … integrate the endogenous determination of inflation and the term structure of interest rates. …
Persistent link: https://www.econbiz.de/10011825249
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Central Banks Going Long
Reis, Ricardo - 2018
model of inflation dynamics to evaluate monetary policies that rely on going long. It concludes that these policies for the … most part fail to keep inflation under control. A complementary methodological contribution is to re-state the classic … integrate the endogenous determination of inflation and the term structure of interest rates …
Persistent link: https://www.econbiz.de/10012916568
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Interpreting the Unconventional U.S. Monetary Policy of 2007-09
Reis, Ricardo - C.E.P.R. Discussion Papers - 2010
paper reviews the determination of inflation under different policy regimes. The main danger for inflation from current …
Persistent link: https://www.econbiz.de/10008468632
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Central Banks Going Long
Reis, Ricardo - 2018
model of inflation dynamics to evaluate monetary policies that rely on going long. It concludes that these policies for the … most part fail to keep inflation under control. A complementary methodological contribution is to re-state the classic … integrate the endogenous determination of inflation and the term structure of interest rates. …
Persistent link: https://www.econbiz.de/10011872055
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Can the Central Bank alleviate fiscal burdens?
Reis, Ricardo - 2017
constraint. It discusses five channels: (i) how inflation can (and cannot) lower the real burden of the public debt, (ii) how …
Persistent link: https://www.econbiz.de/10011704682
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Measuring changes in the value of the numeraire
Reis, Ricardo; Watson, Mark W. - 2007
This paper estimates a common component in many price series that has an equiproportional effect on all prices. Changes in this component can be interpreted as changes in the value of the numeraire since, by definition, they leave all relative prices unchanged. The first aim of the paper is to...
Persistent link: https://www.econbiz.de/10010260598
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Inflating Away the Public Debt? An Empirical Assessment
Hilscher, Jens - 2020
This paper proposes a new method to measure the impact of inflation on the real value of public debt. The distribution … provide new estimates, and the distribution of risk-adjusted inflation dynamics, for which we provide a novel copula estimator … using options data. We find that it is unlikely that inflation by itself can lower the U.S. fiscal burden significantly …
Persistent link: https://www.econbiz.de/10012856605
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How Likely Is an Inflation Disaster?
Hilscher, Jens; Raviv, Alon; Reis, Ricardo - 2022
The prices of long-dated inflation swap contracts provide a much-used estimate of expected inflation at far horizons … inflation using the prices of inflation options. For the object of interest---inflation disasters at long horizons---we show … persistent high US inflation, and a sharp rise in 2022 in the EZ …
Persistent link: https://www.econbiz.de/10013291370
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Relative Goods’ Prices and Pure Inflation
Reis, Ricardo; Watson, Mark W - C.E.P.R. Discussion Papers - 2007
. The model identifies a measure of “pure” inflation: the common component in goods’ inflation rates that has an … equiproportional effect on all prices and is uncorrelated with relative price changes at all dates. The estimates of pure inflation and … pure inflation accounts for 15-20% of the variability in overall inflation, so that most changes in inflation are …
Persistent link: https://www.econbiz.de/10005067604