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Output gap uncertainty: Does it matter for the Taylor rule?
Smets, Frank - In: Empirical Economics 27 (2002) 1, pp. 113-129
estimated model of the US economy. While it is a well-known result that such additive uncertainty does not affect the optimal … feedback rule in a linear-quadratic framework, it is shown that output gap uncertainty can have a significant effect on the … efficient response coefficients in restricted instrument rules such as the popular Taylor rule. Output gap uncertainty reduces …
Persistent link: https://www.econbiz.de/10005166660
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Output gap uncertainty : does it matter for the Taylor rule?
Smets, Frank - In: Monetary policy under uncertainty : workshop held at …, (pp. 10-29). 1999
Persistent link: https://www.econbiz.de/10001512333
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Uncertain potential output : implications for monetary policy
Ehrmann, Michael; Smets, Frank - In: Journal of economic dynamics & control 27 (2003) 9, pp. 1611-1638
Persistent link: https://www.econbiz.de/10001745291
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Uncertain Potential Output : Implications for Monetary Policy
Ehrmann, Michael; Smets, Frank - 2021
optimally estimated. Third, the implications of potential output uncertainty for the optimal delegation to an independent …
Persistent link: https://www.econbiz.de/10013320287
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Uncertain potential output : implications for monetary policy
Ehrmann, Michael - 2001
Persistent link: https://www.econbiz.de/10013434349
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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment
Coenen, Günter; Montes-Galdón, Carlos; Smets, Frank - 2019
Persistent link: https://www.econbiz.de/10012132243
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Banking supervision, monetary policy and risk-taking : big data evidence from 15 credit registers
Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020
We analyse the effects of supranational versus national banking supervision on credit supply, and its interactions with monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European credit registers; (ii) the institutional change leading to the...
Persistent link: https://www.econbiz.de/10012137670
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Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment
Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020
We study the incidence and severity of lower-bound episodes and the efficacy of three types of state-dependent policies - forward guidance about the future path of interest rates, large-scale asset purchases and spending-based fiscal stimulus - in ameliorating the adverse consequences stemming...
Persistent link: https://www.econbiz.de/10012137689
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Shocks and frictions in US business cycles : a Bayesian DSGE approach
Smets, Frank; Wouters, Rafael - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10011618212
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Inflation persistence and price-setting behaviour in the euro area : a summary of the Inflation Persistence Network evidence
Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - 2006
This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are: i) Under the current monetary policy regime, the...
Persistent link: https://www.econbiz.de/10011622329