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Robustness of Simple Monetary Policy Rules Under Model Uncertainty

Levin, Andrew T.; Wieland, Volker; Williams, John C. - 2021

In this paper, we investigate the properties of alternative monetary policy rules using four structural macroeconometric models: the Fuhrer-Moore model, Taylor's Multi-Country Model, the MSR model of Orphanides and Wieland, and the FRB staff model. All four models incorporate the assumptions of...

Persistent link: https://www.econbiz.de/10013223571

Model uncertainty in macroeconomics : on the implications of financial frictions

Lieberknecht, Philipp; Binder, Michael; Quintana, Jorge; … - In: Essays on macroeconomic policies and financial frictions, (pp. 7-71). 2019

Persistent link: https://www.econbiz.de/10013190541

Model Uncertainty in Macro Economics: On the Implications of Financial Frictions

Binder, Michael; Lieberknecht, Philipp; Quintana, Jorge; … - In: The Oxford handbook of the economics of central banking. 2019

Persistent link: https://www.econbiz.de/10012880902

Die geldpolitische Strategie der Europäischen Zentralbank : was geändert werden sollte und was nicht

Feld, Lars P. (contributor); Fuest, Clemens (contributor); … - Stiftung Marktwirtschaft / Kronberger Kreis - 2021

Die Europäische Zentralbank (EZB) führt derzeit eine Überprüfung ihrer geldpolitischen Strategie durch. Die letzte … Mitgliedstaaten. Es sollte vermieden werden, dass die Geldpolitik fiskalisch dominiert wird. Das hierarchische Mandat der EZB mit … EZB stärker an quantitativen Referenzwerten (Zinsregeln, Geldmengenwachstum) orientieren. Die Transparenz der Geldpolitik …

Persistent link: https://www.econbiz.de/10012483382

Surprising Comparative Properties of Monetary Models : Results from a New Data Base

Taylor, John B. - 2009

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10012463799

Quantitative easing in the Euro Area : its record and future prospects

Beck, Günter W. (ed.); Wieland, Volker (ed.) - 2017

Persistent link: https://www.econbiz.de/10012228174

How to normalize monetary policy in the Euro area

Beck, Günter W.; Wieland, Volker - 2017

Since 2014 the ECB has implemented a massive expansion of monetary policy including large-scale asset purchases and negative policy rates. As the euro area economy has improved and inflation has risen, questions concerning the future normalization of monetary policy are starting to dominate the...

Persistent link: https://www.econbiz.de/10011720646

Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Beyer, Robert; Wieland, Volker - 2017

Persistent link: https://www.econbiz.de/10011654990

Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Beyer, Robert; Wieland, Volker - In: Journal of international money and finance 94 (2019), pp. 1-14

Persistent link: https://www.econbiz.de/10012135121

Instability, imprecision and inconsistent use of equilibrium real interest rate estimates

Beyer, Robert; Wieland, Volker - 2017

The current debate on monetary and fiscal policy is heavily influenced by estimates of the equilibrium real interest rate. In particular, this concerns estimates derived from a simple aggregate demand and Phillips curve model with time-varying components as proposed by Laubach and Williams...

Persistent link: https://www.econbiz.de/10011635316