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The reception of public signals in financial marketswhat if central bank communication becomes stale?

Ehrmann, Michael; Sondermann, David - European Central Bank - 2009

-term interest rates to the Bank of England’s inflation report andto macroeconomic announcements. Due to the quarterly frequency at …, the more timehas elapsed since the latest release of an inflation report, market volatility shouldincrease, the price …

Persistent link: https://www.econbiz.de/10005866483

MONETARY POLICY WITH AN ENDOGENOUS CAPITAL STOCKWHEN INFLATION IS PERSISTENT

Mash, Richard - University <Oxford> / Department of Economics - 2002

setting causes inflation persistence. We analyse how the endogeneityof the capital stock changes the macroeconomic dynamics …

Persistent link: https://www.econbiz.de/10005870253

Oil shocks and optimal monetary policy

Montoro, Carlos - Bank for International Settlements / Monetary and … - 2010

In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing … economy is hit by oil price shocks.The main result is that oil price shocks generate an endogenous trade-off between inflation … authority to stabilise partially the effects of oil shocks on inflation and some inflation is desirable. We also find, in …

Persistent link: https://www.econbiz.de/10005870912

optimal monetary Policy in a new keynesian model with habits in consumption

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10005866485

Implications of bank ownership for the credit channel ofmonetary policy transmission:Evidence from India

Bhaumik, Sumon Kumar; Dang, Vinh; Kutan, Ali M. - William Davidson Institute <Ann Arbor, Mich.> - 2010

Many developing and emerging markets have high degrees of state bank ownership. In addition, therecent global financial crisis has led to significant state ownership of banking assets in developedcountries such as the United Kingdom. These observations beg the question of whether...

Persistent link: https://www.econbiz.de/10009360487

Bank risk and monetary policy

Altunbaş, Yener; Gambacorta, Leonardo; Marqués … - European Central Bank - 2009

We find evidence of a bank lending channel for the euro area operating via bank risk.Financial innovation and the new ways to transfer credit risk have tended to diminishthe informational content of standard bank balance-sheet indicators. We show thatbank risk conditions, as perceived by...

Persistent link: https://www.econbiz.de/10005866486

Housing finance and monetary policy

Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - Europäische Zentralbank - 2009

We study how the structure of housing finance affects the transmission of monetarypolicy shocks. We document three main facts: first, the features of residentialmortgage markets differ markedly across industrialized countries; second, and accordingto a wide range of indicators, the transmission...

Persistent link: https://www.econbiz.de/10005866512

Monetary Policy in a Currency Union with HeterogeneousLimited Asset Markets Participation

Eser, Fabian - University <Oxford> / Department of Economics - 2009

This paper examines monetary policy in a currency union whose member countries exhibitheterogeneous rates of limited asset markets participation (LAMP). As a result risksharing among member countries is imperfect and the monetary transmission mechanismcan dier across countries. In the limit the...

Persistent link: https://www.econbiz.de/10005870106

ELECTORAL UNCERTAINTY, THE DEFICIT BIAS ANDTHE ELECTORAL CYCLE IN A NEW KEYNESIANECONOMY

Leith, Campbell; Wren-Lewis, Simon - 2009

Recent attempts to incorporate optimal fiscal policy into NewKeynesian models subject to nominal inertia, have tended to assume that policymakers are benevolent and have access to a commitment technology. A separateliterature, on the New Political Economy, has focused on real economies...

Persistent link: https://www.econbiz.de/10005870119

MONETARY MODELS AND INFLATION TARGETINGIN EMERGING MARKET ECONOMIES

FitzGerald, Valpy - University <Oxford> / Department of Economics - 2004

This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in … the exchange rate as policy instruments in order toachieve specific inflation and balance of payments targets. This paper … liberalisation. In this way, themacroeconomic consequences of the current Fund focus on inflation targetingand the use of a single …

Persistent link: https://www.econbiz.de/10005870230