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Evaluating the effects of forward guidance and large-scale asset purchases
Zhang, Xu - 2021
This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler and Karadi (2011,...
Persistent link: https://www.econbiz.de/10012705299
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A new measure of monetary policy shocks
Zhang, Xu - 2021
Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...
Persistent link: https://www.econbiz.de/10012619636
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Settlement balances deconstructed
Chu, Parnell; Johnson, Grahame; Kinnear, Scott; … - 2022
The concept of settlement balances is simple in its definition but complex when attempting to understand how they interplay between a central bank and the financial system. Settlement balances can be defined as interest-bearing deposits that belong to participants of Canada's payment system and...
Persistent link: https://www.econbiz.de/10013430331
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Assessing the impact of demand shocks on the US term premium
Barnett, Russell; Zmitrowicz, Konrad - 2018
During and after the Great Recession of 2008-09, conventional monetary policy in the United States and many other advanced economies was constrained by the effective lower bound (ELB) on nominal interest rates. Several central banks implemented large-scale asset purchase (LSAP) programs, more...
Persistent link: https://www.econbiz.de/10012029820
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Quantum Monte Carlo for economics: Stress testing and macroeconomic deep learning
Skavysh, Vladimir; Priazhkina, Sofia; Guala, Diego; … - 2022
Computational methods both open the frontiers of economic analysis and serve as a bottleneck in what can be achieved. Using the quantum Monte Carlo (QMC) algorithm, we are the first to study whether quantum computing can improve the run time of economic applications and challenges in doing so....
Persistent link: https://www.econbiz.de/10013396512
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Anonymous credentials: Secret-free and quantum-safe
Kazmi, Raza Ali; Minwalla, Cyrus - 2023
An anonymous credential mechanism is a set of protocols that allows users to obtain credentials from an organization and demonstrate ownership of these credentials without compromising users' privacy. In this work, we construct the first secret-free and quantum-safe credential mechanism. The...
Persistent link: https://www.econbiz.de/10014544642
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Basic Exchange Rate Theories
van Marrewijk, Charles - 2005
This four-chapter overview of basic exchange rate theories discusses (i) the elasticity and absorption approach, (ii) the (long-run) implications of the monetary approach, (iii) the short-run effects of monetary and fiscal policy under various economic conditions, and (iv) the transition from...
Persistent link: https://www.econbiz.de/10010325398
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Does EMU Require CMU?
Schaaf, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 21-39
eine wirksame Durchführung der Geldpolitik im Eurowährungsgebiet. Die Glaubwürdigkeit der Zentralbank, ein funktionierender …Jede Initiative, die die Wirksamkeit der Geldpolitik erhöht, ist grundsätzlich begrüßenswert. Das Projekt … Kapitalmarktunion (Capital Markets Union, CMU) der Europäischen Union ist potenziell eine solche Initiative, wenngleich Geldpolitik kein …
Persistent link: https://www.econbiz.de/10012054625
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The Bank of Canada's "horse race" of alternative monetary policy frameworks: Some interim results from model simulations
Dorich, José; Mendes, Rhys; Zhang, Yang - 2021
Since 1991, the Bank of Canada has had an inflation-targeting (IT) framework established by a joint agreement between the Bank and the Government of Canada. The framework is reviewed every five years as part of the process for renewing the inflation-control agreement. This discussion paper...
Persistent link: https://www.econbiz.de/10012888666
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2020 US neutral rate assessment
Bootsma, James; Carter, Thomas J.; Chen, Xin Scott; … - 2020
This paper presents Bank of Canada staff's current assessment of the US neutral rate, along with a newly developed set of models on which that assessment is based. The overall assessment is that the US neutral rate currently lies in a range of 1.75 to 2.75 percent. This represents a decline of...
Persistent link: https://www.econbiz.de/10012619163