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Optimal Central Bank Lending
Schabert, Andreas - 2010
We analyze optimal monetary policy in a sticky pricemodel where the central bank supplies money outrightvia asset purchases and lends money temporarily againstcollateral. The terms of central bank lending affect ra-tioning of money and impact on macroeconomic aggre-gates. The central bank can...
Persistent link: https://www.econbiz.de/10010325898
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Policy rate decisions and unbiased parameter estimation in typical monetary policy rules
Podpiera, Jirí - 2007
Policymakers do not always follow a simple rule for setting policy rates for various reasons and thus their choices are co-driven by a decision to follow a rule or not. Consequently, some observations are censored and cause bias in conventional estimators of typical Taylor rules. To account for...
Persistent link: https://www.econbiz.de/10011604817
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Optimal monetary policy in an estimated DSGE for the euro area
Adjemian, Stéphane; Darracq Pariès, Matthieu; Moyen, … - 2007
The objective of this paper is to examine the main features of optimal monetary policy within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a medium scale closed economy DSGE for the euro area. Then, we study the properties of the Ramsey allocation...
Persistent link: https://www.econbiz.de/10011604849
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Monetary policy and potential output uncertainty: a quantitative assessment
Delle Chiaie, Simona - 2009
I estimate a dynamic stochastic general equilibrium model where the policymaker and the private sector have imperfect knowledge about potential output. The estimation of the structural parameters and of the monetary authorities’objectives is key to assess the quantitative relevance of the...
Persistent link: https://www.econbiz.de/10011605176
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An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011506557
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Forecasting with a Bayesian DSGE Model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10011506582
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Credit risk transfers and the macroeconomy
Faia, Ester - 2010
credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …
Persistent link: https://www.econbiz.de/10011605302
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Money creation in a neoclassical economy: Equilibrium multiplicity and the liquidity trap
Altermatt, Lukas; van Buggenum, Hugo; Voellmy, Lukas - 2024
-in-advance economy. Liquidity transformation by banks increases aggregate consumption and investment relative to a cash-only economy but … can also lead to inefficient overinvestment. Furthermore, liquidity transformation can lead to multiple steady … 'liquidity trap', in which nominal bond rates equal zero and banks are indifferent between holding bonds and reserves. Whether …
Persistent link: https://www.econbiz.de/10014564021
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The Quest for Stability: The Macro View
Buiter, Willem H.; Gerlach, Stefan; Kool, Clemens J.M.; … - 2010
On September 3-4, 2009 SUERF and Utrecht University School of Economicsorganized the Colloquium "The Quest for Stability" in Utrecht, the Netherlands. The papers included in this SUERF Study are based on contributions to the Colloquium.
Persistent link: https://www.econbiz.de/10011689943
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Monetary policy predictability in the euro area: an international comparison
Wilhelmsen, Bjørn-Roger; Zaghini, Andrea - 2005
The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money market rates we show that the days of policy meetings are special days for...
Persistent link: https://www.econbiz.de/10011604550