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Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - Deutsche Bundesbank - 2002
auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …
Persistent link: https://www.econbiz.de/10005083139
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Taylor-Regel und Subprime-Krise - Eine empirische Analyse der US-amerikanischen Geldpolitik
Erler, Alexander; Krizanac, Damir - Volkswirtschaftliche Fakultät, … - 2009
This paper examines the impact of the U.S. monetary policy on the Subprime mortgage crisis using a modified taylor rule. The main finding is that during the pre-crisis period the short term rate deviated significantly from the estimated taylor rate. This deviation may have been a cause of the...
Persistent link: https://www.econbiz.de/10008458491
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Geldpolitik und vorausschauende Taylor-Regeln ; Theorie und Empirie am Beispiel der Deutschen Bundesbank
Kamps, Christophe; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
In diesem Beitrag wird aufgezeigt, dass sich die Geldpolitik der Deutschen Bundesbank im Zeitraum 1991 bis 1998 gut mit …
Persistent link: https://www.econbiz.de/10005818912
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An Empirical Analysis of the Austrian Business Cycle Theory
Luther, William; Cohen, Mark - In: Atlantic Economic Journal 42 (2014) 2, pp. 153-169
The Austrian economists Ludwig von Mises and Friedrich A. Hayek developed a unique theory of the business cycle. In their view, an unsustainable boom ensues when the rate of interest prevailing in the market falls below the natural rate. The boom is characterized not only by an increase in...
Persistent link: https://www.econbiz.de/10010989100
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El nivel de precios, la política monetaria y la regla de Taylor en una economía IS/LM de precios flexibles
Lizarazu Alanez, Eddy - In: Revista Nicolaita de Estudios Económicos VIII (2013) 2, pp. 7-34
We study a flexible price IS/LM economy in which the money supply and interest rate play the role of monetary policy instruments. If the central bank sets the nominal interest rate, the ambiguity in the price level is manifested. However, the equilibrium price level is permissible, if the...
Persistent link: https://www.econbiz.de/10010991609
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The Fed’s TRAP
Erler, Alexander; Drescher, Christian; Križanac, Damir - In: Journal of Economics and Finance 37 (2013) 1, pp. 136-149
The article examines if US monetary policy implicitly responds to asset price booms. Using real-time data and a GMM framework we estimate a Taylor-type rule with an asset variable that captures phases of booms and busts in the real estate market. We identify quasi real-time booms and busts using...
Persistent link: https://www.econbiz.de/10010998980
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Should monetary policy lean against the wind? - an analysis based on a DSGE model with banking
Gambacorta, Leonardo; Signoretti, Federico M - Bank for International Settlements (BIS) - 2013
The global financial crisis has reaffirmed the importance of financial factors for macroeconomic fluctuations. Recent work has shown how the conventional pre-crisis prescription that monetary policy should pay no attention to financial variables over and above their effects on inflation may no...
Persistent link: https://www.econbiz.de/10010849802
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Forward-Looking and Backward-Looking Taylor Rules: Evidence from Pakistan
Tahir, Nadia - In: Lahore Journal of Economics 18 (2013) 2, pp. 121-145
This study uses the forward-looking rule and backward-looking Taylor rule to investigate the conduct of monetary policy in Pakistan during 1971–2011. We compare the pre- and post-reform periods, and find that the estimates obtained using the generalized method of moments indicate that no...
Persistent link: https://www.econbiz.de/10010861915
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Estimating Interest Rate Setting Behavior in Korea: An Ordered Probit Model Approach
Kim, Hyeongwoo - Department of Economics, Auburn University - 2014
We investigate the Bank of Korea's interest rate setting behavior using a discrete choice model, where the Monetary Policy Committee revises the target policy interest rate only when the gap between the current market interest rate and the optimal rate exceeds a certain threshold value. Using...
Persistent link: https://www.econbiz.de/10010862370
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Explaining inflation-gap persistence by a time-varying Taylor rule
Conrad, Christian; Eife, Thomas A. - In: Journal of Macroeconomics 34 (2012) 2, pp. 419-428
In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a function of the policy weights in the central bank’s Taylor rule. By estimating the time-varying weights that the FED attaches to inflation and the output gap, we show that the...
Persistent link: https://www.econbiz.de/10010875202