Showing 1 - 10 of 181
In an environment of low inflation, the Federal Reserve faces the possibility that it may not have provided enough monetary stimulus even though it had pushed the short-term nominal interest rate to its lower bound of zero. Assuming the nominal Treasury-bill rate had been lowered to zero, this...
Persistent link: https://www.econbiz.de/10014588353
Abstract The Federal Reserve Act authorizes the Federal Reserve to undertake various types of discount window loans and open market operations. While the Federal Reserve generally has not found it necessary to use all types of such authority, there could be circumstances in which the Federal...
Persistent link: https://www.econbiz.de/10014588392
Abstract Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open...
Persistent link: https://www.econbiz.de/10014619326
This paper reconsiders the conventional use of econometric models, especially identified vector autoregressive models, in guiding monetary policy. The main question I explore is whether these models are seriously flawed because they ignore asymmetries in the business cycles. Toward that end,...
Persistent link: https://www.econbiz.de/10014620820
Recent theoretical and empirical work has cast doubt on the hypotheses of a linear Phillips curve and a symmetric quadratic loss function underlying traditional thinking on monetary policy. This paper studies the one-period optimal monetary policy problem under an asymmetric loss function...
Persistent link: https://www.econbiz.de/10014620821
Abstract For the past decades, income inequality has been on the rise, and so is the frequency of its mentions in recent speeches by central bankers. With the heightened importance of the topic, this research aims to study the impact of monetary policy on income inequality. The study used...
Persistent link: https://www.econbiz.de/10014621174
Abstract Deflation is currently considered as one of the most important threats for macroeconomic dynamics and, thus, it is argued that it should be avoided by all available means. We challenge this view because empirically it cannot be verified that deflation periods necessarily go hand in hand...
Persistent link: https://www.econbiz.de/10014630777
Abstract From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the...
Persistent link: https://www.econbiz.de/10014630799
Zusammenfassung: Seit dem Jahr 2015 ist Europa mit einer großen Flüchtlingswelle aus dem Nahen Osten und Nordafrika konfrontiert. Es wird argumentiert, dass die Geldpolitik der großen Industrieländer indirekt eine wichtige Bestimmungsgröße dieser Flüchtlingswelle ist. Ab der...
Persistent link: https://www.econbiz.de/10014630857
Zusammenfassung: In diesem Beitrag wird untersucht, wie private Haushalte auf Niedrig- bzw. Nullzinsen reagieren. Dabei wird angenommen, dass die Haushalte sich an Nominalwerten orientieren. Die stark expansive Geldpolitik mit sehr geringen Zinsen verzerren die Ersparnisbildung und die...
Persistent link: https://www.econbiz.de/10014630889