Similar Search Results

CBDC and business cycle dynamics in a New Monetarist New Keynesian model

Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023

To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...

Persistent link: https://www.econbiz.de/10014314330

Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area

Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017

We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale underlying the capacity constraint theory (Macklem...

Persistent link: https://www.econbiz.de/10011636803

Policy Stability and Economic Growth : Lessons from the Great Recession

Haldane, Andrew G.; Minford, Patrick; Radia, Amar; … - 2021

The recovery from the recession after the financial crisis, in both the UK and the US, has been very slow compared with other similar events in history. During the period before the financial crash and afterwards, monetary policy deviated from the very effeective rules-based approach of the...

Persistent link: https://www.econbiz.de/10013225300

Monetary Regimes, Money Supply, and the US Business Cycle since 1959

Hollander, Hylton - 2019

The monetary authority's choice of operating procedure has significant implications for the role of monetary aggregates and interest rate policy on the business cycle. Using a dynamic general equilibrium model, we show that the type of endogenous monetary regime, together with the interaction...

Persistent link: https://www.econbiz.de/10012895445

CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model

Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023

Persistent link: https://www.econbiz.de/10014354929

Revisiting the Great Moderation : policy or luck?

Minford, Patrick; Ou, Zhirong; Wickens, Michael R. - 2014 - May 2012, updated April 2014

We investigate the relative roles of monetary policy and shocks in causing the Great Moderation, using indirect inference where a DSGE model is tested for its ability to mimic a VAR describing the data. A New Keynesian model with a Taylor Rule and one with the Optimal Timeless Rule are both...

Persistent link: https://www.econbiz.de/10010354539

Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA

Schettkat, Ronald; Sun, Rongrong - 2009

Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …

Persistent link: https://www.econbiz.de/10003836155

Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates

Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020

For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while economic growth momentum has boosted in Ghana. This paper investigates the relative macroeconomic benefits of the IT strategy in Ghana based on business cycle fluctuations and...

Persistent link: https://www.econbiz.de/10014093032

Die japanischen Lehren für die europäische Krise

Schnabl, Gunther - 2011

Japan hat nicht nur 15 Jahre vor Europa einen Boom-und-Krisen-Zyklus durchschritten, sondern auch wichtige Erfahrungen mit Krisentherapien in Form von monetärer Lockerung, expansiver Finanzpolitik und Rekapitalisierung von Finanzinstituten gemacht. Japan hat die Nullzinsgrenze bereits 1999...

Persistent link: https://www.econbiz.de/10009656349

Betting the House

Jordà, Òscar - 2015

Is there a link between loose monetary conditions, credit growth, house price booms, and financial instability? This paper analyzes the role of interest rates and credit in driving house price booms and busts with data spanning 140 years of modern economic history in the advanced economies. We...

Persistent link: https://www.econbiz.de/10013031150