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This note proposes an update to Figure 1 in "Macroeconomic Shocks and their Propagation" in the Handbook of Macroeconomics of 2016 (Ramey, 2016). Figure 1 of Ramey (2016) reports Impulse-Response Functions (IRFs) of variables of interest to a shock in the Federal Funds Rate, following the...
Persistent link: https://www.econbiz.de/10012416282
region, resulting in an overall higher macroeconomic volatility. Thereby, we demonstrate a channel through which the … relativ zu dem Fall mit konstanten Kreditstandards, wenn die Zentralbank auf die Leihzinsspanne reagiert. …
Persistent link: https://www.econbiz.de/10011414652
destabilizing spill-over effects between the regions, which can in turn result in a higher macroeconomic volatility. This mechanism …
Persistent link: https://www.econbiz.de/10011299044
region, resulting in an overall higher macroeconomic volatility. Thereby, we demonstrate a channel through which the …
Persistent link: https://www.econbiz.de/10011404606
macroeconomic volatility. …
Persistent link: https://www.econbiz.de/10011986452
We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...
Persistent link: https://www.econbiz.de/10011777945
The research work presented below addresses the possible concern of central bank independence through the development and application of econometric models. The complexity of the modelling has allowed a step further in corroborating that financial independence is not only linked to the...
Persistent link: https://www.econbiz.de/10014496228
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
: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …
Persistent link: https://www.econbiz.de/10010343890
This paper models Federal Reserve policy using Taylor's rule for the nominal interest-rate target and examines the difference between the actual Federal Funds Rate and the Taylor Rule model of behavior for distinct structural changes. Using the real-time macroeconomic data available to the Fed...
Persistent link: https://www.econbiz.de/10014084722