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Shocks, Structures or Monetary Policies? The Euro Area and Us after 2001
Christiano, Lawrence J. - 2008
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012773305
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012776610
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Inflation Band Targeting and Optimal Inflation Contracts
Mishkin, Frederic S. - 2006
In this paper we examine how target ranges work in the context of a Barro-Gordon (1983) type model, in which the time-inconsistency problem stems from political pressures from the government. We show that target ranges turn out to be an excellent way to cope with the time-inconsistency problem,...
Persistent link: https://www.econbiz.de/10012779650
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Market-stabilization QE
Motto, Roberto; Özen, Kadir - 2022
We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...
Persistent link: https://www.econbiz.de/10012818740
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Collateral Damage? Micro-Simulation of Transaction Cost Shocks on the Value of Central Bank Collateral
Lennkh, Alvise - 2015
cost shock. A 10 basis point increase in transaction costs entails a direct -0.30% decrease of collateral value and a -0 …
Persistent link: https://www.econbiz.de/10013020666
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Asymmetric Shocks in a Currency Union : The Role of Central Bank Collateral Policy
Koulischer, Francois - 2015
Currency unions limit the ability of the central bank to use interest rate policy to accommodate asymmetric shocks. I show that collateral policy can serve to dampen asymmetric shocks in a currency area when these shocks also affect the collateral held by banks and when collateral portfolios of...
Persistent link: https://www.econbiz.de/10013022497
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A new measure of monetary policy shocks
Zhang, Xu - 2021 - Last updated: June 21, 2021
Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock … that occurs on Federal Reserve announcement days. I provide substantial evidence that the new monetary policy shock is … consistent with the predictions of workhorse macroeconomic models for structural monetary policy shocks. The new shock has large …
Persistent link: https://www.econbiz.de/10012546138
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Monetary policy in an imperfect information environment
Other, Lars - 2021
Persistent link: https://www.econbiz.de/10012519676
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Inflation targeting as a shock absorber
Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - In: Journal of international economics 123 (2020), pp. 1-16
Persistent link: https://www.econbiz.de/10012588312
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...
Persistent link: https://www.econbiz.de/10012622376