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Reserve Bank of India's policy dilemmas : reconciling policy goals in times of turbulence
Carrasco, Bruno; Mukhopadhyay, Hiranya - 2014
inflation stabilization and balanced growth objectives. The challenge in meeting these objectives further increased in the mid …
Persistent link: https://www.econbiz.de/10010336928
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Should monetary policy lean against the wind in a small-open economy? : revisiting the Tinbergen rule
Peña, Rogelio De la - 2021
The frequencies at which prices and wages are adjusted, interpreted as price and wage flexibility, are key elements in workhorse models used for policy analysis. Yet, there is little evidence regarding the relationship between these two sources of nominal rigidities. Using two large and highly...
Persistent link: https://www.econbiz.de/10012496976
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Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; … - 2019
A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper,...
Persistent link: https://www.econbiz.de/10012023612
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The financial market effects of the ECB's asset purchase programs
Lewis, Vivien; Roth, Markus - 2017
The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector...
Persistent link: https://www.econbiz.de/10011712553
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Do the ECB’s Monetary Policies Benefit Emerging Market Economies? A GVAR Analysis on the Crisis and Post-Crisis Period
Colabella, Andrea - 2019
This paper studies the spillover effects of the ECB's monetary policies on non-euro area countries over the period 2004-2016, using a GVAR methodology, applied to a large sample of countries and an ample set of variables. Monetary policies are proxied by short-term interest rates and the Wu and...
Persistent link: https://www.econbiz.de/10012865371
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A macroeconometric assessment of Minsky's Financial Instability Hpothesis
Greenwood-Nimmo, Matthew; Tarassow, Artur - 2013
fragility of leveraged firms in its pursuit of inflation-targeting interest rate policies. This paper develops a small …
Persistent link: https://www.econbiz.de/10010425830
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Money and inflation : the role of persistent velocity movements
Shagi, Makram el-; Giesen, Sebastian - 2010
While the long run relation between money and inflation is well established, empirical evidence on the adjustment to … volatility of the transmission from monetary pressure to inflation follows some structure, i.e., if the parameter regime can … state space model ; inflation ; money …
Persistent link: https://www.econbiz.de/10003943488
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How Has Empirical Monetary Policy Analysis Changed after the Financial Crisis?
Francis, Neville - 2014
In the wake of the Great Recession, the Federal Reserve lowered the federal funds rate target essentially to zero and resorted to unconventional monetary policy. With the nominal FFR constrained by the zero lower bound (ZLB) for an extended period, empirical monetary models cannot be estimated...
Persistent link: https://www.econbiz.de/10013049829
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The Low Inflation 'Puzzle' and Financial Crises
Carr, Douglas - 2019
Low and unresponsive inflation has been termed a “puzzle.” The paper describes a formula for which these conditions … variability of forward long-term inflation. Its U.S. inflation forecasts are comparable to recognized leaders in accuracy with … potential applicability to international economies as well.Inflation Elasticity, the responsiveness of inflation to monetary …
Persistent link: https://www.econbiz.de/10012858878
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Forecast uncertainty and the taylor rule
Bauer, Christian; Neuenkirch, Matthias - 2015
uncertainty of inflation and GDP growth forecasts into an otherwise standard New Keynesian model. We show that certainty … react significantly to inflation forecast uncertainty by reducing their policy rates in times of higher inflation …
Persistent link: https://www.econbiz.de/10010512077