Showing 1 - 10 of 4,848
This paper examines the challenges faced by the European Central Bank since the outbreak of the global financial crisis. From 2008 to 2014, the need to preserve the correct functioning of the monetary policy transmission mechanism and ensure the supply of credit to the private sector stretched...
Persistent link: https://www.econbiz.de/10012865150
Concerns over rising inequality have heightened in the years following the 2007-09 global financial crisis and, more recently, with the COVID-19 pandemic. This staff discussion paper reviews the historical facts regarding income inequality in Canada, comparing Canada with the United States and...
Persistent link: https://www.econbiz.de/10013336143
We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass-through, especially in the presence of a binding zero lower bound (ZLB) constraint. The model is estimated using Bayesian techniques on US data between 1985 and 2016. The...
Persistent link: https://www.econbiz.de/10012214427
. However, estimation across rolling windows indicates that the inflation and output preferences of the Fed have varied signi …
Persistent link: https://www.econbiz.de/10013114895
parameters if a suitable set of observable variables are included in the estimation. These findings suggest that we can learn a … a classical viewpoint, ML estimation leads to a significant improvement in fit relative to the log-likelihood computed …
Persistent link: https://www.econbiz.de/10013119436
Russian monetary policy has failed persistently to achieve sustained low inflation, both in absolute terms and relative to the peer group of countries similarly exiting from Soviet-style central planning. This paper explores the reasons for this state of affairs by analyzing the kind of monetary...
Persistent link: https://www.econbiz.de/10013075248
attribute these mixed estimation results to a raft of empirical issues from which many existing studies suffer, including bias … the operation of a Taylor-type rule, albeit with considerable inertia. We argue that estimation across rolling windows may … estimation provides substantial evidence that the inflation and output preferences of the Fed have varied through time …
Persistent link: https://www.econbiz.de/10009306629
into the determinants of business cycles before and during the Great Moderation. Via Bayesian estimation we determine the …
Persistent link: https://www.econbiz.de/10010208560
Great Recession 2007-2008 has revived interest to quantity aggregates (money and credit) and their role as indicators of financial instability for monetary and macroprudential policy. However, many of the previous empirical studies inspecting indicator properties used univariate methods and did...
Persistent link: https://www.econbiz.de/10009672374
Credit boom detection methodologies (such as threshold method) lack robustness as they are based on univariate detrending analysis and resort to ratios of credit to real activity. I propose a quantitative indicator to detect atypical behavior of credit from a multivariate system - a monetary...
Persistent link: https://www.econbiz.de/10010400368