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The Non-Standard Monetary Policy Measures of the ECB : Motivations, Effectiveness and Risks

Neri, Stefano - 2019

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

Income inequality in Canada

Burkinshaw, Sarah; Terajima, Yaz; Wilkins, Carolyn A. - 2022

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

Is monetary policy always effective? : incomplete interest rate pass-through in a DSGE model

Binning, Andrew; Bjørnland, Hilde Christiane; Maih, Junior - 2019

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

Shifting Preferences at the Fed : Evidence from Rolling Dynamic Multipliers and Impulse Response Analysis

Greenwood-Nimmo, Matthew - 2012

. 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

Parameter Identification in an Estimated New Keynesian Open Economy Model

Adolfson, Malin - 2011

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

Monetary Policy in Russia : Identifying Exchange Rate Shocks

Granville, Brigitte - 2013

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

Shifting preferences at the fed : evidence from rolling dynamic multipliers and impulse response analysis

Greenwood-Nimmo, Matthew; Shin, Yongcheol - 2010

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

The Great Moderation : inventories, shocks or monetary policy?

Förster, Marcel - 2013

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

Atypical behavior of credit : evidence from a monetary VAR

Afanasieva, Elena - 2012 - This Version: October 11, 2012

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

Atypical behavior of credit : evidence from a monetary VAR

Afanasyeva, Elena - 2013 - First Version: September 30, 2011, this Version: April 14, 2013

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