Similar Search Results

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

Monetary Disturbances Matter for Business Fluctuations in the G-7

Canova, Fabio; De Nicolo, Gianni - 2014

This paper examines the importance of monetary disturbances for cyclical fluctuations in real activity and inflation. It employs a novel identification approach which uses the sign of the cross correlation function in response to shocks to assign a structural interpretation to orthogonal...

Persistent link: https://www.econbiz.de/10014154141

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

Dynamic effects of monetary policy shocks on macroeconomic volatility

Mumtaz, Haroon; Theodoridis, Konstantinos - 2015

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...

Persistent link: https://www.econbiz.de/10011389786

Monetary policy rules in emerging countries : is there an augmented nonlinear Taylor rule?

Caporale, Guglielmo Maria; Catik, A. Nazif; Helmi, … - 2016

This paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as...

Persistent link: https://www.econbiz.de/10011486466