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Cyclical drivers of euro area consumption : what can we learn from durable goods?
Casalis, André; Krustev, Georgi - 2020
We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing durable from nondurable expenditures. We adopt a theoretical partial equilibrium framework to justify the identification strategy of our empirical model, a time-varying parameter...
Persistent link: https://www.econbiz.de/10012197836
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Money, E-money, and Consumer Welfare
Carli, Francesco; Uras, Burak - 2023
We develop a micro-founded monetary model to inquire the role of a privately provided e-money instrument for household consumption smoothing and welfare. Different from fiat money, e-money users pay electronic transaction fees, but in turn e-money reduces spatial separation frictions and enables...
Persistent link: https://www.econbiz.de/10014261828
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Sustainable Central Banking
Skinner, Christina Parajon; Lastra, Rosa M. - 2022
climate change and sustainability intersect with their legislative mandates. The issues are not straightforward nor is there a … climate change and sustainability goals within their statutory authorities and thus retain legal legitimacy around these … actions? Where legal authority exists, how can central banks operationalize climate or sustainability goals—are existing tools …
Persistent link: https://www.econbiz.de/10014235994
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Monetary policy and sustainability
Hellwig, Martin - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 5, pp. 341-343
stability. However, monetary policy will have a sustainability problem of its own if the viability of the monetary system is …
Persistent link: https://www.econbiz.de/10013343438
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Dealing with a liquidity trap when government debt matters : optimal time-consistent monetary and fiscal policy
Burgert, Matthias; Schmidt, Sebastian - 2013
How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to …
Persistent link: https://www.econbiz.de/10010400894
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Dealing with a liquidity trap when government debt matters : optimal time-consistent monetary and fiscal policy ; conference paper
Burgert, Matthias; Schmidt, Sebastian - 2014
How does the need to preserve government debt sustainability affect the optimal monetary and fiscal policy response to …
Persistent link: https://www.econbiz.de/10010486054
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Reference-Dependent Preferences and the Transmission of Monetary Policy
Gaffeo, Edoardo - 2011
This paper proposes a novel explanation of the vast empirical evidence showing that output and prices react asymmetrically to monetary policy innovations over contractions and expansions in the business cycle. We use VAR techniques to show that monetary policy exerts stronger effects on the U.S....
Persistent link: https://www.econbiz.de/10013132795
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Reference-Dependent Preferences and the Transmission of Monetary Policy
Gaffeo, Edoardo - 2010
This paper proposes a novel explanation of the vast empirical evidence showing that output and prices react asymmetrically to monetary policy innovations over contractions and expansions in the business cycle. We use VAR techniques to show that monetary policy exerts stronger effects on the U.S....
Persistent link: https://www.econbiz.de/10013136351
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Optimal Monetary Policy Under Bounded Rationality
Benchimol, Jonathan - 2020
Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation targeting dominates under commitment; and strict price level targeting...
Persistent link: https://www.econbiz.de/10012852791
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Optimal Monetary Policy Under Bounded Rationality
Benchimol, Jonathan - 2018
Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation targeting dominates under commitment; and strict price level targeting...
Persistent link: https://www.econbiz.de/10012921091