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Structural Transformation, Services Deepening, and the Transmission of Monetary Policy

Galesi, Alessandro - 2016

Advanced economies are undergoing a structural transformation from manufacturing to services. We document that … structural change comes with a process of services deepening: over time, both services and manufacturing become more intensive in … service inputs. We argue that structural transformation and services deepening affect the transmission of monetary policy by …

Persistent link: https://www.econbiz.de/10012986126

Machine Learning at Central Banks

Chakraborty, Chiranjit - 2017

We introduce machine learning in the context of central banking and policy analyses. Our aim is to give an overview broad enough to allow the reader to place machine learning within the wider range of statistical modelling and computational analyses, and provide an idea of its scope and...

Persistent link: https://www.econbiz.de/10012948433

Monetary policy, parameter uncertainty and optimal learning

Wieland, Volker - 1999

Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the difficult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeoff between estimation and control arises because policy...

Persistent link: https://www.econbiz.de/10010466014

Monetary Policy, Parameter Uncertainty and Optimal Learning

Wieland, Volker - 1999

Persistent link: https://www.econbiz.de/10014178888

Services deepening and the transmission of monetary policy

Galesi, Alessandro; Rachedi, Omar - In: Journal of the European Economic Association : JEEA 17 (2019) 4, pp. 1261-1293

Persistent link: https://www.econbiz.de/10012161994

L'inscription sociale du marché : colloque de l'Association pour le Développement de la Socio-Economie, Lyon, novembre 1992

Jacob, Annie (contributor); Vérin, Hélène (contributor) - 1995

Persistent link: https://www.econbiz.de/10000560697

Implementing optimal control in cointegrated I(1) structural VAR models

Monti, Francesca V. - 2003

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...

Persistent link: https://www.econbiz.de/10009635883

Rational expectations models with anticipated shocks and optimal policy : a general solution method and a new Keynesian example

Wohltmann, Hans-Werner; Winkler, Roland - 2009

The purpose of this paper is to show how to solve linear dynamic rational expectations models with anticipated shocks by using the generalized Schur decomposition method. Furthermore, we determine the optimal unrestricted and restricted policy responses to anticipated shocks. We demonstrate our...

Persistent link: https://www.econbiz.de/10003810950

Uncertainty about the persistence of inflation

Pinkwart, Nicolas - 2010

This paper offers several contributions to actual research and discussion on monetary policy. It clarifies the relationship between uncertainty of inflation persistence and optimal monetary policy and discusses the consequences of the recent Blanchard proposal to implement a higher inflation...

Persistent link: https://www.econbiz.de/10003965025

Monetary policy and uncertainty about the natural unemployment rate

Wieland, Volker - 2003

Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary policy in the presence of uncertainty about the...

Persistent link: https://www.econbiz.de/10009765348

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