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Countercyclical versus Procyclical Taylor Principles
Chatelain, Jean-Bernard - 2016
Assuming inflation is a forward variable in Taylor (1999) model, this paper finds opposite policy rule recommendations with countercyclical policy rule parameters (Taylor principle: inflation rule larger than one and bounded upwards) in the case of optimal policy under commitment versus...
Persistent link: https://www.econbiz.de/10012996200
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …
Persistent link: https://www.econbiz.de/10003836155
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Real Effects of Quantitative Easing at the Zero-Lower Bound : Structural VAR-Based Evidence from Japan
Schenkelberg, Heike - 2013
Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy shocks when the economy is at the zero-lower bound. The identifying restrictions accord with predictions of corresponding DSGE models. Our results show that while a quantitative...
Persistent link: https://www.econbiz.de/10013092811
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Structural and Cyclical Determinants of Bank Interest Rate Pass-Through in Eurozone
Leroy, Aurélien - 2016
This paper empirically investigates the evolution and the sources of interest rate pass-through heterogeneity in the Eurozone for a sample of 11 euro area countries over the period 2003M1-2011M12. Considering two harmonized bank retail rates, we first estimate single equation error correction...
Persistent link: https://www.econbiz.de/10013003901
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Structural and Cyclical Determinants of Bank Interest Rate Pass-Through in Eurozone
Leroy, Aurélien - 2015
This paper empirically investigates the evolution and the sources of interest rate pass-through heterogeneity in the Eurozone for a sample of 11 euro area countries over the period 2003M1-2011M12. Considering two harmonized bank retail rates, we first estimate single equation error correction...
Persistent link: https://www.econbiz.de/10013033203
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Real effects of quantitative easing at the zero-lower bound : structural VAR-based evidence from Japan
Schenkelberg, Heike; Watzka, Sebastian - 2011
Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy shocks when the economy is at the zero-lower bound. The identifying restrictions accord with predictions of corresponding DSGE models. Our results show that while a quantitative...
Persistent link: https://www.econbiz.de/10009130244
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Has Inflation Targeting Strategy Made A Difference in Ghanaian Macroeconomic Management? Analysis of Business Cycle Fluctuations and Econometric Estimates
Akosah, Nana Kwame; Paul Alagidede, Imhotep; Schaling, Eric - 2020
For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while economic growth momentum has boosted in Ghana. This paper investigates the relative macroeconomic benefits of the IT strategy in Ghana based on business cycle fluctuations and...
Persistent link: https://www.econbiz.de/10014093032
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The Macroeconomic Determinants of the US Term-Structure during the Great Moderation
Paccagnini, Alessia - 2014
The aim of this paper is to study how macroeconomic impulses can affect the term structure during the Great Moderation. As novelty in the research strategy, we create a term-structure using three latent factors of the yield curve. A Nelson-Siegel Model is implemented to estimate the latent...
Persistent link: https://www.econbiz.de/10014144946
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Nicht zu früh bremsen!: Der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche -wenn … Europa war. Die Bundesbank -Europas 'Zentralbank' vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …
Persistent link: https://www.econbiz.de/10010291094
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A Program for Strengthening the Federal Reserve’s Ability to Fight the Next Recession
Reifschneider, David - 2020
If the Federal Reserve does not decisively change the way it conducts monetary policy, it will probably not be capable of fighting recessions in the future as effectively as it fought them in the past. This reality helped motivate the Fed to undertake the policy framework review in which it is...
Persistent link: https://www.econbiz.de/10012836747