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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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Monetary Policy and Indeterminacy after the 2001 Slump
Doko Tchatoka, Firmin - 2016
This paper estimates a New Keynesian model of the U.S. economy over the period following the 2001 slump, a period for which the adequacy of monetary policy is intensely debated. To relate to this debate, we consider three alternative empirical inflation series in the estimation. When using CPI...
Persistent link: https://www.econbiz.de/10013001607
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An overview of the Fed's new credit policy tools and their cushioning effect on the COVID-19 recession
Bordo, Michael D.; Duca, John V. - In: Journal of government and economics : JGE 3 (2021), pp. 1-10
The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...
Persistent link: https://www.econbiz.de/10012800421
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Update to figure 1 in "Macroeconomic Shocks and their Propagation"
Chiarotti, Edoardo - 2021
This note proposes an update to Figure 1 in "Macroeconomic Shocks and their Propagation" in the Handbook of Macroeconomics of 2016 (Ramey, 2016). Figure 1 of Ramey (2016) reports Impulse-Response Functions (IRFs) of variables of interest to a shock in the Federal Funds Rate, following the...
Persistent link: https://www.econbiz.de/10012416282
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general … are misleading. We find that - because there is greater inertia in the ECB's policy rule - the ECB's policy actions … out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …
Persistent link: https://www.econbiz.de/10012776610
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Central Bank Liquidity During the Financial Market and Economic Crisis : Observations, Thoughts and Questions
Pikkarainen, Pentti - 2011
started in August 2007. In addition to the ECB, the central banks of Sweden, Switzerland, the United Kingdom, Australia, Japan …
Persistent link: https://www.econbiz.de/10013130409
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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
policy, including unconventional volume-based policy such as the Expanded Asset Purchase Programme (EAPP) of the ECB, during …
Persistent link: https://www.econbiz.de/10011636803
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How does monetary policy affect income and wealth inequality? : evidence from quantitative easing in the euro area
Lenza, Michele; Slacalek, Jirka - 2018
This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The aggregate effects of quantitative easing are estimated in a multi-country VAR model of the four largest euro area countries, in which key variables affecting household income and...
Persistent link: https://www.econbiz.de/10011921470
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Forecasting and policy making
Wieland, Volker; Wolters, Maik H. - 2012
Persistent link: https://www.econbiz.de/10010394237