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-Prämie-Anomalie, der Geldpolitik und Wechselkursdynamik, sowie der Messung der geldpolitischen Erwartungen aus den Vermögenspreisen. Im … Pozdeev) dokumentieren wir einen Trend in den Wechselkurse vor Anpassungen der Geldpolitik in den Industrieländern. Die …
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This paper examines how carry trade activity affects the transmission of monetary policy in currency markets. It analyzes a set of developed and emerging market currencies against the U.S. dollar. The U.S. dollar appreciates in response to a conventional monetary policy shock but depreciates to...
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Ergebnisse dieser Studien führten in den letzten Jahren zu der weitverbreiteten Meinung, dass Interventionen am Devisenmarkt kein … mit den Interventionserfahrungen von Emerging Markets. Geldpolitik in Emerging Markets zeichnet sich oftmals durch eine … über Notenbankinterventionen am Devisenmarkt näher zu bringen und neue Aspekte in Bezug auf Emerging Markets zu diskutieren …
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Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead to larger bubbles. This comment shows that a central bank that wants to dampen bubbles can always do so by raising interest rates aggressively enough. This result is different...
Persistent link: https://www.econbiz.de/10014316806
Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...
Persistent link: https://www.econbiz.de/10009635882
This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...
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The paper models the interaction between risk taking in the financial sector and central bank policy. It shows that in the absence of central bank intervention, the incentive of financial intermediaries to free ride on liquidity in good states may result in excessively low liquidity in bad...
Persistent link: https://www.econbiz.de/10003951399