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Credit risk, excess reserves and monetary policy : the deposits channel
Bratsiotis, George - 2017 - This Version: 25 January 2018
high levels of precautionary liquidity hoarding the optimal policy response of a Taylor rule is shown to indicate a zero … reserves can act as the main tool of monetary policy, that is shown to provide higher welfare gains in relation to a simple … Taylor rule. This result is shown to hold at the zero-bound and it is independent of the precautionary demand for liquidity …
Persistent link: https://www.econbiz.de/10011810801
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DSGE models and central banks
Tovar, Camilo Ernesto - 2009
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10003832138
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10003832582
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Wage setting patterns and monetary policy : international evidence
Olivei, Giovanni P.; Tenreyro, Silvana - 2010
Systematic differences in the timing of wage setting decisions among industrialized countries provide an ideal framework to study the importance of wage rigidity in the transmission of monetary policy. The Japanese Shunto presents the best-known case of bunching in wage setting decisions: From...
Persistent link: https://www.econbiz.de/10008663350
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Resurrecting the role of real money balance effects
Dorich, José - 2009
I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the...
Persistent link: https://www.econbiz.de/10003933293
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The euro area Bank Lending Survey matters : empirical evidence for credit and output growth
Bondt, Gabe J. de; Maddaloni, Angela; Peydró, José-Luis - 2010
This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and output growth. The responses of the lending survey, especially those related to loans to enterprises, are a significant leading indicator for euro area bank credit and real GDP...
Persistent link: https://www.econbiz.de/10003971193
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The EAGLE: a model for policy analysis of macroeconomic interdependence in the euro area
Gomes, Sandra; Jacquinot, Pascal; Pisani, Massimiliano - 2010
Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...
Persistent link: https://www.econbiz.de/10003973335
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Generalized Taylor and generalized calvo price and wage-setting : micro evidence with macro implications
Dixon, Huw; Le Bihan, Hervé - 2010
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … systematic wage and price indexation. -- contract length ; steady state ; hazard rate ; Calvo ; Taylor ; wage-setting ; price-setting … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro …
Persistent link: https://www.econbiz.de/10003984363
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Housing collateral and the monetary transmission mechanism
Walentin, Karl; Sellin, Peter - 2010
In this paper our main aim is to quantify the role that housing collateral plays for the monetary transmission mechanism. Furthermore, we want to explore the implications of the increase in household indebtedness, and specifically the loan-to-value ratio, in the last two decades. We set up a two...
Persistent link: https://www.econbiz.de/10003960505
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Inflation dynamics and the cost channel of monetary transmission
Chowdhury, Ibrahim; Hoffmann, Mathias; Schabert, Andreas - 2004 - Revised version: September 4, 2004
Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper we apply a structural approach to examine the relevance of the cost channel for...
Persistent link: https://www.econbiz.de/10009524830