Narrow search
Showing 1 - 10 of 83,982
Cover Image
Forward guidance matters : disentangling monetary policy shocks
Ferreira, Leonardo Nogueira - 2020
Central banks have usually employed short-term rates as the main instrument of monetary policy. In the last decades, however, forward guidance has also become a central tool for monetary policy. In an innovative way this paper combines two sources of extraneous information - high frequency...
Persistent link: https://www.econbiz.de/10012295693
Cover Image
Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates
Adam, Klaus; Billi, Roberto M. - 2021
We determine optimal discretionary monetary policy in a New-Keynesian model when nominal interest rates are bounded below by zero. Nominal interest rates should be lowered faster in response to adverse shocks than in the case without bound. Such "preemptive easing" is optimal because...
Persistent link: https://www.econbiz.de/10013319182
Cover Image
Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates
Adam, Klaus; Billi, Roberto M. - 2021
We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S....
Persistent link: https://www.econbiz.de/10013319797
Cover Image
Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates
Adam, Klaus; Billi, Roberto M. - 2006
We determine optimal monetary policy under commitment in a forward-looking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S....
Persistent link: https://www.econbiz.de/10014060029
Cover Image
Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates
Adam, Klaus; Billi, Roberto M. - 2005
We determine optimal monetary policy under commitment in a forward-looking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S....
Persistent link: https://www.econbiz.de/10014061793
Cover Image
Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - 2012
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
Persistent link: https://www.econbiz.de/10010391983
Cover Image
The Optimal Inflation Buffer with a Zero Bound on Nominal Interest Rates
Billi, Roberto M. - 2005
This paper characterizes the optimal inflation buffer consistent with a zero lower bound on nominal interest rates in a New Keynesian sticky-price model. It is shown that a purely forward-looking version of the model that abstracts from inflation inertia would significantly underestimate the...
Persistent link: https://www.econbiz.de/10014065790
Cover Image
Identifying monetary policy and central bank information shocks using high-frequency exchange rates
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2019
level clearly. A positive information shock which also induces increases in interest rate is perceived by private agents as …
Persistent link: https://www.econbiz.de/10012304714
Cover Image
Exchange rates and the information channel of monetary policy
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2020
We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …
Persistent link: https://www.econbiz.de/10012301353
Cover Image
Optimal interest rate stabilization in a basic sticky-price model
Paustian, Matthias (contributor);  … - 2006
This paper studies optimal monetary policy with the nominal interest rate as the single policy instrument in an economy,where firms set prices in a staggered way without indexation and real money balances contribute separately to households'utility. The optimal deterministic steady state under...
Persistent link: https://www.econbiz.de/10003402194