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Testing the monetary policy rule in the US : a reconsideration of the Fed's behaviour
Minford, Patrick; Ou, Zhirong - 2009
Keynesian model ; the "target rule" ; Taylor-type rules ; Bootstrap simulation ; VAR ; Indirect inference ; Wald statistic …
Persistent link: https://www.econbiz.de/10003882196
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International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10010465407
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International Spillovers of Monetary Policy : US Federal Reserve's Quantitative Easing and Bank of Japan's Quantitative and Qualitative Easing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10013029718
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Global spillovers from multi-dimensional US monetary policy
Georgiadis, Georgios; Jarociński, Marek - 2023
entail only rather limited term premium spillovers; (iv) both forward guidance and LSAPs entail trade-offs for emerging …
Persistent link: https://www.econbiz.de/10014483668
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Testing the monetary policy rule in the US: A reconsideration of the Fed's behaviour
Minford, Patrick; Ou, Zhirong - 2009
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...
Persistent link: https://www.econbiz.de/10010288782
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Aggregate Supply in the United States : Recent Developments and Implications for the Conduct of Monetary Policy
Reifschneider, David - 2014
The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we...
Persistent link: https://www.econbiz.de/10013061218
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International Monetary Policy Coordination
Carlberg, Michael - 2005
This paper studies the international coordination of monetary policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary competition between Europe and America. Similarly, as...
Persistent link: https://www.econbiz.de/10010263438
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Global liquidity, world savings glut and global policy coordination
Belke, Ansgar; Gros, Daniel - 2010
The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during...
Persistent link: https://www.econbiz.de/10010271353
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Output spillovers from U.S. monetary policy : the role of international trade and financial linkages
Bräuning, Falk; Sheremirov, Viacheslav - 2019 - This version: October, 2019
by 0.9% after three years. We find that international trade is a more important factor than international finance in … openness. Bilateral trade linkages appear to be quantitatively important, as the network amplification effect accounts for 45 …% of the total spillover effect at the peak horizon. We conclude that trade networks could be an important ingredient of …
Persistent link: https://www.econbiz.de/10012135715
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A global lending channel unplugged? : does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?
Temesvary, Judit; Ongena, Steven; Owen, Ann L. - 2015
We examine how U.S. monetary policy affects the international activities of U.S. Banks. We access a rarely studied US bank-level dataset to assess at a quarterly frequency how changes in the U.S. Federal funds rate (before the crisis) and quantitative easing (after the onset of the crisis)...
Persistent link: https://www.econbiz.de/10011336667