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The dynamics of monthly changes in US swap yields : a Keynesian perspective
Akram, Tanweer; Mamun, Khawaja Abdullah al - 2022
John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows that Keynes's conjecture holds for long-term Treasury yields in the United States. This paper...
Persistent link: https://www.econbiz.de/10013383200
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The central-bank balance sheet as an instrument of monetary policy
Cúrdia, Vasco; Woodford, Michael - 2010
While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...
Persistent link: https://www.econbiz.de/10008657197
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US "quantitative easing" is fracturing the global economy
Hudson, Michael - 2010
pushed up. -- Exchange Rates ; Asset-price Inflation ; Monetary Policy …
Persistent link: https://www.econbiz.de/10008759457
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US 'Quantitative Easing' is Fracturing the Global Economy
Hudson, Michael - 2010
The Federal Reserve's quantitative easing is presented as injecting $600 billion into “the economy.” But instead of getting banks lending to Americans again - households and firms - the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital...
Persistent link: https://www.econbiz.de/10013135746
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Bad Luck, Bad Policy, and Learning? A Markov-Switching Approach to Understanding Postwar U.S. Macroeconomic Dynamics
Best, Gabriela - 2019
-switchingDSGE model. We evaluate the relative contribution of each narrative to the explanation ofthe Great Inflation and the Great …
Persistent link: https://www.econbiz.de/10012903175
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Monetary Policy Wedges and the Long-term Liabilities of Households and Firms
Binsbergen, Jules H. van; Grotteria, Marco - National Bureau of Economic Research - 2024
We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...
Persistent link: https://www.econbiz.de/10014486229
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Extraordinary labor market developments and the 2022-23 disinflation
Davis, Steven J. - 2024
Two extraordinary U.S. labor market developments facilitated the sharp disinflation in 2022-23 without raising the unemployment rate. First, pandemic-driven infection worries and social distancing intentions caused a sizable drag on labor force participation that began to reverse in the first...
Persistent link: https://www.econbiz.de/10014550371
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Three liquidity crises in retrospective : implications for central banking today
Sauer, Stephan - 2007
Liquidity problems lie at the heart of crises on financial markets as demonstrated in this paper by detailed descriptions of the stock market crash in 1987, the LTCM-crisis in 1998 and the financial market consequences of 11 September 2001. The events also demonstrate that modern central banks,...
Persistent link: https://www.econbiz.de/10003951410
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Explaining inflation-gap persistence by a Time-Varying Taylor rule
Conrad, Christian; Eife, Thomas A. - 2012 - This draft: January 2012
In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …
Persistent link: https://www.econbiz.de/10009526206
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Inflation targets versus international monetary integration : a Canadian perspective
Laidler, David E. W. - 2002
economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …
Persistent link: https://www.econbiz.de/10011541166