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A Shadow Policy Rate to Calibrate US Monetary Policy at the Zero Lower Bound
Lombardi, Marco J. - 2014
The recent global financial crisis, the Great Recession and the subsequent implementation of a variety of unconventional policy measures have raised the issue of how to correctly measure the stance of monetary policy when policy interest rates reach the zero lower bound (ZLB). In this paper, we...
Persistent link: https://www.econbiz.de/10013052076
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The great escape? : a quantitative evaluation of the Fed's liquidity facilities
Del Negro, Marco; Eggertsson, Gauti B.; Ferrero, Andrea; … - 2011
We introduce liquidity frictions into an otherwise standard DSGE model with nominal and real rigidities, explicitly incorporating the zero bound on the short-term nominal interest rate. Within this framework, we ask: Can a shock to the liquidity of private paper lead to a collapse in short-term...
Persistent link: https://www.econbiz.de/10009349619
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Fiscal implications of central bank balance sheet policies
Orphanides, Athanasios - 2016
Under ordinary circumstances, the fiscal implications of central bank policies tend to be seen as relatively minor and escape close scrutiny. The global financial crisis of 2008, however, demanded an extraordinary response by central banks which brought to light the immense power of central bank...
Persistent link: https://www.econbiz.de/10011498983
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Central bank policies and the debt trap
Orphanides, Athanasios; Ke, T. Tony - 2017
Monetary policy and fiscal dynamics are inexorably linked. When a government faces the risk of getting caught in a high debt trap, debt monetization may become an appealing option. However, independent central banks may be able to allay debt concerns without compromising price stability. One...
Persistent link: https://www.econbiz.de/10011749492
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Fiscal implications of central bank balance sheet policies
Orphanides, Athanasios - 2016
Under ordinary circumstances, the fiscal implications of central bank policies tend to be seen as relatively minor and escape close scrutiny. The global financial crisis of 2008, however, demanded an extraordinary response by central banks which brought to light the immense power of central bank...
Persistent link: https://www.econbiz.de/10011750138
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Low interest rate policy and the use of reserve requirements in emerging markets
Hoffmann, Andreas; Loeffler, Axel - 2013
The paper attempts to shed light on the link between monetary policy in large economies with international currencies (the United States and the euro area) and the use of reserve requirements in emerging markets. Using reserve requirement data for 28 emerging markets from 1998 to 2012 we provide...
Persistent link: https://www.econbiz.de/10009747303
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How optimal was U.S. monetary policy at the zero lower bound?
Bundick, Brent; Hotz, Logan; Smith, Andrew Lee - 2023
Persistent link: https://www.econbiz.de/10014458948
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The Macroeconomic Effects of the Federal Reserve's Conventional and Unconventional Monetary Policies
Swanson, Eric T. - National Bureau of Economic Research - 2023
I separately identify and estimate the effects of the Federal Reserve's federal funds rate, forward guidance, and large-scale asset purchase (LSAP) policies on the U.S. economy. I extend the high-frequency identification strategy of Bauer and Swanson (2023b) for monetary policy VARs by allowing...
Persistent link: https://www.econbiz.de/10014337836
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The timing of central bank communication
Ehrmann, Michael; Fratzscher, Marcel - 2005
such communication has the ability to move financial markets. The findings suggest that communication is generally seen as … so prior to interest rate changes. At the same time, markets react more strongly to communication prior to policy changes …. Other instances where communication becomes more intense, or where financial markets become more responsive are also …
Persistent link: https://www.econbiz.de/10011604611
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Lessons from the Swedish experience with negative central bank rates
Andersson, Fredrik N. G.; Jonung, Lars - 2020
Persistent link: https://www.econbiz.de/10012510931