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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence J. - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...
Persistent link: https://www.econbiz.de/10012776610
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Die Strategie der Fed : ein gutes Beispiel für die EZB?
Scheide, Joachim - In: List-Forum für Wirtschafts- und Finanzpolitik 27 (2001) 4, pp. 335-345
Persistent link: https://www.econbiz.de/10001638566
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What does monetary policy reveal about central bank's preferences?
Castelnuovo, Efrem; Surico, Paolo - 2002
The design of monetary policy depends upon the targeting strategy adopted by the central bank. This strategy describes a set of policy preferences, which are actually the structural parameters to analyse monetary policy making. Accordingly, we develop a novel calibration method to identify...
Persistent link: https://www.econbiz.de/10011594051
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Inflation targeting and nonlinear policy rules : the case of asymmetric preferences : presented at CESifo Venice Summer Institute, Workshop on the Revival of Aggregate Demand Manag...
Surico, Paolo - 2004
This paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision-makers are allowed to weight differently positive and negative deviations of inflation and output from the target values. Reduced-form and structural estimates of the central...
Persistent link: https://www.econbiz.de/10011450850
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Monetary policy and the stock market : time-series evidence
Neuhierl, Andreas; Weber, Michael - 2016
with the slope factor. Slope predicts changes in future interest rates and forecast revisions of professional forecasters …
Persistent link: https://www.econbiz.de/10011566444
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Monetary policy analysis in real-time : vintage combination from a real-time dataset
Altavilla, Carlo; Ciccarelli, Matteo - 2011
matrix and averages model estimates across all data releases. Using standard forecasting and policy models to analyze … monetary authorities' reaction functions, we show that this simple method can improve forecasting performance and provide … high macroeconomic uncertainty. -- monetary policy ; Taylor rule ; real-time data ; great moderation ; forecasting …
Persistent link: https://www.econbiz.de/10009011352
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(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis
Belke, Ansgar; Klose, Jens - 2010
We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...
Persistent link: https://www.econbiz.de/10003931051
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(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis
Belke, Ansgar; Klose, Jens - 2010
We assess differences that emerge in Taylor rule estimations for the Fed and the ECB before and after the start of the subprime crisis. For this purpose, we apply an explicit estimate of the equilibrium real interest rate and of potential output in order to account for variations within these...
Persistent link: https://www.econbiz.de/10003931391
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Monetary policy analysis in real-time: Vintage combination from a real-time dataset
Altavilla, Carlo; Ciccarelli, Matteo - 2011
matrix and averages model estimates across all data releases. Using standard forecasting and policy models to analyze … monetary authorities' reaction functions, we show that this simple method can improve forecasting performance and provide …
Persistent link: https://www.econbiz.de/10010274753
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Does the crisis experience call for a new paradigm in monetary policy?
Taylor, John B. - 2010
This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...
Persistent link: https://www.econbiz.de/10008655772