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Central bank capital as an instrument of monetary policy
Hampl, Mojmír; Havránek, Tomáš - 2018
with inflation performance. …
Persistent link: https://www.econbiz.de/10011833686
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Central bank capital as an instrument of monetary policy
Hampl, Mojmír; Havránek, Tomáš - 2018
with inflation performance. …
Persistent link: https://www.econbiz.de/10011906669
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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/10003882196
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Revealing the Preferences of the US Federal Reserve
Ilbas, Pelin - 2008
smoothing are significant target variables, though less important than the inflation and output growth targets. We find that the …. The Inflation Stabilization, however, is mainly due to the change in monetary policy that took place at the start of …
Persistent link: https://www.econbiz.de/10012723870
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Fiscal Consequences of Central Bank Losses
Cecchetti, Stephen G.; Hilscher, Jens - National Bureau of Economic Research - 2024
In response to the Global Financial Crisis, central banks engaged in large-scale asset purchases funded by the issuance of reserves. These "unconventional" policies continued during the pandemic, so that by 2022 central banks' balance sheets had grown up to ten-fold. As a result of rapidly...
Persistent link: https://www.econbiz.de/10014544756
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Quantifying the Costs and Benefits of Quantitative Easing
Levin, Andrew T.; Lu, Brian L.; Nelson, William R. - National Bureau of Economic Research - 2022
We conduct a systematic analysis of the costs and benefits of large-scale securities purchases, using the Federal Reserve's QE4 program as a concrete example. This program was initiated at the onset of the pandemic in March 2020 and continued for two years, leading to a doubling of the Fed's...
Persistent link: https://www.econbiz.de/10013477241
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Exigent and Unusual Circumstances : The Federal Reserve and the U.S. Financial Crisis
Johnson, Christian A. - 2013
The U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused...
Persistent link: https://www.econbiz.de/10013094881
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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
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Changes in central bank procedures during the subprime crisis and their repercussions on monetary theory
Lavoie, Marc - 2010
The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even clearer the deficiencies and lack of realism in mainstream monetary theory, as can be found...
Persistent link: https://www.econbiz.de/10010286547
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The Educational and Professional Background of Central Bankers and its Effect on Inflation - An Empirical Analysis
Göhlmann, Silja; Vaubel, Roland - 2005
We assume that central banks can control inflation so that inflation rates reflect the preferences of the central bank … background. In a panel data analysis for the euro area and eleven countries since 1973,we explain inflation first by the weights … background, former members of the central bank staff as well as former bankers and businessmen have the strongest inflation …
Persistent link: https://www.econbiz.de/10010261030