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Secular stagnation
Bossone, Biagio - 2014
This study analyzes the emergence of secular stagnation as the consequence of a rise in the preference for liquidity … model where agents derive utility from holding assets of different degrees of liquidity. In this environment, rational …
Persistent link: https://www.econbiz.de/10010430693
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Reconciling Bagehot with the Fed's response to September 11
Martin, Antoine - 2005 - Rev. May 2008
provide liquidity at a very high rate of interest. However, most of the theoretical literature on liquidity provision suggests … reserves available is limited. A high price for this liquidity allows banks that need it most to self-select. To the contrary …. -- liquidity provision ; lender of last resort ; Bagehot ; commodity money …
Persistent link: https://www.econbiz.de/10003085739
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Macroprudential policy measures : macroeconomic impact and interaction with monetary policy
Cozzi, Guido; Darracq Pariès, Matthieu; Karadi, Peter; … - 2020
This paper examines the interactions of macroprudential and monetary policies. We find, using a range of macroeconomic models used at the European Central Bank, that in the long run, a 1% bank capital requirement increase has a small impact on GDP. In the short run, GDP declines by 0.15-0.35%....
Persistent link: https://www.econbiz.de/10012165315
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Non-standard monetary policy measures and monetary developments
Giannone, Domenico; Lenza, Michele; Pill, Huw - 2011
Standard accounts of the Great Depression attribute an important causal role to monetary policy errors in accounting for the catastrophic collapse in economic activity observed in the early 1930s. While views vary on the relative importance of money versus credit contraction in the propagation...
Persistent link: https://www.econbiz.de/10008901492
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A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area
Adjemian, Stephane - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...
Persistent link: https://www.econbiz.de/10012772411
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Policy rate decisions and unbiased parameter estimation in typical monetary policy rules
Podpiera, Jirí - 2007
Policymakers do not always follow a simple rule for setting policy rates for various reasons and thus their choices are co-driven by a decision to follow a rule or not. Consequently, some observations are censored and cause bias in conventional estimators of typical Taylor rules. To account for...
Persistent link: https://www.econbiz.de/10011604817
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A reappraisal of the inflation-unemployment tradeoff
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2002
these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …
Persistent link: https://www.econbiz.de/10011414902
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Shocks and frictions in US business cycles : a Bayesian DSGE approach
Smets, Frank; Wouters, Rafael - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10011618212
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Shocks and frictions in US business cycles: a Bayesian DSGE approach
Smets, Frank; Wouters, Raf - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10011604768
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Monetary policy and inflationary shocks under imperfect credibility
Darracq Pariès, Matthieu; Moyen, Stéphane - 2009
This paper quantifies the deterioration of achievable tabilization outcomes when monetary policy operates under imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a simple signal extraction problem, an imperfect knowledge...
Persistent link: https://www.econbiz.de/10011605111