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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011589082
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
Persistent link: https://www.econbiz.de/10010355778
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Warum die Volkswirtschaften der Eurozone den USA und Großbritannien seit der Finanzkrise hinterherhinken: Zur Rolle von Unterschieden in der Geld- und Fiskalpolitik
Heimberger, Philipp - 2016
Wirtschaftsräume wird in zwei Dimensionen analysiert; zum einen anhand eines Überblicks zur Geldpolitik der EZB nach dem Ausbruch der … Wachstum und Beschäftigung, was die Eurozonenwirtschaft im Zusammenspiel mit der über weite Strecken zögerlichen Geldpolitik … prozyklische, krisenverstärkende Fiskalpolitik befördert. Die EZB ist mit ihrer seit Anfang 2015 betriebenen Geldpolitik des …
Persistent link: https://www.econbiz.de/10012100198
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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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Modern Money Theory and interrelations between the treasury and the central bank : the case of the United States
Tymoigne, Éric - 2014
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
Persistent link: https://www.econbiz.de/10010251586
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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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In the quest of macroprudential policy tools
Sámano, Daniel - 2011
The global financial crisis of late 2008 could not have provided more convincing evidence that price stability is not a sufficient condition for financial stability. In order to attain both, central banks must develop macroprudential instruments in order to prevent the occurrence of systemic...
Persistent link: https://www.econbiz.de/10009410463
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Effects of Monetary and Macroprudential Policies on Financial Conditions : Evidence from the United States
Zdzienicka, Aleksandra - 2016
The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically -- especially compared to the effects of macroprudential policies -- and across borders, is...
Persistent link: https://www.econbiz.de/10012998798
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Monetary and macroprudential policies in an estimated model with financial intermediation
Gelain, Paolo; Ilbas, Pelin - 2014
We estimate the Smets and Wouters (2007) model augmented with the Gertler and Karadi (2011) financial intermediation sector on US data by using real and financial observables. Given the framework of the estimated model, we address the question whether and how standard monetary policy should...
Persistent link: https://www.econbiz.de/10011506778
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Estimating US Fiscal and Monetary Interactions : From Volcker Chairmanship to the Great Recession
Gerba, Eddie - 2013
Locating the appropriate degree of interaction between fiscal and monetary policy plays an important role in ensuring economic stability. Their joint impact is, however, still unclear. We observe significant differences in the transmission of shocks, in particular between the Great Recession and...
Persistent link: https://www.econbiz.de/10013073633