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Brexit and new perspectives of an unconventional way of Eurozone revival
Kyriazis, Nikolaos A.; Economou, Emmanouil Marios L. - In: Journal of central banking theory and practice 8 (2019) 3, pp. 5-20
QE would be appropriate to lessen the threat of an upcoming crisis. This is why we examine Eurozone QE perspectives …
Persistent link: https://www.econbiz.de/10012101432
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Communication of monetary policy in unconventional times
Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the economy, the introduction of new policy tools and possible limits to the central bank 's toolkit could hamper the predictability of policy actions. We study how monetary policy...
Persistent link: https://www.econbiz.de/10011663996
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An unconventional approach to evaluate the Bank of England's asset purchase program
Neuenkirch, Matthias - 2016 - This version: November 2, 2016
- December 2015 and five small open inflation targeting economies. Using entropy balancing, I create a synthetic control group ….66 - 0.69 percentage points (pp) after 30 months. The same increase leads to a reduction in the inflation gap with a peak … (ii) with the level of asset purchases. This causes the impact of asset purchases on the inflation gap to eventually …
Persistent link: https://www.econbiz.de/10011553983
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Communication of monetary policy in unconventional times
Coenen, Günter; Ehrmann, Michael; Gaballo, Gaetano; … - 2017
Monetary policy communication is particularly important during unconventional times, because high uncertainty about the economy, the introduction of new policy tools and possible limits to the central bank's toolkit could hamper the predictability of policy actions. We study how monetary policy...
Persistent link: https://www.econbiz.de/10011755761
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Monetary Policy's Rising FX Impact in the Era of Ultra-Low Rates
Ferrari, Massimo - 2017
We show that the FX impact of monetary policy has been growing significantly. We use a high-frequency event study of the joint response of fixed income instruments and exchange rates to monetary policy news from seven major central banks spanning 2004-2015. News affecting short maturity bonds...
Persistent link: https://www.econbiz.de/10012962972
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Monetary Policy's Rising FX Impact in the Era of Ultra-Low Rates
Ferrari, Massimo - 2017
We show that the FX impact of monetary policy has been growing significantly. We use a high-frequency event study of the joint response of fixed income instruments and exchange rates to monetary policy news from seven major central banks spanning 2004-2015. News affecting short maturity bonds...
Persistent link: https://www.econbiz.de/10012958823
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Fiscal Austerity and Quantitative Easing : A Modern Monetary Critique of the Mainstream Neoclassical View
Pugh, Trevor - 2014
Only by having a proper understanding of the function of money and finance in the economy can we hope to correctly inform decision making in monetary and fiscal policy. This paper will argue that neoclassical economics fails to do this, which results in suboptimal decision making from...
Persistent link: https://www.econbiz.de/10013052398
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Central bank asset purchases : insights from quantitative easing auctions of government bonds
Laséen, Stefan - 2023
How willing are individual primary dealers to alter their offered yields in central bank quantitative easing auctions of government bonds in order to sell an additional share of the outstanding amount of a bond to the central bank? This question is of great importance for a central bank's...
Persistent link: https://www.econbiz.de/10013489780
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Central bank exit strategies : domestic transmission and international spillovers
Erceg, Christopher J.; Kolasa, Marcin; Lindé, Jesper; … - 2024 - This version: April 3, 2024
inflation-output tradeoffs in foreign recipient economies through the exchange rate and term premium channels. We also show that …
Persistent link: https://www.econbiz.de/10015066986
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Fifty shades of QE : comparing findings of central bankers and academics
Fabo, Brian; Jancoková, Martina; Kempf, Elisabeth; … - 2021
We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects of QE on output and in...
Persistent link: https://www.econbiz.de/10012603079