Similar Search Results

(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

(How) do the ECB and the Fed react to financial market uncertainty? : the Taylor rule in times of crisis

Belke, Ansgar; Klose, Jens - 2010

Persistent link: https://www.econbiz.de/10003931391

Real time estimates of the euro area output gap : reliability and forecasting performance

Marcellino, Massimiliano; Musso, Alberto - 2010

This paper provides evidence on the reliability of euro area real-time output gap estimates. A genuine real-time data set for the euro area is used, including vintages of several sets of euro area output gap estimates available from 1999 to 2006. It turns out that real-time estimates of the...

Persistent link: https://www.econbiz.de/10003971060

Financial factors in economic fluctuations

Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

Persistent link: https://www.econbiz.de/10003973320

Communication matters : US monetary policy and commodity price volatility

Hayo, Bernd; Kutan, Ali Mustafa; Neuenkirch, Matthias - 2011 - This version: March 4, 2011

Using a GARCH model, we analyze the influence of U.S. monetary policy action and communication on the price volatility … bank communication during the recent financial crisis: the "calming" effect of communication found for the whole sample is … partly offset during that period. -- Central Bank Communication ; Commodities ; Federal Reserve Bank ; Monetary Policy …

Persistent link: https://www.econbiz.de/10008859667

Repo market effects of the term securities lending facility

Fleming, Michael J.; Hrung, Warren B.; Keane, Frank M. - 2010

The Term Securities Lending Facility (TSLF) was introduced by the Federal Reserve to promote liquidity in the financing markets for Treasury and other collateral. We evaluate one aspect of the program — the extent to which it has narrowed repo spreads between Treasury collateral and less...

Persistent link: https://www.econbiz.de/10003948796

Large-scale asset purchases by the Federal Reserve : did they work?

Gagnon, Joseph E.; Raskin, Matthew; Remache, Julie; … - 2010

Since December 2008, the Federal Reserve’s traditional policy instrument, the target federal funds rate, has been effectively at its lower bound of zero. In order to further ease the stance of monetary policy as the economic outlook deteriorated, the Federal Reserve purchased substantial...

Persistent link: https://www.econbiz.de/10003948813

Regime-dependent effects of monetary policy shocks : evidence from threshold vector autoregressions

Mandler, Martin - 2010

This paper studies regime dependence in the effects of monetary policy shocks for the U.S. using a threshold vector autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output shows no significant response to monetary policy...

Persistent link: https://www.econbiz.de/10003950519

Do Federal Reserve Bank presidents pursue regional or national interests? : new evidence based on speeches

Hayo, Bernd; Neuenkirch, Matthias - 2011 - This version: 11 February 2011

to September 2009. Econometrically, we use a probit model with regional and national macroeconomic variables to explain …. -- Central Bank Communication ; Disagreement ; Federal Reserve Bank ; Monetary Policy ; Regional Representation ; Speeches …

Persistent link: https://www.econbiz.de/10008840992

Do central banks react to house prices?

Finocchiaro, Daria (contributor); … - 2007

The substantial fluctuations in house prices recently experienced by many industrialized economies have stimulated a vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan and the Bank of England have reacted to house prices....

Persistent link: https://www.econbiz.de/10003591098