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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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Would the Bundesbank Have Prevented the Great Inflation in the United States?
Benati, Luca - 2009
1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …
Persistent link: https://www.econbiz.de/10013153230
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Has the Fed Improved U.S. Economic Performance?
Hogan, Thomas L. - 2015
exception of the Great Moderation. We analyze the Fed and pre-Fed periods in terms of the rates and volatilities of inflation … real GDP growth has been lower under the Fed, while inflation has been higher. The volatilities of inflation and GDP growth …
Persistent link: https://www.econbiz.de/10013034707