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Deriving the new quantity equation : an approach for a closed and an open economy
Welfens, Paul J. J. - 2014
This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...
Persistent link: https://www.econbiz.de/10010398774
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Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis
Campbell, Jeffrey R. - 2016
This paper studies the effects of FOMC forward guidance. We begin by using high frequency identification and direct measures of FOMC private information to show that puzzling responses of private sector forecasts to movements in federal funds futures rates on FOMC announcement days can be...
Persistent link: https://www.econbiz.de/10012988315
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Rules Versus Discretion in Monetary Policy Historically Contemplated
Glasner, David - 2017
cost of production. Two classes of monetary rules can be identified: (1) price rules that target the value of money in … of money in circulation. Historically, price rules, e.g. the gold standard, have predominated, but the Bank Charter Act … a price rule until Henry Simons proposed a constant money supply consisting of government-issued fiat currency and …
Persistent link: https://www.econbiz.de/10014121191
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
What happens if the government's willingness to stabilize a large stock of debt is waning, while the central bank is adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a monetary tightening, further debt accumulation, and...
Persistent link: https://www.econbiz.de/10012030336
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Monetary policy committee transparency: Measurement, determinants, and economic effects
Hayo, Bernd; Mazhar, Ummad - 2011
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...
Persistent link: https://www.econbiz.de/10010286350
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Monetary policy committee transparency : measurement, determinants, and economic effects
Hayo, Bernd; Mazhar, Ummad - 2011 - This version: 28 September 2011
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...
Persistent link: https://www.econbiz.de/10009305845
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Signaling effects of monetary policy
Melosi, Leonardo - 2016
We develop a dynamic general equilibrium model in which the policy rate signals the central bank's view about macroeconomic developments to price setters. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price...
Persistent link: https://www.econbiz.de/10011559878
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Signaling Effects of Monetary Policy
Melosi, Leonardo - 2016
We develop a dynamic general equilibrium model in which the policy rate signals the central bank's view about macroeconomic developments to price setters. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price...
Persistent link: https://www.econbiz.de/10012979125
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Signaling Effects of Monetary Policy
Melosi, Leonardo - 2013
We develop a DSGE model in which the policy rate signals to price setters the central bank's view about macroeconomic developments. The model is estimated with likelihood methods on a U.S. data set that includes the Survey of Professional Forecasters as a measure of price setters' inflation...
Persistent link: https://www.econbiz.de/10013080066
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The dire effects of the lack of monetary and fiscal coordination
Bianchi, Francesco; Melosi, Leonardo - 2017
What happens if the government's willingness to stabilize a large stock of debt is waning, while the central bank is adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a monetary tightening, further debt accumulation, and...
Persistent link: https://www.econbiz.de/10011774982