is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short …-term rate which represents the policy variable of the DBB. Moreover, import price inflation is included as an exogenous variable …

allow money-demand shocks to generate volatility in output and inflation, much as was the case under the money …

need to correct the estimation of indicators of economic uncertainty. The indicators were constructed from textual data … Monetary Policy of eighteen Central Banks, we estimated two variables of perception of economic uncertainty: the first using … Pandemic) in its word list. Initial results show that there is a significant effect of COVID-19 on the estimation of the …

This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New … Keynesian model. We consider different causes of persistently low inflation, including a downward shift in long-run inflation … persistently low inflation depend crucially on its underlying cause, as well as on the extent to which monetary policy is …

We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure … of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a … real-time, Bayesian estimation of a small monetary VAR with time-varying parameters. We use it to calculate the probability …

setting, we find that US interest rate uncertainty not only drives local output and inflation volatility, but also causes … declines in output, inflation, and the interest rate. Moreover, we document strong global impacts, making the world move in a …