Showing 1 - 10 of 88,552
Persistent link: https://www.econbiz.de/10011800387
Persistent link: https://www.econbiz.de/10012669073
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...
Persistent link: https://www.econbiz.de/10012605530
Persistent link: https://www.econbiz.de/10011578470
Persistent link: https://www.econbiz.de/10014231361
I provide a simple general equilibrium model of monetary policy implementation and pass-through for undergraduate and graduate teaching. Besides a household and a firm, the model features a continuum of commercial banks, a government, and a central bank. The household uses deposits and cash to...
Persistent link: https://www.econbiz.de/10012170663
Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...
Persistent link: https://www.econbiz.de/10012546138
This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler and Karadi (2011,...
Persistent link: https://www.econbiz.de/10012657867
The century low, near-zero short-term interest rates in the USA, Euro Area, the UK and Japan after the Great Recession of 2008/2009 and the European Sovereign Debt Crisis of 2010-2013 make the non-normality and non-lognormality of short-term interest rates quite clear. To uncover the changing...
Persistent link: https://www.econbiz.de/10013017817