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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140
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The great inflation, limited asset markets participation and aggregate demand
Bilbiie, Florin O. - 2004
When enough agents do not participate in asset markets, the slope of the aggregate demand curve is reversed. Monetary policy should be passive, to ensure equilibrium determinacy and to minimize variations in output and inflation. This paper presents evidence that asset markets participation in...
Persistent link: https://www.econbiz.de/10009639468
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How Low Can Central Banks Go? The Banking Threshold to Negative Interest Rates
Berriel, Tiago - 2019
Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...
Persistent link: https://www.econbiz.de/10012899581
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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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Deflation Risk in the Euro Area and Central Bank Credibility
Galati, Gabriele - 2016
This paper investigates how the perceived risk that the euro area will experience deflation has evolved over time, and …- to long-term deflation risk implied by year-on-year options on forward inflation swaps. We investigate whether long …-term inflation expectations have become de-anchored, by studying whether long-term deflation risk has been affected by changes in oil …
Persistent link: https://www.econbiz.de/10012995366
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Coordinating monetary and financial regulatory policies
Van der Ghote, Alejandro - 2018
How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address these questions, I develop a continuous-time New Keynesian economy in which a financial intermediary sector is subject to a leverage constraint. Coordination between monetary and...
Persistent link: https://www.econbiz.de/10011856525
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A monetary policy strategy in good and bad times
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10009640775
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009503821
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Monetary transmission via the Central Bank Balance Sheet
Behrendt, Stefan - 2013
This paper estimates the effects of unconventional monetary policies on consumer as well as asset price inflation, economic activity and bank lending at the hand of a VAR analysis, covering episodes of balance sheet policies of 9 countries over the last 20 years. While recent episodes of...
Persistent link: https://www.econbiz.de/10010221429
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Macroeconomic Surprises and the Inflation Compensation Curve in the Euro Area
Coffinet, Jerome - 2010
Using daily data stemming from inflation-indexed markets, we analyse the effects of numerous macroeconomic surprises on inflation compensation data - the sum of inflation expectations, risk and liquidity premia - in the euro area between 2 January 2004 and 31 December 2007. Our results suggest...
Persistent link: https://www.econbiz.de/10013138025