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Involuntary unemployment and the business cycle
Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - 2010
We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people ….e., unemployment is ‘involuntary’). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no … capital and use the resulting model to discuss the concept of the ‘non-accelerating inflation rate of unemployment’. We then …
Persistent link: https://www.econbiz.de/10009640338
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What Happens If Central Banks Misdiagnose a Slowdown in Potential Output
Bakker, Bas Berend - 2019
In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a decline in potential output growth (which has shifted the Okun curve to the left). We...
Persistent link: https://www.econbiz.de/10012859859
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A horse race of alternative monetary policy regimes under bounded rationality
Wagner, Joel; Schlanger, Tudor; Zhang, Yang - 2022
We introduce bounded rationality, along the lines of Gabaix (2020), in a canonical New Keynesian model calibrated to match Canadian macroeconomic data since Canada's adoption of inflation targeting. We use the model to provide a quantitative assessment of the macroeconomic impact of flexible...
Persistent link: https://www.econbiz.de/10013161512
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The European Public Debt Refinancing Program - Why the ECB Quantitative Easing Should Envisage Euro-Zone Government Bonds
Minenna, Marcello - 2014
The credit risk exposure of the German banking system is growing again after the 2009 peak and its subsequent reduction. This column comments it through the lens of the Target2 net balances in connection with the capital flows experienced by the Eurozone (EZ) balance of payments. Several aspects...
Persistent link: https://www.econbiz.de/10013047170
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The Bank of Canada's "horse race" of alternative monetary policy frameworks: some interim results from model simulations
Dorich, José; Mendes, Rhys; Zhang, Yang - 2021
Since 1991, the Bank of Canada has had an inflation‐targeting (IT) framework established by a joint agreement between the Bank and the Government of Canada. The framework is reviewed every five years as part of the process for renewing the inflation‐control agreement. This discussion paper...
Persistent link: https://www.econbiz.de/10012613645
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Fixing the Fed
Whalen, Richard Christopher - 2016
This paper reviews recent developments in US monetary policy and then discusses some possible reforms that might be considered to modify the behavior of the Federal Reserve System. Since its creation a century ago, the Federal Reserve System has grown from a narrowly defined central bank...
Persistent link: https://www.econbiz.de/10012995351
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Uncertainty and monetary policy experimentation : empirical challenges and insights from academic literature
Cacciatore, Matteo; Matveev, Dmitry; Sekkel, Rodrigo - 2022
such as the output gap and the natural rate of unemployment. The strength of a trade-off between these measures of economic …
Persistent link: https://www.econbiz.de/10013175442
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Can the Business Outlook Survey help improve estimates of the Canadian output gap?
Cheung, Calista; Frymire, Luke; Pichette, Lise - 2021 - Last updated: January 5, 2021
The output gap is a key variable used to assess inflationary pressures in the economy, but estimates in real time are subject to uncertainty and often revised significantly. This paper assesses whether questions in the Bank of Canada's Business Outlook Survey (BOS) can provide useful signals for...
Persistent link: https://www.econbiz.de/10012385003
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What happens if central banks misdiagnose a slowdown in potential output growth?
Bakker, Bas B. - 2019
In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a decline in potential output growth (which has shifted the Okun curve to the left). We...
Persistent link: https://www.econbiz.de/10012103759