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Is monetary policy always effective? : incomplete interest rate pass-through in a DSGE model
Binning, Andrew; Bjørnland, Hilde Christiane; Maih, Junior - 2019
We estimate a regime-switching DSGE model with a banking sector to explain incomplete and asymmetric interest rate pass-through, especially in the presence of a binding zero lower bound (ZLB) constraint. The model is estimated using Bayesian techniques on US data between 1985 and 2016. The...
Persistent link: https://www.econbiz.de/10012214427
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Macroeconomic risks and monetary policy in Central European countries : parallels in the Czech Republic, Hungary, and Poland
Ábel, István; Siklos, Pierre L. - In: Risks : open access journal 11 (2023) 11, pp. 1-26
monetary policy approaches taken in the Czech Republic, Hungary, and Poland until the pandemic. We provide a simple theoretical …
Persistent link: https://www.econbiz.de/10014436574
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How much of the macroeconomic variation in Eastern Europe is attributable to external shocks
Maćkowiak, Bartosz (contributor) - 2005
Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially …
Persistent link: https://www.econbiz.de/10003324162
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Optimal Interest Rate Rule in a DSGE Model with Housing Market Spillovers
Tsang, Kwok Ping - 2014
This paper studies the optimal interest rate rule in a DSGE model with housing market spillovers (Iacoviello and Neri (2010)). We find that the optimal rule responds to house price inflation even when the stabilization of house price is not among the objectives of the policymaker, and that the...
Persistent link: https://www.econbiz.de/10013054447
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The riddle of the natural rate of interest
Razzak, Weshah A. - 2020
We provide a general equilibrium model with optimizing agents to compute the natural rate of interest for the G7 countries over the period 2000 to 2017. The model is solved for the equilibrium natural rate of interest, which is determined by a parsimonious equation that is easily computed from...
Persistent link: https://www.econbiz.de/10012437698
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An examination of Fisher effect for selected new EU member states
Ucak, Harun; Öztürk, İlhan; Aslan, Alper - In: International journal of economics and financial issues … 4 (2014) 4, pp. 956-959
Persistent link: https://www.econbiz.de/10010528490
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How does information affect the comovement between interest rates and exchange rates?
Sánchez, Marcelo - 2006
This paper compares the link between exchange rates and interest rates under full information and two alternative asymmetric information approaches. It also distinguishes between cases of expansionary and contractionary depreciations. Full information results are not robust to the presence of...
Persistent link: https://www.econbiz.de/10011604654
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The international transmission of euro area monetary policy shocks
Jannsen, Nils; Klein, Melanie - 2011
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western … VAR model of the euro area and augment it consecutively by the foreign variables of interest. We find that a monetary … policy shock in the euro area leads to a largely similar change in the interest rate and in GDP in these other western …
Persistent link: https://www.econbiz.de/10010285721
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Distributional effects of monetary policy in emerging market economies
Prasad, Eswar S.; Zhang, Boyang - 2015
We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...
Persistent link: https://www.econbiz.de/10011309046
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The international transmission of euro area monetary policy shocks
Jannsen, Nils; Klein, Melanie - 2011
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western … VAR model of the euro area and augment it consecutively by the foreign variables of interest. We find that a monetary … policy shock in the euro area leads to a largely similar change in the interest rate and in GDP in these other western …
Persistent link: https://www.econbiz.de/10009232260