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New Evidence on Monetary Transmission : Interest Rate versus Inflation Target Shocks
Lukmanova, Elizaveta - 2020
allow for a standard nominal interest rate shock and an inflation target shock. In response to the highly persistent … inflation target shock we largely find evidence of a Neo-Fisher effect: the nominal interest rate co-moves positively with … expectations do not adjust immediately to the target shock …
Persistent link: https://www.econbiz.de/10012848183
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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada
Champagne, Julien; Sekkel, Rodrigo - 2017
that a 100-basis-point increase in our new shock series leads to a 1.0 per cent decrease in real GDP and a 0.4 per cent …
Persistent link: https://www.econbiz.de/10011777945
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Optimal monetary policy under negative interest rate
Dong, Feng; Wen, Yi - 2017 - This version: May 16, 2017
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10011691605
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The monetary economy and the economic crisis
Laidler, David E. W. - 2011 - Revised, January 2011
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand", was a...
Persistent link: https://www.econbiz.de/10011708307
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The monetary economy and the economic crisis
Laidler, David E. W. - 2010
The monetary economy has properties that cannot be analyzed using the tools of today's dynamic general equilibrium analysis. Keynes's economics, far from being an aberration in the otherwise orderly evolution of modern macroeconomics from Adam Smith's ideas about the "invisible hand", was a...
Persistent link: https://www.econbiz.de/10008655700
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Average Inflation Targeting and Interest-Rate Smoothing
Eo, Yunjong - 2019
We study the welfare implication of average inflation targeting as a simple interest-rate rule, in which the monetary authority adjusts its short-term policy rate in response to the output gap as well as average inflation deviation from its target instead of reacting to the contemporaneous...
Persistent link: https://www.econbiz.de/10012858983
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Changes in the Inflation Target and the Comovement between Inflation and the Nominal Interest Rate
Eo, Yunjong - 2019
Does raising an inflation target require increasing the nominal interest rate in the short run? We answer this question using a standard New Keynesian model with rich backward-looking elements. We first analytically show that the short-run comovement between inflation and the nominal interest...
Persistent link: https://www.econbiz.de/10012889831
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Changes in the Inflation Target and the Comovement Between Inflation and the Nominal Interest Rate
Eo, Yunjong - 2020
Would raising the inflation target require an increase in the nominal interest rate in the short run?We answer this policy question, first analytically in a small-scale New Keynesian model with backward-looking components where a closed-form solution exists, and then in a medium-scale model of...
Persistent link: https://www.econbiz.de/10012851782
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Optimal Monetary Policy Under Negative Interest Rate
Wen, Yi - 2019
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held...
Persistent link: https://www.econbiz.de/10013210479
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Risk premium shocks and the zero bound on nominal interest rates
Amano, Robert A.; Shukayev, Malik - 2009
There appears to be a disconnect between the importance of the zero bound on nominal interest rates in the real-world and predictions from quantitative DSGE models. Recent economic events have reinforced the relevance of the zero bound for monetary policy whereas quantitative models suggest that...
Persistent link: https://www.econbiz.de/10003933335