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The quest for global monetary policy coordination

Bruni, Franco; Siaba Serrate, José; Villafranca, Antonio - 2019

This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...

Persistent link: https://www.econbiz.de/10011955414

Optimal rules for central bank interest rates subject to zero lower bound

Singh, Ajay Pratap; Nikolaou, Michael - 2014

The celebrated Taylor rule provides a simple formula that aims to capture how the central bank interest rate is adjusted as a linear function of inflation and output gap. However, the rule does not take explicitly into account the zero lower bound on the interest rate. Prior studies on interest...

Persistent link: https://www.econbiz.de/10010425057

Modeling macroeconomic policymakers' interactions under zero lower bound environment : the new Keynesian theoretical approach

Praščević, Aleksandra; Ješić, Milutin - In: Journal of central banking theory and practice 8 (2019) 1, pp. 5-38

The paper examines how the implicit coordination mechanisms between the policymakers could help in overcoming negative macroeconomic consequences which are provoked by the problem of zero lower bound (ZLB) on the nominal interest rates. For the long period of time, before the global recession...

Persistent link: https://www.econbiz.de/10011965148

A new approach to measuring economic policy shocks, with an application to conventional and unconventional monetary policy

Inoue, Atsushi; Rossi, Barbara - In: Quantitative economics : QE ; journal of the … 12 (2021) 4, pp. 1085-1138

We propose a new approach to analyze economic shocks. Our new procedure identifies economic shocks as exogenous shifts in a function; hence, we call them "functional shocks." We show how to identify such shocks and how to trace their effects in the economy via VARs using "VARs with functional...

Persistent link: https://www.econbiz.de/10012795633

Zero Lower Bound and negative interest rates : Choices for monetary policy in the UK

Nasir, Muhammad Ali - In: Journal of policy modeling : JPMOD ; a social science … 43 (2021) 1, pp. 200-229

Persistent link: https://www.econbiz.de/10012821164

Optimal forward guidance

Bilbiie, Florin Ovidiu - In: American economic journal : a journal of the American … 11 (2019) 4, pp. 310-345

Persistent link: https://www.econbiz.de/10012139763

Are supply-side reforms contractionary at the zero lower bound?

Ji, Yangyang - In: CESifo economic studies : a joint initiative of the … 65 (2019) 1, pp. 68-83

Persistent link: https://www.econbiz.de/10012117583

Optimal government spending at the zero lower bound : a non-Ricardian analysis

Nakata, Taisuke - In: Review of economic dynamics 23 (2017), pp. 150-169

Persistent link: https://www.econbiz.de/10011745657

Regional and global financial safety nets : the recent European experience and its implications for regional cooperation in Asia

Darvas, Zsolt M. - 2017

This paper compares financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007/08 global financial and economic crisis-which were supported...

Persistent link: https://www.econbiz.de/10011715721

Dissolving „the unholy marriage“ : Hayek‘s recommendation on monetary and fiscal policy

Madi, Maria Alejandra Caporale - In: Journal of contemporary economic and business issues 2 (2015) 2, pp. 23-38

The contribution by the Austrian economist Friedrich von Hayek to monetary theory stimulates a far-reaching debate on … money. Since the early 1930s Hayek had been concerned about the role of money in the theory of production (Hayek, 1931 …). Influenced by Eugene Bohm-Bawerk’s theory of capital, Hayek deeply examined the effects of monetary policy on the process of …

Persistent link: https://www.econbiz.de/10011534016

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