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Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results …

Persistent link: https://www.econbiz.de/10012063951

Interest rate rules and monetary targeting : what are the links?

Gerberding, Christina; Seitz, Franz; Worms, Andreas - 2009

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. We show that this type of...

Persistent link: https://www.econbiz.de/10010206357

What's on the ECB's mind? : monetary policy before and after the global financial crisis

Zahner, Johannes; Groß, Jonas - 2020

This paper analyzes the interest rate setting of the European Central Bank (ECB) both before and after the outbreak of the global financial crisis. In the current monetary policy literature, researchers typically select one Taylor rule-based model in order to analyze the interest rate setting of...

Persistent link: https://www.econbiz.de/10012162640

What is the central bank effectively targeting in practice? : Svensson's concept of inflation forecast targeting and measures of inflation projections : the experiences of selected...

Tura-Gawron, Karolina - 2016 - This version 10/07/2016

implementation of Svensson's concept of optimal inflation forecast targeting strategy (IFT) and determines what the chosen central …

Persistent link: https://www.econbiz.de/10011802297

An interest rate rule to uniquely implement the optimal equilibrium in a liquidity trap

Duarte, Fernando; Zabai, Anna - 2015

We propose a new interest rate rule that implements the optimal equilibrium and eliminates all indeterminacy in a canonical New Keynesian model in which the zero lower bound on nominal interest rates (ZLB) is binding. The rule commits to zero nominal interest rates for a length of time that...

Persistent link: https://www.econbiz.de/10011346620

How to escape a liquidity trap with interest rate rules

Duarte, Fernando - 2016

I give necessary and sufficient conditions under which interest-rate feedback rules eliminate aggregate instability by inducing a globally unique optimal equilibrium in a canonical New Keynesian economy with a binding zero lower bound. I consider a central bank that initially keeps interest...

Persistent link: https://www.econbiz.de/10011477354

Forecasting euro area inflation using targeted predictors : is money coming back?

Falagiarda, Matteo; Sousa, João - 2017

relative to other predictors generally improving in the post-2012 period. An out-of-sample forecasting exercise indicates that …, when monetary and credit aggregates are loaded directly in the forecasting equation, the additional gains over the … and credit variables in forecasting inflation, even if their information content is diluted in a much broader pool of …

Persistent link: https://www.econbiz.de/10011637074

Interest rate setting and communication at the ECB

Cour, Philippine; Jung, Alexander - 2020

Based on ordered Probit models and twenty years of euro area data, we estimate empirical reaction functions for the ECB's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price stability in line with its primary objective, and that...

Persistent link: https://www.econbiz.de/10012244764

Towards a robust monetary policy rule for the euro area

Blattner, Tobias S.; Margaritov, Emil - 2010

Estimations of simple monetary policy rules are often very rigid. Standard practice requires that a decision is made as to which indicators the central bank is assumed to respond to, ignoring the data-rich environment in which policy-makers typically form their decisions. However, the choice of...

Persistent link: https://www.econbiz.de/10003973570

How useful are simple rules for monetary policy? : the Swedish experience

Berg, Claes; Jansson, Per; Vredin, Anders - 2004

policy behaviour quite well. There are different forecastbased rules including different arguments and forecast horizons that …

Persistent link: https://www.econbiz.de/10011583820

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