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Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

This paper shows that a shift from Ramsey optimal policy under short term commitment (based on a negative-feedback mechanism) to a Taylor rule (based on positive-feedback mechanism) in the new-Keynesian model is in fact a Hopf bifurcation, with opposite policy advice. The number of stable...

Persistent link: https://www.econbiz.de/10011660032

Countercyclical versus Procyclical Taylor Principles

Chatelain, Jean-Bernard - 2016

Assuming inflation is a forward variable in Taylor (1999) model, this paper finds opposite policy rule recommendations with countercyclical policy rule parameters (Taylor principle: inflation rule larger than one and bounded upwards) in the case of optimal policy under commitment versus...

Persistent link: https://www.econbiz.de/10012996200

Forward-Looking Behavior and the Optimality of the Taylor Rule

Lansing, Kevin J.; Trehan, Bharat - 2001

This paper examines the optimal monetary policy under discretion using a small macroeconomic model that allows for varying degrees of forward-looking behavior. We quantify how forward-looking behavior affects the optimal response to inflation and the output gap in the central bank's interest...

Persistent link: https://www.econbiz.de/10014134690

Revisiting Monetary Policy Reaction Function in Developing Economies : Multiscale-GMM Evidence of Policy Asymmetry from Ghana

Akosah, Nana Kwame - 2020

We estimate monetary policy reaction function for Ghana to comprehend the policy behaviour of Bank of Ghana (BOG) over the years using Generalized Methods of Moment technique within wavelet multiscale domain. The empirical results show an overriding evidence of asymmetry monetary policy rule in...

Persistent link: https://www.econbiz.de/10014093245

Shooting on a Moving Target : Explaining European Bank Rates during the Interwar Period

Wandschneider, Kirsten - 2013

This paper describes the monetary policy response of countries during the inter-war period. How did central banks react to the Great Depression? How did countries balance the externals demands of the gold standard with domestic policy pressures? What was the optimal level of international policy...

Persistent link: https://www.econbiz.de/10013095799

Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA

Schettkat, Ronald; Sun, Rongrong - 2009

Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn … Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne …

Persistent link: https://www.econbiz.de/10003836155

A Survey on Time-Varying Parameter Taylor Rule : A Model Modified with Interest Rate Pass-Through

Yüksel, Ebru - 2015

Today, the prime aim of central banking is to achieve price stability and, to a lesser extent, output stability. To this end, central banks use various monetary policy rules. This paper intends to provide a broad survey of the literature on Taylor-type monetary policy rules with a time-varying...

Persistent link: https://www.econbiz.de/10013027509

Why Does the Yield Curve Predict Economic Activity? : Dissecting the Evidence for Germany and the United States

Smets, Frank; Tsatsaronis, Kostas - 2013

This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States …

Persistent link: https://www.econbiz.de/10014224209

Does the crisis experience call for a new paradigm in monetary policy?

Taylor, John B. - 2010

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...

Persistent link: https://www.econbiz.de/10011430849

Is Switzerland an interest rate island after all? : time series and non-linear switching regime evidence

Feld, Lars P.; Köhler, Ekkehard A. - 2015

Has the "Swiss interest rate anomaly" persisted after the financial crisis? Regarding the hypothesis that the Swiss interest rate anomaly results from systemic risk anticipation, we discuss whether Switzerland remains an interest rate island in the wake of the financial crisis. We find evidence...

Persistent link: https://www.econbiz.de/10011392550