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The Tyranny of the Tenths. The Rise and Gradual Fall of Forward Guidance in Sweden 2007-2018

Andersson, Fredrik N. G.; Jonung, Lars - 2019

This paper examines the Swedish experience of forward guidance 2007-2018. We focus on three interrelated issues: first, the effects of forward guidance on the discussion within the Board of Directors of the Riksbank, second, on the communication between the Riksbank and the public, and third, on...

Persistent link: https://www.econbiz.de/10013208855

Lessons from the Swedish Experience with Negative Central Bank Rates

Andersson, Fredrik N. G.; Jonung, Lars - 2020

Negative interest rates were once seen as impossible outside the realm of economic theory. However, several central banks have recently adopted negative policy rates. The Federal Reserve is coming under increasing pressure to follow suit in the wake of the coronavirus crisis. This paper...

Persistent link: https://www.econbiz.de/10013208878

Combining negative rates, forward guidance and asset purchases: Identification and impacts of the ECB's unconventional policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

) and quantitative easing (QE), the identification of the impacts of these unconventional instruments of monetary policy is … challenging. We propose a novel identification approach that seeks to overcome this challenge by combining a dense, controlled … back end of the yield curve. We then feed these rate counterfactuals into a large-scale Bayesian VAR and generate …

Persistent link: https://www.econbiz.de/10012605260

2020 US neutral rate assessment

Bootsma, James; Carter, Thomas J.; Chen, Xin Scott; … - 2020

This paper presents Bank of Canada staff's current assessment of the US neutral rate, along with a newly developed set of models on which that assessment is based. The overall assessment is that the US neutral rate currently lies in a range of 1.75 to 2.75 percent. This represents a decline of...

Persistent link: https://www.econbiz.de/10012619163

Monetary policy and the punch bowl: the case for quantitative policy and wage growth targeting

Palley, Thomas I. - In: European Journal of Economics and Economic Policies: … 15 (2018) 1, pp. 32-46

Federal Reserve Chairman William McChesney Martin famously declared that the Federal Reserve 'is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up.' This paper uses the punch bowl metaphor to analyse how the Federal Reserve can...

Persistent link: https://www.econbiz.de/10014363310

Deriving the New Quantity Equation: An Approach for a Closed and an Open Economy

Welfens, Paul J. J. - 2014

This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...

Persistent link: https://www.econbiz.de/10010398364

Monetary Policy and Hysteresis in Potential Output

Kienzler, Daniel; Schmid, Kai Daniel - 2013

propagation of macroeconomic shocks and persistent movements in output after monetary shocks. Our central policy implication of …

Persistent link: https://www.econbiz.de/10010460545

Economic policy in India: For economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010513081

Did Monetary Laxity in Japan Cause the Bubble?

Posen, Adam S. - In: CESifo Forum 04 (2003) 4, pp. 21-26

Persistent link: https://www.econbiz.de/10011695739

The monetary policy consequences of enlargement

Hefeker, Carsten - In: CESifo Forum 07 (2006) 4, pp. 29-34

Persistent link: https://www.econbiz.de/10011695853