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Benhabib, Jess; Schmitt-Grohé, Stephanie; Uribe, Martín - 1999 - Revised

In this paper, we characterize conditions under which interest rate feedback rules that set the nominal interest rate as an increasing function of the inflation rate induce aggregate instability by generating multiple equilibria. We show that these conditions depend not only on the...

Persistent link: https://www.econbiz.de/10011576838

Monetary regimes, inflation and monetary reform : an essay in honor of Axel Leijonhufvud

Bordo, Michael D.; Jonung, Lars - 1994 - Revised

Over the past decade and a half Axel Leijonhufvud has written extensively on monetary regimes and their connection to nominal and real economic performance. Monetary regimes are important because they determine whether countries follow stable or unstable monetary policies and hence have stable...

Persistent link: https://www.econbiz.de/10011577057

Rules, discretion, and central bank independence : the German experience 1880-1989

Eschweiler, Bernard; Bordo, Michael D. - 1993

monetary policy to an independent and conservative central bank can be second best. Monetary policy in Germany during the past … one hundred years provides an excellent case to assess the empirical evidence on the use of rules and central bank … independence in monetary policy making. Since the creation of a central monetary authority in 1876, Germany has participated in …

Persistent link: https://www.econbiz.de/10011577141

What have we learned from empirical tests of the monetary transmission effect

Norrbin, Stefan C. - 2000

The transmission effect of money has been a frequently debated issue. This paper discusses the empirical literature examining the effect of money on real output. In contrast to the commonly held belief that money has a powerful effect on output, most empirical tests of money shows relatively...

Persistent link: https://www.econbiz.de/10011583079

Identifying the effects of monetary policy shocks in an open economy

Jacobson, Tor; Jansson, Per; Vredin, Anders; Warne, Anders - 2002

measured as deviations from a forward looking interest rate rule, estimated using Sveriges Riksbank's (Swedish central bank …

Persistent link: https://www.econbiz.de/10011583125

Monetary policy with uncertain parameters

Söderström, Ulf - 1999

optimal policy. In particular, when there is uncertainty about the persistence of inflation, it is optimal for the central … bank to respond more aggressively to shocks than if the parameter were known with certainty, since the central bank wants …

Persistent link: https://www.econbiz.de/10011583128

Estimating the implied distribution of the future short-term interest rate using the Longstaff-Schwartz model

Hördahl, Peter - 2000

This paper proposes the use of the two-factor term-structure model of Longstaff and Schwartz (1992a,LS) to estimate the risk-neutral density (RND) of the futur short-term interest rate. The resulting RND can be interpreted as the market´s estimate of the density of the future short-term...

Persistent link: https://www.econbiz.de/10011583506

Are constant interest rate forecasts modest interventions? : evidence from an estimated open economy DSGE model of the Euro Area

Adolfson, Malin; Laséen, Stefan; Lindé, Jesper; … - 2005

This paper uses an estimated open economy DSGE model to examine if constant interest forecasts one and two years ahead can be regarded as modest policy interventions during the period 1993Q4-2002Q4. An intervention is here defined to be modest if it does not trigger the agents to revise their...

Persistent link: https://www.econbiz.de/10011583556

Monetary policy shocks and business cycle fluctuations in a small open economy : Sweden 1986-2002

Lindé, Jesper - 2003

This paper contains an empirical analysis of the dynamic effects of monetary policy on Swedish data within a framework consistent with the theoretical New-Keynesian type of small open economy models. Because of what appears to be time-varying seasonal patterns in the data, I argue that it is of...

Persistent link: https://www.econbiz.de/10011583586

Why are long rates sensitive to monetary policy?

Ellingsen, Tore; Söderström, Ulf - 2004

response is central bank private information about the state of the economy or about its own target for inflation. …

Persistent link: https://www.econbiz.de/10011583590