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On the empirical relevance of the exchange rate as a shock absorber at the zero lower bound

Finck, David; Hoffmann, Mathias; Hürtgen, Patrick - 2023 - February 3, 2023

We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the United States, Canada, and Japan by state-dependent sign-restricted local projection methods. We find a real depreciation when interest rates are not at the ZLB, but also when...

Persistent link: https://www.econbiz.de/10014320485

Monetary policy rules under bounded rationality

Dobrew, Michael; Gerke, Rafael; Kienzler, Daniel; … - 2023

strategies with a strong history dependence lose their advantage over inflation targeting in mitigating a demand …-driven recessions when interest rates are constrained by the ELB. For supply shocks, inflation t argeting o utperforms h istory …-dependent r ules f or a s ufficiently high degree of BR. An exponential average inflation targeting rule, which features a …

Persistent link: https://www.econbiz.de/10014320809

Sticky information and the Taylor principle

Meyer-Gohde, Alexander; Tzaawa-Krenzler, Mary - 2023

authority's concern for inflation. These determinacy bounds are obtained by appealing to frequency domain techniques that …

Persistent link: https://www.econbiz.de/10014336765

R-star : a new approach to estimate the polar star of monetary policy

Bofinger, Peter; Haas, Thomas - 2023

The necessary adjustments to prominent measures of the neutral rate of interest following the COVID pandemic sparked a wide-ranging debate on the measurement and usefulness of r-star. Due to high uncertainty about relevant determinants, trend patterns and the correct estimation method, we...

Persistent link: https://www.econbiz.de/10014362703

International liquidity shocks and the European sovereign debt crisis : was euro area unconventional monetary policy successful?

Everett, Mary M. - 2015

Persistent link: https://www.econbiz.de/10011283034

The relevance of international spillovers and asymmetric effects in the Taylor rule

Beckmann, Joscha; Belke, Ansgar; Dreger, Christian - 2015

Persistent link: https://www.econbiz.de/10011283149

Employment, hours and optimal monetary policy

Dossche, Maarten; Lewis, Vivien; Poilly, Céline - 2014

Persistent link: https://www.econbiz.de/10010416886

In defense of deflation

Bagus, Philipp - 2015

Persistent link: https://www.econbiz.de/10010499640

The FOMC risk shift

Kroencke, Tim-Alexander; Schmeling, Maik; Schrimpf, Andreas - 2021 - This version: January 25, 2021

We identify a component of monetary policy news that is extracted from high-frequency changes in risky asset prices. These surprises, which we call "risk shifts", are uncorrelated, and therefore complementary, to risk-free rate surprises. We show that (i) risk shifts capture the lion's share of...

Persistent link: https://www.econbiz.de/10012424574

A structural investigation of quantitative easing

Böhl, Gregor; Goy, Gavin; Strobel, Felix - 2021

Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...

Persistent link: https://www.econbiz.de/10012426411