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Activist stabilization policy and inflation : the Taylor rule in the 1970s

Orphanides, Athanasios - 2002

A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The foremost example of such a strategy is the policy rule...

Persistent link: https://www.econbiz.de/10009767123

Trilemma challenges for the People's Republic of China

Kawai, Masahiro; Liu, Li-gang - 2015

This paper first reviews recent developments in exchange rate regimes, capital account liberalization, interest rate liberalization, and monetary policymaking in the People's Republic of China (PRC). It then observes that the PRC's monetary policy autonomy may have been reduced with falling...

Persistent link: https://www.econbiz.de/10010477581

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

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf...

Persistent link: https://www.econbiz.de/10011695130

Was ECB's monetary policy optimal?

Breuss, Fritz - 2002

Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks …/2001. With a specific Taylor rule one can very well understand, how the ECB sets interest rates, but it turns out that monetary …

Persistent link: https://www.econbiz.de/10011492736

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 … growth as the one used to interpret ECB policy is quite robust as long as it responds to current outcomes of these variables. …

Persistent link: https://www.econbiz.de/10010392194

COVID-19 helicopter money, monetary policy and Central Bank independence : economics and politics

Masciandaro, Donato - 2020

This article discusses a form of fiscal monetization that produces losses in the central bank's balance sheet, without a permanent increase in the money base. If an independent central bank acts as a long-sighted policymaker, an optimal helicopter monetary policy can be identified. At the same...

Persistent link: https://www.econbiz.de/10012210740

Monetary policy and bank equity values in a time of low and negative interest rates

Ampudia, Miguel; Heuvel, Skander van den - 2019

-frequency event study methodology and intraday data, we find that the effect of surprise interest rate cuts announced by the ECB on …

Persistent link: https://www.econbiz.de/10012182094

Monetary policy between stability and growth

Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42

turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …

Persistent link: https://www.econbiz.de/10014496247

Why do financial market experts misperceive future monetary policy decisions?

Schmidt, Sandra; Nautz, Dieter - 2010

(ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the … panel random coefficient model, we show that financial experts have systematically misperceived the ECB's interest rate rule … policy have become more accurate since clarification of the ECB's monetary policy strategy in May 2003. We find that this …

Persistent link: https://www.econbiz.de/10008663415

Why do financial market experts misperceive future monetary policy decisions?

Schmidt, Sandra; Nautz, Dieter - 2010

Persistent link: https://www.econbiz.de/10003989026