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Multiple breaks in lending rate pass-through A cross country study for the euro area
Lorenzo, Gianluca Di; Marotta, Giuseppe - Dipartimento di Economia "Marco Biagi", Università … - 2006
A new approach is proposed for searching multiple unknown breaks, possibly associated with EMU, in the short term business lending rate pass-through. Multiple breaks are detected in five out of nine countries of the euro area. The last break occurs much before the start of EMU for France,...
Persistent link: https://www.econbiz.de/10011115548
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Leaning Against the Parity
Ferreira, Alex Luiz - School of Economics, University of Kent - 2004
The paper presents evidence that the simultaneous relationship between uncovered interest rate parity (UIP) and a monetary policy function can explain the empirical failure of the former. Using the model proposed by McCallum (1994), we carry out tests for a sample of developed and emerging...
Persistent link: https://www.econbiz.de/10005635157
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Narrative monetary policy surprises and the media
Ellen, Saskia ter; Larsen, Vegard Høghaug; Thorsrud, … - 2019 - This version October 4, 2019
communication accompanying interest rate meetings. Our proposed method is fast and simple, and relies on a Singular Value … surprises in central bank communication using this type of data and identification provides surprise measures that are … monetary policy literature associates with the information component of monetary policy communication. Our study highlights the …
Persistent link: https://www.econbiz.de/10012214406
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Persuasion by dimension reduction
Malamud, Semyon; Schrimpf, Andreas - 2021 - This version: October 17, 2021
How should an agent (the sender) observing multi-dimensional data (the state vector) persuade another agent to take the desired action? We show that it is always optimal for the sender to perform a (non-linear) dimension reduction by projecting the state vector onto a lower-dimensional object...
Persistent link: https://www.econbiz.de/10012799529
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10010298400
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Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model
Wieland, Volker - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10012771761
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Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10005007625
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Learning, Endogenous Indexation and Disinflation in the New-Keynesian Model
Wieland, Volker - C.E.P.R. Discussion Papers - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10005114241
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10011200313
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Does money matter in the ECB strategy? New evidence based on ECB communication
Berger, Helge; de Haan, Jakob; Sturm, Jan-Egbert - 2006
We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...
Persistent link: https://www.econbiz.de/10010299092