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Who's Afraid of Euro Area Monetary Tightening? Cesee Shouldn't

Geis, André - 2020

After a first phasing out of the ECB's net asset purchases at end-2018, the question of how a future tightening of the ECB's monetary policy may affect countries located in the vicinity of the euro area has gained prominence, but has been left largely unanswered so far. Our paper aims to close...

Persistent link: https://www.econbiz.de/10012833000

The Expectations Theory Works for Monetary Policy Shocks

Roush, Jennifer E. - 2007

In practice, the expectations theory of the term structure is employed extensively in monetary policy analysis despite … its empirical failure. This paper performs a conditional test of the theory that is directly relevant to monetary theory … and policy. It finds that the theory holds quite well conditional on identified monetary policy shocks, but fails …

Persistent link: https://www.econbiz.de/10012778440

Demographics and the Natural Rate of Interest in Japan

Han, Fei - 2019

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the impact of demographics on the natural rate in...

Persistent link: https://www.econbiz.de/10012889159

New Evidence on the Effects of Quantitative Easing

Jouvanceau, Valentin - 2019

Have the macroeconomic effects of QE programs been overestimated empirically? Using a large set of model specifications that differ in the degree of time-variation in parameters, the answer is yes. Our forecasting exercise suggests that it is crucial to allow for time-variation in parameters,...

Persistent link: https://www.econbiz.de/10012890228

Responses to Monetary Policy Shocks in the East and West of Europe : A Comparison

Jarocinski, Marek - 2009

theory …

Persistent link: https://www.econbiz.de/10012765781

Monetary Policy, Hot Money and Housing Price Growth Across Chinese Cities

Huang, Xiaoyu - 2020

We use a dynamic hierarchical factor model to identify the national, regional, and local factors of the city-level housing price growth in China from 2005 to 2015. During the zero-lower-bound (ZLB) episode in the U.S., local factors account for 78% of variations in the month-on-month city-level...

Persistent link: https://www.econbiz.de/10012854498

Unconventional Monetary Policies and the Macroeconomy : The Impact of the United Kingdom's QE2 and Funding for Lending Scheme

Churm, Rohan - 2015

In this paper we assess the macroeconomic effects of two of the flagship unconventional monetary policies used by the Bank of England during the later stages of the global economic crisis: additional quantitative easing (QE) and the introduction of the Funding for Lending Scheme (FLS). We argue...

Persistent link: https://www.econbiz.de/10013017591

Spillovers from the ECB's Non-Standard Monetary Policy Measures on South-Eastern Europe

Moder, Isabella - 2018

This paper is the first to comprehensively assess the impact of the euro area's non-standard monetary policy measures on south-eastern Europe. By employing bilateral BVAR models, I am able to estimate the response of output and prices for each country, as well as to shed more light on potential...

Persistent link: https://www.econbiz.de/10012933044

Dynamic Expectations Formation and U.S. Monetary Policy Regime Change

Wei, Xin - 2021

This essay studies the fundamental causes of the monetary policy regime switches within rational expectations models. I introduce a threshold-switching monetary policy process into the model that links the policy stance to the fundamental shocks by an autoregressive regime strength index. It...

Persistent link: https://www.econbiz.de/10013251913

Does one (Unconventional) Size Fit All? Effects of the ECB's Unconventional Monetary Policies on the Euro Area Economies

Pagliari, Maria Sole - 2021

This paper aims at assessing the macroeconomic impact of unconventional monetary policies (UMPs) that the ECB has put in place in the euro area after the 2007 financial crisis. With this purpose, we first document how the relative importance of the main transmission channels of such measures has...

Persistent link: https://www.econbiz.de/10013213269