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Robust monetary policy in a new Keynesian model with imperfect interest rate pass-through
Gerke, Rafael; Hammermann, Felix - 2011
be summarised as follows. First, depending on the shock, robust optimal monetary policy under commitment responds either …
Persistent link: https://www.econbiz.de/10010304430
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More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2009
This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the...
Persistent link: https://www.econbiz.de/10010298839
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Robust monetary policy in a model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - In: Journal of Macroeconomics 34 (2012) 2, pp. 318-325
We characterise optimal discretionary monetary policy responses to cost-push shocks and to financial distress in the presence of model uncertainty. Under robust control, the central bank reacts more aggressively to both types of shocks, and less to the lagged policy rate, than if the true model...
Persistent link: https://www.econbiz.de/10010875208
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More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - Deutsche Bundesbank - 2009
This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the...
Persistent link: https://www.econbiz.de/10005059030
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Robust Monetary Policy in a Model with Financial Distress
GERKE, R.; HAMMERMANN, F.; LEWIS, V. - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2011
We characterise optimal discretionary monetary policy responses to cost-push shocks and to financial distress in the presence of model uncertainty. Under robust control, the central bank reacts more aggressively to both types of shocks, and less to the lagged policy rate, than if the true model...
Persistent link: https://www.econbiz.de/10011083180
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Optimal interest rate stabilization in a basic sticky-price model
Paustian, Matthias; Stoltenberg, Christian - 2006
'utility. The optimal deterministic steady state under commitment is the Friedman rule - even of the importance assigned to the …
Persistent link: https://www.econbiz.de/10010265661
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How Optimal is US Monetary Policy?
Chen, Xiaoshan; Kirsanova, Tatiana; Leith, Campbell - Department of Economics, Adam Smith Business School - 2013
this paper we allow policy to be described by various forms of optimal policy - commitment, discretion and quasi-commitment …
Persistent link: https://www.econbiz.de/10011019226
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Optimal Interest Rate Stabilization in a Basic Sticky-Price Model
Paustian, Matthias; Stoltenberg, Christian - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2006
' utility. The optimal deterministic steady state under commitment is the Friedman rule - even if the importance assigned to the …
Persistent link: https://www.econbiz.de/10005677928
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An Empirical Assessment of Optimal Monetary Policy Delegation in the Euro Area
Chen, Xiaoshan; Kirsanova, Tatiana; Leith, Campbell - Department of Economics, Adam Smith Business School - 2014
, commitment or a simple rule) after allowing for Markov switching in policy maker preferences and shock volatilities. This reveals … appropriate description of policy is that of discretion, with no evidence of commitment in the Euro-area. As a result although … welfare levels close to those attained under commitment, even after accounting for the existence of the Zero Lower Bound on …
Persistent link: https://www.econbiz.de/10011079271
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More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2010
This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the...
Persistent link: https://www.econbiz.de/10010270119