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Böhm-Bawerk meets Keynes: What does determine the interest rate, and can the latter become negative?
van Suntum, Ulrich - Centrum für angewandte Wirtschaftsforschung, … - 2014
werden von prominenten Ökonomen ganz unterschiedlich erklärt. Viele sehen sie als direkte Folge der expansiven Geldpolitik …
Persistent link: https://www.econbiz.de/10010984537
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Asset prices, collateral, and unconventional monetary policy in a DSGE model
Hilberg, Björn; Hollmayr, Josef - Deutsche Bundesbank - 2013
bank can stabilize all variables at the cost of higher inflation and that macroeconomic volatility is smallest if the …
Persistent link: https://www.econbiz.de/10010984718
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Policy implications of learning from more accurate central bank forecasts
Hubert, Paul - In: Economics Bulletin 35 (2015) 1, pp. 466-474
How might central bank communication of its internal forecasts assist the conduct of monetary policy? The literature has shown that heterogeneous expectations may have destabilizing effects on aggregate dynamics. This paper analyzes through adaptive learning the policy implications of central...
Persistent link: https://www.econbiz.de/10011199640
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Indeterminacy and Forecastability
Fujiwara, Ippei; Hirose, Yasuo - Crawford School of Public Policy, Australian National … - 2012
Recent studies document the deteriorating performance of forecasting models during the Great Moderation, which conversely implies that forecastability was higher in the preceding era when the economy was unexpectedly volatile. We explain this phenomenon in the context of equilibrium...
Persistent link: https://www.econbiz.de/10011201596
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DETERMINANTS OF THE HOME PRICE- INCOME RELATIONSHIP: 1990-2011
Holstein, Adora D.; Brian O’Roark; Lu, Min - In: Global Journal of Business Research 7 (2013) 3, pp. 15-30
Many studies have attributed the housing bubble or misalignment of home price and income to inefficient markets, irrational behavior, excessive leverage, financial innovations, macroeconomic imbalances, the Fed’s easy money policy, and repeal of the Glass-Steagal Act. However, no study...
Persistent link: https://www.econbiz.de/10011205711
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How Effective Is Central Bank Forward Guidance?
Kool, C.J.M.; Thornton, D.L. - School of Economics, Universiteit Utrecht - 2012
In this paper, we use survey forecasts to investigate the impact of forward guidance on the predictability of future short- and long-term interest rates in four countries: New Zealand, Norway, Sweden, and the United States. New Zealand began providing forward guidance in 1997, Norway in 2005,...
Persistent link: https://www.econbiz.de/10011206234
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An Optimal Design of Early Warning Systems: A Bayesian Quickest Change Detection Approach
Li, Haixi - Volkswirtschaftliche Fakultät, … - 2012
This paper proposed a new optimal design of Early Warning Systems (EWS) to detect early warning signals of an impending financial crisis. The problem of EWS was formulated from a policy maker's perspective. Hence the probability threshold was obtained by minimizing the policy maker's welfare...
Persistent link: https://www.econbiz.de/10011206889
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The economic outlook and challenges to monetary policy
Williams, John C. - In: Speech (2012) July 9
Presentation to the joint convention of the Idaho, Nevada, and Oregon Bankers Associations, Coeur d'Alene, ID, July 9, 2012
Persistent link: https://www.econbiz.de/10010558498
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Monetary policy, money, and inflation
Williams, John C. - In: Speech (2012) July 9
Textbook monetary theory holds that increasing the money supply leads to higher inflation. However, the Federal Reserve … has tripled the monetary base since 2008 without inflation surging. With interest rates at historically low levels and the … economy still struggling, the normal money multiplier process has broken down and inflation pressures remain subdued. This …
Persistent link: https://www.econbiz.de/10010558499
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Real exchange rate dynamics in sticky-price models with capital
Carvalho, Carlos; Nechio, Fernanda - Federal Reserve Bank of San Francisco - 2012
The standard argument for abstracting from capital accumulation in sticky-price macro models is based on their short-run focus: over this horizon, capital does not move much. This argument is more problematic in the context of real exchange rate (RER) dynamics, which are very persistent. In this...
Persistent link: https://www.econbiz.de/10010558500