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The international transmission of monetary policy

Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda S.; … - 2018

.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the … banks face matter; in particular, foreign currency funding and hedging considerations can be a key source of heterogeneity …. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries …

Persistent link: https://www.econbiz.de/10011877813

Optimal policy and taylor rule cross-checking under parameter uncertainty

Bursian, Dirk; Roth, Markus - 2013

We examine whether the robustifying nature of Taylor rule cross-checking under model uncertainty carries over to the case of parameter uncertainty. Adjusting monetary policy based on this kind of cross-checking can improve the outcome for the monetary authority. This, however, crucially depends...

Persistent link: https://www.econbiz.de/10010327808

Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

This paper shows that a shift from Ramsey optimal policy under short term commitment (based on a negative-feedback mechanism) to a Taylor rule (based on positive-feedback mechanism) in the new-Keynesian model is in fact a Hopf bifurcation, with opposite policy advice. The number of stable...

Persistent link: https://www.econbiz.de/10011648120

Taylor rule estimation by OLS

Viana de Carvalho, Carlos; Eusepi, Stefano; Mönch, Emanuel - 2021

Ordinary Least Squares (OLS) estimation of monetary policy rules produces potentially inconsistent estimates of policy parameters. The reason is that central banks react to variables, such as in ation and the output gap, which are endogenous to monetary policy shocks. Endogeneity implies a...

Persistent link: https://www.econbiz.de/10012817076

Hopf Bifurcation from New-Keynesian Taylor Rule to Ramsey Optimal Policy

Chatelain, Jean-Bernard; Ralf, Kirsten - In: Macroeconomic Dynamics (2020) Forthcoming

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/10012163754

Why do financial market experts misperceive future monetary policy decisions?

Schmidt, Sandra; Nautz, Dieter - 2010

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...

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

Why Do Financial Market Experts Misperceive Future Monetary Policy Decisions?

Schmidt, Sandra - 2010

Persistent link: https://www.econbiz.de/10013139861

Taylor’s Rule versus Taylor Rules

Nikolsko‐Rzhevskyy, Alex - 2012

Does the Taylor rule prescribe negative interest rates for 2009-2011? This question is important because negative prescribed interest rates provide a justification for quantitative easing once actual policy rates hit the zero lower bound. We answer the question by analyzing Fed policy following...

Persistent link: https://www.econbiz.de/10013114819

Optimal policy and taylor rule cross-checking under parameter uncertainty

Bursian, Dirk; Roth, Markus - Research Center SAFE (Sustainable Architecture for … - 2013

Persistent link: https://www.econbiz.de/10010955154