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A simple empirical measure of central banks' conservatism
Levieuge, Grégory; Lucotte, Yannick - Volkswirtschaftliche Fakultät, … - 2012
In this paper we suggest a simple empirical and model-independent measure of Central Banks' Conservatism, based on the Taylor curve. This new indicator can easily be extended in time and space, whatever the underlying monetary regime of the considered countries. We demonstrate that it evolves in...
Persistent link: https://www.econbiz.de/10011107702
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A simple empirical measure of central banks' conservatism
Levieuge, Grégory; Lucotte, Yannick - Volkswirtschaftliche Fakultät, … - 2012
In this paper we suggest a simple empirical and model-independent measure of Central Banks' Conservatism, based on the Taylor curve. This new indicator can easily be extended in time and space, whatever the underlying monetary regime of the considered countries. We demonstrate that it evolves in...
Persistent link: https://www.econbiz.de/10011111955
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A note concerning government bond yields
Akram, Tanweer - 2020
This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...
Persistent link: https://www.econbiz.de/10012317613
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How effective is the Taylor rule? : some insights from the time-frequency domain
Crowley, Patrick M.; Hudgins, David - 2020
When the central bank sets monetary policy according to a conventional or modified Taylor rule (which is known as the Taylor Principle), does this deliver the best outcome for the mac-roeconomy as a whole? This question is addressed by extending the wavelet-based control (WBC) model of Crowley...
Persistent link: https://www.econbiz.de/10012170972
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Resolution for the Eurozone Crisis : An Analysis of the Root Causes, Consequences of Current Policies, and Potential Economic and Structural Solutions
Kuo, Roy - 2013
The paper provides a comprehensive overview of the historical problems and causes of the crisis, explains the choices available for the peripheral EU countries and the potential consequences, and discusses potential solutions which take into account how the EU operates. The Eurozone still makes...
Persistent link: https://www.econbiz.de/10014161383
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The International Transmission of Monetary Policy
Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda; … - 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/10011887415
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The International Transmission of Monetary Policy
Buch, Claudia M. - 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/10012911041
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Following the Imprint of the ECB's Asset Purchase Programme on Global Bond and Deposit Flows
Avdjiev, Stefan - 2019
We trace the imprint of the ECB's expanded asset purchase programme (APP) on international bond portfolios and euro-denominated deposits. Our analysis suggests that non-bank financial institutions (NBFIs) located outside the euro area sold large volumes of euro area government bonds and kept a...
Persistent link: https://www.econbiz.de/10012891111
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Trapped in the Trilemma : When Security Trumps Economics
Bordo, Michael D.; James, Harold - National Bureau of Economic Research - 2022
This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy constraints or "trilemmas" and their interrelationship; in particular the disturbances that arise from capital flows and the difficulties of adjusting monetary policies to a global...
Persistent link: https://www.econbiz.de/10013388862
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A new application of Taylor rules: Model evaluation
Salyer, Kevin; Van Gaasbeck, Kristin - 2000
Taylor rules posit a linear relationship between the output gap, inflation, and short-term nominal interest rates. Previous work has shown that the relationship between these key economic variables as captured by the Taylor rule is quite robust both across countries and monetary policy regimes....
Persistent link: https://www.econbiz.de/10010318600