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Monetary Policy and Asset Price Bubbles: A Nonlinear Policy Rule
Mislin, Alexander - In: Credit and Capital Markets – Kredit und Kapital 49 (2016) 4, pp. 507-514
Geldpolitik und Vermögenspreisblasen: Eine nichtlineare Politikregel Die jüngste Debatte um das Konzept des … der Lage den Zins oberhalb eines Schwellenwertes zu setzen, um Finanzstabilität zu gewährleisten. …
Persistent link: https://www.econbiz.de/10014522118
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The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks
Neri, Stefano; Siviero, Stefano - In: Credit and Capital Markets – Kredit und Kapital 51 (2018) 4, pp. 513-560
Transmissionsmechanismus zu wahren und die Kreditversorgung des privaten Sektors sicherzustellen, die Grenzen der konventionellen Geldpolitik …
Persistent link: https://www.econbiz.de/10014522193
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Sparen, Sparkultur und die neuen Wege der Geldpolitik
Fahrenschon, Georg - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 121-129
Der Beitrag behandelt die Auswirkungen der expansiven Geldpolitik auf das Sparen und die Sparkultur. Dem Konstrukt der … geringere Renten in den staatlichen Systemen der Altersvorsorge zu erwarten. Durch die Geldpolitik fehlt darüber hinaus der … Zinseszinseffekt bei der privaten Vorsorge. Deshalb ist gerade in Zeiten ohne Zins mehr Sparen besonders wichtig. Es gilt aber, das …
Persistent link: https://www.econbiz.de/10014522246
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Neo-Fisherian monetary policy
Kortelainen, Mika - 2017
According to the Neo-Fisherian Hypothesis a nominal policy rate increase leads to an in-crease in the rate of inflation also in the short-run and the effects of Neo-Fisherian forward guidance on inflation and output are small. These results are obtained by assuming that the nominal interest rate...
Persistent link: https://www.econbiz.de/10012148918
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Fiscal Stabilization in the United States: Lessons for Monetary Unions
Nikolov, Plamen; Pasimeni, Paolo - 2019
The debate about the use of fiscal instruments for macroeconomic stabilization has regained prominence in the aftermath of the Great Recession, and the experience of a monetary union equipped with fiscal shock absorbers, such as the United States, has often been a reference. This paper enhances...
Persistent link: https://www.econbiz.de/10012148930
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Mastering Central Bank Communication Challenges via Twitter
Korhonen, Iikka; Newby, Elisa - 2019
This study examines the Twitter policies and use of European central banks. Almost every European central bank maintains an institutional Twitter account, but tweeting activity, tweet content and usage restrictions on Twitter use by individual staff members vary considerably. We further consider...
Persistent link: https://www.econbiz.de/10012148931
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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/10012175727
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Yield curve control
Kortelainen, Mika - 2020
We study the yield curve control in Eurozone. We apply Chen, Cúrdia and Ferrero (2012) model that uses a financial friction to break Wallace's neutrality. We calibrate a bond supply shock that corresponds to the observed change in the time premium in euro area when the APP program was...
Persistent link: https://www.econbiz.de/10012222272
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The effects of the ECB's pandemic-related monetary policy measures
Nelimarkka, Jaakko; Laine, Olli-Matti - 2021
We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on counterfactual interest rate paths that would have materialised in the absence of the policies, the macroeconomic effects are measured using structural vector autoregressions. In the...
Persistent link: https://www.econbiz.de/10012626268
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Is there an information channel of monetary policy?
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2024
Exploiting the heteroscedasticity of the changes in short-term and long-term interest rates and exchange rates around the FOMC announcement, we identify three structural monetary policy shocks. We eliminate the predictable part of the shocks and study their effects on financial variables and...
Persistent link: https://www.econbiz.de/10014530719