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The nonlinear case against leaning against the wind

Boyarchenko, Nina; Crump, Richard K.; Dogra, Keshav; … - 2024

We re-examine the relationship between monetary policy and financial stability in a setting that allows for nonlinear, time-varying relationships between monetary policy, financial stability, and macroeconomic outcomes. Using novel machine-learning techniques, we estimate a flexible "nonlinear...

Persistent link: https://www.econbiz.de/10014581901

Network structures and heterogeneity in policy preferences at the FOMC

Bhattacharjee, Arnab; Holly, Sean; Wasseja, Mustapha - 2024

Transcripts from the US Federal Open Markets Committee provide, albeit with a lag, valuable information on the monetary policymaking process at the Federal Reserve Bank. We use the data compiled by Chappell et al. (2005b) on preferred interest rates (not votes) of individual FOMC members....

Persistent link: https://www.econbiz.de/10015066218

Central bank digital currency and transmission of monetary policy

Bhattarai, Saroj; Davoodalhosseini, Seyed Mohammadreza; … - 2024

means of payments, and they provide liquidity services to households. Banks issue deposits and extend loans to firms, and … bank deposits are backed by loans and central bank reserves. We find that the effects of a canonical monetary policy shock …, a shock to the Taylor rule that governs interest on central bank reserves, is magnified with the introduction of a fixed …

Persistent link: https://www.econbiz.de/10015067345

Decision synthesis in monetary policy

Chernis, Tony; Koop, Gary; Tallman, Emily; West, Mike - 2024

The macroeconomy is a complicated dynamic system with significant uncertainties that make modelling difficult. Consequently, decision-makers consider multiple models that provide different predictions and policy recommendations and then synthesize that information into a policy decision. We use...

Persistent link: https://www.econbiz.de/10015067353

Monetary Policy and Wage-Bargaining in the Eurozone: An Epistemological Break? An Analysis from the Perspective of the ECB

Borraccia, Giovanni - 2021

This paper aims to show how, upon the introduction of EMU both structural and ideological factors have concurred to shape ECB's policy stance to envision no need to maintain an active dialogue with national social partners and a blind faith in their capacity/will to constantly pursue wage...

Persistent link: https://www.econbiz.de/10015070560

The Russian economy amidst the war and sanctions

Astrov, Vasily; Kochnev, Artem; Stamer, Vincent; Teti, … - 2024

The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...

Persistent link: https://www.econbiz.de/10015070595