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Financial shocks and inflation dynamics
Abbate, Angela; Eickmeier, Sandra; Prieto, Esteban - 2016
We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the … shocks through sign restrictions. Our main finding is that expansionary financial shocks temporarily lower inflation. This … during the latest financial crisis. We then explore the transmission channels of financial shocks relevant for inflation, and …
Persistent link: https://www.econbiz.de/10011546785
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The financial accelerator, wages, and optimal monetary policy
König, Tobias - 2020
shocks and supply shocks inflation stabilization imposes high welfare costs. At the same time, stabilizing nominal wages …
Persistent link: https://www.econbiz.de/10012197901
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The Financial Accelerator, Wages, and Optimal Monetary Policy
König, Tobias - 2020
shocks and supply shocks inflation stabilization imposes high welfare costs. At the same time, stabilizing nominal wages …
Persistent link: https://www.econbiz.de/10012836922
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Monetary transmission under competing corporate finance regimes
De Grauwe, Paul; Gerba, Eddie - 2016
The behavioural agent-based framework of De Grauwe and Gerba (2015) is extended to allow for a counterfactual exercise on the role of banks for monetary transmissions. A bank-based corporate financing friction is introduced and the relative contribution of that friction to the effectiveness of...
Persistent link: https://www.econbiz.de/10011412383
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Monetary policy and large crises in a financial accelerator agent-based model
Giri, Federico; Riccetti, Luca; Russo, Alberto; … - 2016
An accommodating monetary policy followed by a sudden increase of the short term interest rate often leads to a bubble burst and to an economic slowdown. Two examples are the Great Depression of 1929 and the Great Recession of 2008. Through the implementation of an Agent Based Model with a...
Persistent link: https://www.econbiz.de/10011509432
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Time-varying volatility, financial intermediation and monetary policy
Eickmeier, Sandra; Metiu, Norbert; Prieto, Esteban - 2016
We document that expansionary monetary policy shocks are less effective at stimulating output and investment in periods of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. Exogenous policy changes are identified by adapting an external...
Persistent link: https://www.econbiz.de/10011479073
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Assessing the impact of the Bank of Canada's government bond purchases
Azizova, Chinara; Witmer, Jonathan; Zhang, Xu - 2024
Persistent link: https://www.econbiz.de/10014577895
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Monetary Policy and Large Crises in a Financial Accelerator Agent-Based Model
Giri, Federico - 2019
An accommodating monetary policy followed by a sudden increase of the short term interest rate often leads to a bubble burst and to an economic slowdown. Two examples are the Great Depression of 1929 and the Great Recession of 2008. Through the implementation of an Agent Based Model with a...
Persistent link: https://www.econbiz.de/10012903445
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Unconventional Monetary Policy in a Financially Heterogeneous Monetary union
Schwanebeck, Benjamin - 2017
The cross-country interbank market in the euro area was a crucial transmission channel of financial stress. By using a two-country DSGE model of a financially heterogeneous monetary union where banks in one country lend funds to their foreign counterparts, I examine its role as shock ampli.er...
Persistent link: https://www.econbiz.de/10011773490
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Monetary cycles, financial cycles, and the business cycle
Adrian, Tobias; Estrella, Arturo; Shin, Hyun Song - 2010
One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to expectations of future interest rates, which affect the slope of the term structure. In this paper,...
Persistent link: https://www.econbiz.de/10003948217