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Monetary Policy Transmission in an Open Economy : New Data and Evidence from the United Kingdom

Cesa-Bianchi, Ambrogio - 2016

This paper constructs a new series of monetary policy surprises for the United Kingdom and estimates their effects on macroeconomic and financial variables, employing a high-frequency identification procedure. First, using local projections methods, we find that monetary policy has persistent...

Persistent link: https://www.econbiz.de/10012983746

New paradigms in monetary theory and policy?

Balling, Morten (ed.); Orphanides, Athanasios (ed.) - New Paradigms in Money and Finance? <Veranstaltung> …; … - 2012

On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium "New Paradigms in Money and Finance?". All the papers in the present SUERF Study are based on...

Persistent link: https://www.econbiz.de/10011711450

Financial Shocks and Inflation Dynamics

Abbate, Angela - 2016

We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that...

Persistent link: https://www.econbiz.de/10012984047

Financial Shocks and Inflation Dynamics

Abbate, Angela - 2016

Persistent link: https://www.econbiz.de/10012980701

Stabilizing rational speculation and price level targeting

Reither, Franco; Bennöhr, Lars - 2010

exchange rate following a money supply shock, compared with speculation based on static expectations. Then, we replace the LM …’ inflation targeting, exchange rate overshooting induced by a monetary policy shock is less pronounced under rational speculation …

Persistent link: https://www.econbiz.de/10008661950

Information flows and aggregate persistence

Kryvtsov, Oleksiy - 2009

Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...

Persistent link: https://www.econbiz.de/10003823147

International transmission of shocks, money illusion and the velocity of money

Sousa, Teresa - 2011

economy. Furthermore we introduce a velocity of money shock revisiting the Quantity Theory of Money within the open economy … paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the … a productivity shock are increasing in the degree of money illusion and decreasing in the degree of openness of the …

Persistent link: https://www.econbiz.de/10009379782

Inflation dynamics and the cost channel of monetary transmission

Chowdhury, Ibrahim; Hoffmann, Mathias; Schabert, Andreas - 2004 - Revised version: September 4, 2004

Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper we apply a structural approach to examine the relevance of the cost channel for...

Persistent link: https://www.econbiz.de/10009524830

Optimal monetary policy in a currency union : implications of a country-specific cost channel

Michaelis, Jochen; Palek, Jakob - 2014

There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters the optimal monetary responses to union-wide...

Persistent link: https://www.econbiz.de/10010393570

Temporary Price Changes and the Real Effects of Monetary Policy

Kehoe, Patrick J. - 2008

policy analysis, researchers should use a menu cost model like ours or at least a third, theory-based shortcut: set the Calvo …

Persistent link: https://www.econbiz.de/10012769978