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How Low Can Central Banks Go? The Banking Threshold to Negative Interest Rates

Berriel, Tiago - 2019

Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...

Persistent link: https://www.econbiz.de/10012899581

The Great Deception : The ‘Science’ of Monetary Policy and the Great Moderation Revisited

Tadeu Lima, Gilberto - 2017

bankers and evolutionarily time-varying heterogeneity in inflation expectations formation within the private sector. One …

Persistent link: https://www.econbiz.de/10012944553

Monetary Policy and Economic Performance Since the Financial Crisis

Caldara, Dario - 2020

The analysis in this paper was presented to the Federal Open Market Committee as background for its discussion of the Federal Reserve's review of monetary policy strategy, tools, and communication practices. The Committee discussed issues related to the review at five consecutive meetings from...

Persistent link: https://www.econbiz.de/10012824115

The Importance of Production Networks and Sectoral Heterogeneity for Monetary Policy

Castro, Nicolas - 2019

Abstract In this paper I develop a multi-sector model with price frictions, production networks, trend inflation and … different types of shocks to study how these conditions affect the properties of inflation and their implications for monetary … policy. Calibrating the model to the U.S. economy my results show that in this setting inflation becomes 30% less sensitive …

Persistent link: https://www.econbiz.de/10012858096

The Macroeconomic Effects of Monetary Policy : A New Measure for the United Kingdom

Cloyne, James - 2014

the UK economy. We find that a 1 percentage point increase in the policy rate reduces output by up to 0.6% and inflation …

Persistent link: https://www.econbiz.de/10013055929

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

Cesa-Bianchi, Ambrogio - 2016

, we find that monetary policy has persistent effects on real interest rates and breakeven inflation. Second, employing our …

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

Do Fed Forecast Errors Matter?

Tien, Pao-Lin - 2016

There is a large literature evaluating the forecasts of the Federal Reserve by testing their rationality and measuring the size of their forecast errors. There is also a substantial literature and debate on the impact of the Fed's monetary policy on the economy. We know little, however about the...

Persistent link: https://www.econbiz.de/10012986181

A Macroprudential Approach to Financial Supervision and Monetary Policy in Emerging Economies

Park, Yung Chul - 2016

This paper attempts to define, construct a policy framework, and analyze interactions with monetary policy of macroprudential policy. The available pieces of evidence suggest that the effects of the LTV and DTI regulations for financial stability are rather unclear in Korea.It also shows that...

Persistent link: https://www.econbiz.de/10012994602

Beyond the Yield Curve : Understanding the Effect of FOMC Announcements on the Stock Market

Boehm, Christoph; Kroner, Niklas - 2021

variance premium, an increase in the 10-year term premium, an increase in short-run inflation expectations, as well as a dollar …

Persistent link: https://www.econbiz.de/10013236450

The Return of Greenspan : Mumbling with Great Incoherence

Ou, Shengliang; Zhang, Donghai; Zhang, Renbin - 2022

Conventional wisdom regards a reduced aggregate noise as welfare improving. This study demonstrates that increased transparency regarding the unobserved state of the economy may reduce social welfare owing to the presence of nominal rigidity. On the one hand, costly business cycle fluctuations...

Persistent link: https://www.econbiz.de/10013291362