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The Prices vs. Quantities Tradeo ff in Monetary Policy : An Interpretation of Credit Controls
Monnet, Eric - 2013
Why do some central banks choose to control directly the quantity of credit rather than to influence indirectly interest rates through market operations? This paper states that the choice of monetary policy instruments is determined not primarily by the nature of the macroeconomic disturbances...
Persistent link: https://www.econbiz.de/10013076332
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Optimal Monetary Policy and Downward Nominal Wage Rigidity in Frictional Labor Markets
Abo-Zaid, Salem M. - 2013
This paper studies the optimal long-run inflation rate in a labor search and matching framework in the presence of … downward nominal wage rigidity. Optimal monetary policy features positive inflation in the long run; the optimal annual long …-run inflation rate for the U.S. economy is slightly below 1 percent with a money demand motive and around 2 percent otherwise …
Persistent link: https://www.econbiz.de/10013094753
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Monetary policy rules and oil price shocks
Kamps, Christophe - 2002
Persistent link: https://www.econbiz.de/10013261171
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Pegging the Interest Rate on Bank Reserves : A Resolution of New Keynesian Puzzles and Paradoxes
Diba, Behzad - 2017
We develop a model of monetary policy with a simple departure from the basic New Keynesian (NK) model. In this model, the central bank sets independently the interest rate on bank reserves and the nominal stock of bank reserves. Because reserves reduce the costs of banking, the model delivers...
Persistent link: https://www.econbiz.de/10012944739
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Macroeconomic Regimes
Baele, Lieven - 2015
. Key to our estimation strategy is the use of survey-based expectations for inflation and output. Output and inflation …
Persistent link: https://www.econbiz.de/10013037980
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Bounded Rationality, Monetary Policy, and Macroeconomic Stability
Ilabaca, Francisco - 2019
1979. Even if monetary policy is found to react only mildly to inflation pre-Volcker, the substantial degrees of bounded …
Persistent link: https://www.econbiz.de/10012866811
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Recent Monetary Policy and the Credit Card-Augmented Divisia Monetary Aggregates
Liu, Jinan - 2020
The main objective of this paper is to examine the information content of the credit card-augmented Divisia monetary aggregates and credit card-augmented Divisia inside monetary aggregates, recently produced by the Center for Financial Stability. We compare the inference ability of the credit...
Persistent link: https://www.econbiz.de/10012836812
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Endogenous Monetary Policy Regime Changes
Davig, Troy - 2013
This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...
Persistent link: https://www.econbiz.de/10014055201
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Endogenous Monetary Policy Regime Change
Davig, Troy; Leeper, Eric M. - 2013
This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...
Persistent link: https://www.econbiz.de/10014055631
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Asymmetric monetary policy rules for the euro area and the US
Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021
area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when … inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the … bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when …
Persistent link: https://www.econbiz.de/10012650006