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Monetary Policy Rules and Oil Price Shocks

Kamps, Christophe; Pierdzioch, Christian - 2005

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

Persistent link: https://www.econbiz.de/10014064009

Generalizing Determinacy under Monetary and Fiscal Policy Switches : The Case of the Zero Lower Bound

Cho, Seonghoon - 2020

In a fixed-regime setting, it is known since Leeper (1991) that both monetary dominance (mix of active monetary and passive fiscal policies) and fiscal dominance (mix of active fiscal and passive monetary policy) regimes yield a determinate unique equilibrium. This paper shows that in a...

Persistent link: https://www.econbiz.de/10012847919

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

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

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

Bounded rationality, monetary policy, and macroeconomic stability

Ilabaca, Francisco; Meggiorini, Greta; Milani, Fabio - 2019

. 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/10012029136

The hockey stick Phillips curve and the zero lower bound

Böhl, Gregor; Lieberknecht, Philipp - 2021

The recently observed disconnect between inflation and economic activity can be explained by the interplay between the … offset the effect of lower factor costs and induce only moderate inflation responses. The Phillips curve is hence flat at the …

Persistent link: https://www.econbiz.de/10012432969

Behavioral New Keynesian models : learning vs. cognitive discounting

Meggiorini, Greta; Milani, Fabio - 2021

This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...

Persistent link: https://www.econbiz.de/10012509319

Asymmetric monetary policy rules for the euro area and the US

Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021

We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's...

Persistent link: https://www.econbiz.de/10012617047

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