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The optimal degree of monetary-discretion in a New Keynesian model with private information

Waki, Yuichiro; Dennis, Richard J.; Fujiwara, Ippei - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 3, pp. 1319-1368

This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions over time,...

Persistent link: https://www.econbiz.de/10011937351

Central Bank Sentiment and Policy Expectations

Hubert, Paul - 2017

monetary policy. First, we quantify the tone conveyed by FOMC policymakers in their statements using computational linguistics … shocks and investors' sentiment. Third, we estimate the impact of FOMC sentiment on the term structure of private interest … rate expectations using a high-frequency methodology and an ARCH model. Optimistic FOMC sentiment increases policy …

Persistent link: https://www.econbiz.de/10012962696

Monetary Policy Surprises and their Transmission Through Term Premia and Expected Interest Rates

Kaminska, Iryna; Mumtaz, Haroon; Sustek, Roman - 2021

macroeconomic consequences? Applying an affine term structure model to high-frequency yield curve movements around FOMC …

Persistent link: https://www.econbiz.de/10013243014

Monetary policy surprises and their transmission through term premia and expected interest rates

Kaminska, Iryna; Mumtaz, Haroon; Šustek, Roman - 2020

yield curve decomposition around FOMC announcements into term premia and expected interest rates then provides instruments …

Persistent link: https://www.econbiz.de/10012316011

A shadow rate without a lower bound constraint

De Rezende, Rafael B.; Ristiniemi, Annukka - 2018

We propose a shadow rate that measures the expansionary (contractionary) interest rate effects of unconventional monetary policies that are present when the lower bound is not binding. Using daily yield curve data we estimate shadow rates for the US, Sweden, the euro-area and the UK, and find...

Persistent link: https://www.econbiz.de/10011868269

Monetary Policy Transmission During QE Times : Role of Expectations and Term Premia Channels

Kaminska, Iryna; Mumtaz, Haroon - 2022

This paper studies monetary policy transmission mechanisms during QE. Using high frequency yield curve event studies of monetary policy announcements in combination with a dynamic term structure model, we can identify four types of monetary policy surprises: action, signalling (working through...

Persistent link: https://www.econbiz.de/10013405689

The Announcement of Monetary Policy Intentions

Ferrero, Giuseppe - 2010

Whether a central bank should share with the public its views about the future evolution of short term interest rates is an unresolved issue. Disclosing this information might allow a more precise control of market expectations and a more effective achievement of the ultimate goals of the...

Persistent link: https://www.econbiz.de/10013149808

Household expectations and dissent among policymakers

Grebe, Moritz; Tillmann, Peter - 2022

This paper studies the impact of dissent in the ECB's Governing Council on uncertainty surrounding households' inflation expectations. We conduct a randomized controlled trial using the Bundesbank Online Panel Households. Participants are provided with alternative information treatments...

Persistent link: https://www.econbiz.de/10013278899

Multifactor Keynesian models of the long-term interest rate

Akram, Tanweer - 2021

Using panel data models, we analyze the flypaper effects-whether intergovernmental fiscal transfers or states' own income determine expenditure commitments - on ecological fiscal spending in India. The econometric results show that the unconditional fiscal transfers, rather than the states' own...

Persistent link: https://www.econbiz.de/10012596963

Does the crisis experience call for a new paradigm in monetary policy?

Taylor, John B. - 2010

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...

Persistent link: https://www.econbiz.de/10011430849