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Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....

Persistent link: https://www.econbiz.de/10012063951

Central bank transparency and exchange rate volatility effects on inflation-output volatility

Papadamou, Stephanos; Sidiropoulos, Moïse; … - In: Economics and Business Letters : EBL 5 (2016) 4, pp. 125-133

Persistent link: https://www.econbiz.de/10011715915

Forecasting ECB policy rates with different monetary policy rules

Belke, Ansgar; Klose, Jens - 2019

Persistent link: https://www.econbiz.de/10012034314

U.S. monetary-fiscal regime changes in the presence of endogenous feedback in policy rules

Chang, Yoosoon; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: Shocks that switch one policy from active to passive tend to induce the other policy to...

Persistent link: https://www.econbiz.de/10011657240

CentralBankRoBERTa : A fine-tuned large language model for central bank communications

Pfeifer, Moritz; Marohl, Vincent P. - In: The Journal of finance and data science : JFDS 9 (2023), pp. 1-11

Central bank communications are an important tool for guiding the economy and fulfilling monetary policy goals. Natural language processing (NLP) algorithms have been used to analyze central bank communications. These outdated bag-of-words methods often ignore context and cannot distinguish who...

Persistent link: https://www.econbiz.de/10014513983

Quantitative easing and inequality

Lee, Donggyu - 2024

This paper studies how quantitative easing (QE) affects household welfare across the wealth distribution. I build a Heterogeneous Agent New Keynesian (HANK) model with household portfolio choice, wage and price rigidities, endogenous unemployment, frictional financial intermediation, an...

Persistent link: https://www.econbiz.de/10014577973

Real and Imagined Constraints on Euro Area Monetary Policy

Honohan, Patrick - 2018

Although the European Central Bank (ECB) has been pursuing an aggressively expansionary policy since 2012, previously the ECB was behind the curve in lowering interest rates and making asset purchases to combat the prolonged euro area recession. This paper argues that part of the delay can be...

Persistent link: https://www.econbiz.de/10012912401

The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model

Cole, Stephen J. - 2020

perceived as less credible, anticipation effects are attenuated and, accordingly, output and inflation do not respond as …

Persistent link: https://www.econbiz.de/10012846480

Measuring Systematic Monetary Policy

Hoover, Kevin D.; Jorda, Oscar - 2008

The 1970s and early 1980s witnessed two main approaches to the analysis of monetary policy. The first is the early new classical approach of Lucas, based on the assumptions of rational expectations and market clearing. The second is the atheoretical econometrics of Sims' VAR program. Both have...

Persistent link: https://www.econbiz.de/10014141063

Optimal Commitment in an Open Economy : Credibility vs. Flexibility

Eijffinger, Sylvester C. W.; Schaling, Eric - 2003

people's preferences over inflation and output it has an incentive to renege from prearranged plans to gain a short run boost … to output. This incentive leads to higher than desired inflation. One solution to this credibility problem is to give … control of monetary policy to an independent central bank that is more averse to inflation than society. Central bank …

Persistent link: https://www.econbiz.de/10014063363