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The relevance of international spillovers and asymmetric effects in the Taylor rule
Beckmann, Joscha; Belke, Ansgar; Dreger, Christian - 2015
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both...
Persistent link: https://www.econbiz.de/10011347512
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The relevance of international spillovers and asymmetric effects in the Taylor rule
Beckmann, Joscha; Belke, Ansgar; Dreger, Christian - 2014
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both...
Persistent link: https://www.econbiz.de/10010407500
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The relevance of international spillovers and asymmetric effects in the Taylor rule
Beckmann, Joscha; Belke, Ansgar; Dreger, Christian - 2014
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both...
Persistent link: https://www.econbiz.de/10010417484
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The relevance of international spillovers and asymmetric effects in the Taylor rule
Beckmann, Joscha; Belke, Ansgar; Dreger, Christian - 2014
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both...
Persistent link: https://www.econbiz.de/10010429753
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Is the Tunisian Central Bank Following a Linear or a Nonlinear Augmented Taylor Rule ?
beldi, lamia - 2020
The political transition in the Arab Spring countries has been accompanied by a deterioration of economic and financial indicators like the Tunisian case. Therefore, this paper aims to get a deeper understanding the nature of the rule that reflects the behavior of the Tunisian monetary authority...
Persistent link: https://www.econbiz.de/10012840968
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Interest rate setting and communication at the ECB
Cour, Philippine; Jung, Alexander - 2020
Based on ordered Probit models and twenty years of euro area data, we estimate empirical reaction functions for the ECB's monetary policy and augment them with communication indicators. First, we find that the ECB responded to risks to price stability in line with its primary objective, and that...
Persistent link: https://www.econbiz.de/10012244764
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Will Stability Last?
Martin, William E.; Rowthorn, Bob - 2021
There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over … itself led to a reduction in the volatility of economic shocks. Assuming an absence of cataclysmic events, our projections …
Persistent link: https://www.econbiz.de/10013318893
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Monetary policy after the Great Moderation
Peña, Guillermo - In: Journal of central banking theory and practice 9 (2020) 3, pp. 5-26
The interferences among some financial, economic and monetary variables are checked as an indicator of economic performance in the long run and for the monetary policy applied between the Great Moderation (GM) of 1987-2001 and the Global Financial Crisis of 2007-2009. For achieving this target,...
Persistent link: https://www.econbiz.de/10012306740
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The Macroeconomic Determinants of the US Term-Structure during the Great Moderation
Paccagnini, Alessia - 2014
The aim of this paper is to study how macroeconomic impulses can affect the term structure during the Great Moderation. As novelty in the research strategy, we create a term-structure using three latent factors of the yield curve. A Nelson-Siegel Model is implemented to estimate the latent...
Persistent link: https://www.econbiz.de/10014144946
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The Great Moderation in Historical Perspective. Is it that Great?
Gadea Rivas, Maria Dolores - 2015
structure and a substantial reduction of output volatility. We find two robust structural breaks in volatility at the end of … volatility reduction is only linked to expansion features. We also date the US business cycle in the long run, finding that … volatility plays a primary role in the definition of the business cycle, which has important consequences for econometricians and …
Persistent link: https://www.econbiz.de/10013014407