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Forward guidance, quantitative easing, or both?

De Graeve, Ferre; Theodoridis, Konstantinos - 2016

During the Great Recession numerous central banks have implemented various unconventional monetary policy measures. This paper aims to empirically evaluate two particular types of unconventional policies (forward guidance and quantitative easing) in a structural manner. The primary aim is to...

Persistent link: https://www.econbiz.de/10011635138

Conventional and unconventional monetary policies : effects on the Finnish housing market

Rosenberg, Signe - In: Baltic journal of economics 20 (2020) 2, pp. 170-186

This paper investigates how different types of monetary policy have affected house prices in Finland, a small euro area economy that has experienced pronounced business cycles over time. The analyses are carried out using the Bayesian structural vector autoregressive approach. Monetary policy...

Persistent link: https://www.econbiz.de/10012296184

The power of helicopter money revisited : a new Keynesian perspective

Carter, Thomas J.; Mendes, Rhys R. - 2020

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...

Persistent link: https://www.econbiz.de/10012159954

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

Martínez-García, Enrique - 2020

This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game-theoretic evolutionary framework. We estimate credibility for...

Persistent link: https://www.econbiz.de/10012844416

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

Cole, Stephen J. - 2020

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

Monetary policy and household inequality

Ampudia, Miguel; Georgarakos, Dimitris; Slacalek, Jirka; … - 2018

affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission - net interest …

Persistent link: https://www.econbiz.de/10011877402

Negative interest rates, excess liquidity and retail deposits : banks' reaction to unconventional monetary policy in the euro area

Demiralp, Selva; Eisenschmidt, Jens; Vlassopoulos, Thomas - 2019

Negative monetary policy rates are associated with a particular friction because the remuneration of retail deposits tends to be floored at zero. We investigate whether this friction affects banks’ reactions when the policy rate is lowered to negative levels, compared to a standard rate cut in...

Persistent link: https://www.econbiz.de/10012009191

Combining negative rates, forward guidance and asset purchases : identification and impacts of the ECB's unconventional policies

Rostagno, Massimo; Altavilla, Carlo; Carboni, Giacomo; … - 2021

This paper provides new empirical evidence that bears on the efficacy of unconventional monetary policies when the main policy rate is negative. When a negative interest rate policy (NIRP) is deployed in concert with rate forward guidance (FG) and quantitative easing (QE), the identification of...

Persistent link: https://www.econbiz.de/10012519567

The impact of quantitative easing on bank loan supply and monetary policy implementation in the euro area

Horst, Maximilian; Neyer, Ulrike - 2019

In March 2015, the Eurosystem launched its QE-programme. The asset purchases induced a rapid and strong increase in excess reserves, implying a structural liquidity surplus in the euro area banking sector. Against this background, the first part of this paper analyses the Eurosystem's liquidity...

Persistent link: https://www.econbiz.de/10012099037

Impact of quantitative easing and tax policy on income inequality : evidence from Japan

Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad; Shimizu, Sayoko - 2018

shed light on the impact of the policy on income inequality. At the same time, this paper assesses the impact of Japanese … tax policy on income inequality through the development of a vector error correction model for the period Q1 2002-Q4 2016 … by including the five variables of income inequality, money stock, government income tax, the stock price index, and real …

Persistent link: https://www.econbiz.de/10011931285