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Displaying results 1 to 3 of 3.

  1. Inflation targeting flexibility: the CNB’s reaction function under scrutiny
    Author: Filáček, Jan; Sutóris, Ivan
    Published: November 2019
    Publisher:  Czech National Bank, Economic Research Division, Praha

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 561
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Research and policy notes / Czech National Bank ; 2019,2
    Subjects: Inflation targeting flexibility; monetary policy rules; optimalreaction function
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. A reconsideration of the doctrinal foundations of monetary-policy rules: Fisher versus Chicago
    Author: Tavlas, George S.
    Published: November 2019
    Publisher:  Bank of Greece, Athens

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 501
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Bank of Greece ; 273
    Subjects: monetary policy rules; Chicago monetary tradition; Irving Fisher; Henry Simons,Lloyd Mints; Milton Friedman
    Scope: 1 Online-Ressource (circa 42 Seiten)
  3. Uncertainty shocks, monetary policy and long-term interest rates
    Author: Amisano, Gianni; Tristani, Oreste
    Published: [2019]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    We study the relationship between monetary policy and long-term rates in a structural, general equilibrium model estimated on both macro and yields data from the United States. Regime shifts in the conditional variance of productivity shocks, or "uncertainty shocks", are an important model ingredient. First, they account for countercyclical movements in risk premia. Second, they induce changes in the demand for precautionary saving, which affects expected future real rates. Through changes in both risk-premia and expected future real rates, uncertainty shocks account for about 1/2 of the variance of long-term nominal yields over long horizons. The remaining driver of long-term yields are changes in inflation expectations induced by conventional, autoregressive shocks. Long-term inflation expectations implied by our model are in line with those based on survey data over the 1980s and 1990s, but less strongly anchored in the 2000s.

     
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289935418
    Other identifier:
    hdl: 10419/208313
    Series: Working paper series / European Central Bank ; no 2279 (May 2019)
    Subjects: monetary policy rules; uncertainty shocks; term structure of interest rates; regime switches; Bayesian estimation
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen