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Displaying results 26 to 36 of 36.

  1. Monetary policy under an exchange rate anchor
    Author: El Hamiani Khatat, Mariam; Buessing-Loercks, Mark; Fleuriet, Vincent
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main monetary policy instrument while the... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main monetary policy instrument while the policy rate can target the exchange rate. An exchange rate anchor is compatible with an inflation objective, provided fiscal dominance is not an issue, monetary conditions are supportive of the peg, and the level of international reserves is adequate. The paper argues that, while an exchange rate anchor is more prone to policy inconsistencies, there is ample scope for strengthening monetary policy design and implementation under soft pegs. In that context, the principles of dichotomy and interest rate parity are critical

     
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  2. 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

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    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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    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
  3. The Effectiveness of Government Debt for Demand Management: Sensitivity to Monetary Policy Rules
    Author: Ascari, Guido; Rankin, Neil
    Published: 2010
    Publisher:  University of Pavia, Department of Economics and Quantitative Methods, Pavia

    We construct a staggered-price dynamic general equilibrium model with overlapping generations based on uncertain lifetimes. Price stickiness plus lack of Ricardian Equivalence could be expected to make an increase in government debt, with associated... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 157 (2011,133)
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    We construct a staggered-price dynamic general equilibrium model with overlapping generations based on uncertain lifetimes. Price stickiness plus lack of Ricardian Equivalence could be expected to make an increase in government debt, with associated changes in lumpsum taxation, effective in raising short-run output. However we find this is very sensitive to the monetary policy rule. A permanent increase in debt under a basic Taylor Rule does not raise output. To make debt effective we need either a temporary nominal interest rate peg; or inertia in the rule; or an exogenous money supply policy; or to make the debt increase temporary.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/95331
    Series: Quaderni di Dipartimento ; 133
    Subjects: staggered prices; overlapping generations; government debt; fiscal policy effectiveness; monetary policy rules
    Scope: Online-Ressource
  4. Determinacy and learnability of equilibrium in a small open economy with sticky wages and prices
    Author: Araujo, Eurilton
    Published: 2014
    Publisher:  Banco Central do Brasil, Brasília

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Banco Central do Brasil ; 376
    Subjects: determinacy; inflation; learnability; monetary policy rules
    Scope: Online Ressource (60 S.), graph. Darst.
  5. Monetary policy and bubbles in a new Keynesian model with overlapping generations
    Author: Galí, Jordi
    Published: March 2017
    Publisher:  GSE, Graduate School of Economics, Barcelona

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Barcelona GSE working paper series ; no 959
    Subjects: monetary policy rules; stabilization policies; asset price volatility; economic fluctuations
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  6. Monetary policy and bubbles
    in a new Keynesian model with overlapping generations
    Author: Galí, Jordi
    Published: March 2017
    Publisher:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Economics working paper series / Universitat Pompeu Fabra, Department of Economics and Business ; no. 1561
    Subjects: monetary policy rules; stabilization policies; asset price volatility; economic fluctuations
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  7. Monetary policy, financial conditions, and financial stability
    Author: Adrian, Tobias; Liang, Jean Nellie
    Published: 2014
    Publisher:  Federal Reserve Bank of New York, New York, NY

    In the conduct of monetary policy, there exists a risk-return trade-off between financial conditions and financial stability, which complements monetary policy's traditional trade-off between inflation and real activity. The trade-off exists even if... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    In the conduct of monetary policy, there exists a risk-return trade-off between financial conditions and financial stability, which complements monetary policy's traditional trade-off between inflation and real activity. The trade-off exists even if monetary policy does not target financial stability considerations independently of its inflation and real activity goals, because risks to future financial stability are increased by the buildup of financial vulnerabilities from persistent accommodative monetary policy when the economy is close to potential. We review monetary policy transmission channels and financial frictions that give rise to this trade-off between financial conditions and financial stability, within a monitoring program across asset markets, banking firms, shadow banking, and the nonfinancial sector. We focus on vulnerabilities that affect monetary policy's risk-return trade-off, including 1) pricing of risk, 2) leverage, 3) maturity and liquidity mismatch, and 4) interconnectedness and complexity. We also discuss the extent to which structural and time-varying macroprudential policies can counteract the buildup of vulnerabilities, thus mitigating monetary policy's risk-return trade-off.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/120805
    Series: Staff report / Federal Reserve Bank of New York ; 690
    Subjects: Geldpolitische Transmission; Risikofreude; Finanzkrise; Finanzmarktaufsicht; Stabilisierungspolitik; Kosten-Nutzen-Analyse; USA; leaning against the wind; risk-taking channel of monetary policy; monetary policy transmission; monetary policy rules; financial stability; financial conditions; macroprudential policy
    Scope: Online-Ressource (35 S.), graph. Darst.
  8. Drifting inflation targets and monetary stagflation
    Author: Khan, Shujaat; Knotek, Edward S.
    Published: 2014
    Publisher:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / Federal Reserve Bank of Cleveland ; 1426
    Subjects: stagflation; inflation; time-varying inflation target; monetary policy rules; imperfect information
    Scope: Online-Ressource (41 S.), graph. Darst.
  9. The zero-interest-rate and the role of the exchange rate for monetary policy in Japan
    Author: Coenen, Günter; Wieland, Volker
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 108 (2003,9)
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    In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. Then we evaluate three concrete proposals that focus on depreciation of the currency as a way to ameliorate the effect of the zero bound and evade a potential liquidity trap. Finally, we investigate the international consequences of these proposals.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72634
    Series: CFS Working Paper ; 2003/09
    Subjects: monetary policy rules; zero interest rate bound; liquidity trap; rational expectations; nominal rigidities; exchange rates; monetary transmission.
    Scope: Online-Ressource (41 S.), graph. Darst.
  10. A small estimated euro area model with rational expectations and nominal rigidities
    Author: Coenen, Günter; Wieland, Volker
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 108 (2003,8)
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    In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor (1980)and three different versions of the relative real wage contracting model proposed by Buiter and Jewitt (1981)and estimated by Fuhrer and Moore (1995a) for the United States. While Fuhrer and Moore reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we find that both models fit euro area data reasonably well. When considering France, Germany and Italy separately, however, we find that the nominal contracting model fits German data better, while the relative contracting model does quite well in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating an aggregate demand relationship and investigate the consequences of the different wage contracting specifications for the inflation-output variability tradeoff, when interest rates are set according to Taylor s rule.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72639
    Series: CFS Working Paper ; 2003/08
    Subjects: European Monetary Union; euro area; macroeconomic modelling; rational expectations; nominal rigidities; overlapping wage contracts; inflation persistence; monetary policy rules
    Scope: Online-Ressource (30 S.), graph. Darst.
  11. Data uncertainty and the role of money as an information variable for monetary policy
    Author: Coenen, Günter; Levin, Andrew T.; Wieland, Volker
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 108 (2003,7)
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    In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant role in providing information about current real output. We then proceed to analyze the information content of money in a forward-looking model in which monetary policy is optimally determined subject to incomplete information about the true state of the economy. We show that monetary aggregates may have substantial information content in an environment with high variability of output measurement errors, low variability of money demand shocks, and a strong contemporaneous linkage between money demand and real output. As a practical matter, however, we conclude that money has fairly limited information content as an indicator of contemporaneous aggregate demand in the euro area.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72628
    Series: CFS Working Paper ; 2003/07
    Subjects: euro area; Kalman filter; macroeconomic modelling; measurement error; monetary policy rules; rational expectations
    Scope: Online-Ressource (43 S.), graph. Darst.