Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Last searches

Results for *

Displaying results 1 to 7 of 7.

  1. Optimal monetary responses to oil discoveries
    Author: Wills, Samuel
    Published: [2014]
    Publisher:  CFM, Centre for Macroeconomics, London

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 637
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: April 2014
    Series: CFM discussion paper series ; CFM-DP 2014, 8 (June 2014)
    Subjects: Natural resources; oil; optimal monetary policy; small open economy; news shock
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  2. Optimal monetary policy in a new Keynesian model with animal spirits and financial markets
    Author: Lengnick, Matthias; Wohltmann, Hans-Werner
    Published: 2014
    Publisher:  Univ., Dep. of Economics, Kiel

    This paper relates to the literature on macro-finance-interaction models. We modify the boundedly rational New Keynesian model of De Grauwe (2010a) using a completely microfounded IS equation, and combine it with the agent-based financial market... more

    Location:
    Universitätsbibliothek Kiel, Zentralbibliothek
    Signature:
    EZ 180
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 1 (2014,12)
    Inter-library loan:
    No inter-library loan

     

    This paper relates to the literature on macro-finance-interaction models. We modify the boundedly rational New Keynesian model of De Grauwe (2010a) using a completely microfounded IS equation, and combine it with the agent-based financial market model of Westerhoff (2008). For this purpose we derive four interactive channels between the financial and real sector where two channels are strictly microfounded. We analyze the impact of the different channels on economic stability and derive optimal (simple) monetary policy rules. We find that coefficients of optimal simple Taylor rules do not significantly change if financial market stabilization becomes part of the central bank’s objective function. Additionally, we show that rule-based, backward-looking monetary policy creates huge instabilities if expectations are boundedly rational.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/104967
    Series: Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics ; 2014-12
    Subjects: Agent-based financial markets; New Keynesian macroeconomics; microfoundation; optimal monetary policy; unconventional monetary policy
    Scope: Online-Ressource (46 S.), graph. Darst.
  3. Optimal monetary policy, asset purchases, and credit market frictions
    conference paper
    Author: Schabert, Andreas
    Published: 2014
    Publisher:  ZBW, [Kiel

    We examine how borrowing constraints affect monetary transmission and the trade-off of a welfare maximizing central bank. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSM 13
    Inter-library loan:
    No inter-library loan

     

    We examine how borrowing constraints affect monetary transmission and the trade-off of a welfare maximizing central bank. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each other. The credit market is distorted as borrowing is constrained by available collateral, while the distortion is amplified under higher nominal interest rates. We show that the central bank cannot implement first best and that optimal monetary policy mainly aims at stabilizing prices. We further demonstrate that central bank purchases of loans can alleviate the borrowing constraint and enhance social welfare.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100619
    Edition: Preliminary version: February 28, 2014
    Series: Array ; V3
    Subjects: Secured lending; nominal rigidities; optimal monetary policy; central bank asset purchases
    Scope: Online-Ressource (33 S.), graph. Darst.
  4. Optimal monetary policy in a currency union
    implications of a country-specific cost channel
    Author: Michaelis, Jochen; Palek, Jakob
    Published: 2014
    Publisher:  Univ., Dep. of Business Administration & Economics, Marburg

    There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 102 (2014,44)
    Inter-library loan:
    No inter-library loan

     

    There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters the optimal monetary responses to union-wide and national shocks. The cost channel makes monetary policy less effective in combating inflation, but it is shown that the optimal response to the decline in effectiveness is a stronger use of the instrument. On the other hand, the larger the cost channel differential, the less aggressive will the optimal monetary policy be. For almost all para- meter constellations, our welfare analysis suggests a clear-cut ranking of policy regimes: commitment outperforms the Taylor rule, the Taylor rule outperforms strict inflation targeting, and strict inflation targeting outperforms discretion.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/105074
    Series: Joint discussion paper series in economics ; 44-2014
    Subjects: cost channel; optimal monetary policy; monetary union; open economy macroeconomics
    Scope: Online-Ressource (37 S.), graph. Darst.
  5. Quantitative easing and the loan to collateral value ratio
    Author: Damjanovic, Tatiana; Girdeṅas, Šarun̄as
    Published: 2014
    Publisher:  Centre for Dynamic Macroeconomic Analysis, St. Andrews

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Centre for Dynamic Macroeconomic Analysis ; 1405
    Subjects: optimal monetary policy; zero lower bound; quantitative easing; money multiplier; loan value ratio; collateral constraint; house prices
    Scope: Online-Ressource (40 S.), graph. Darst.
  6. Optimal monetary responses to oil discoveries
    Author: Wills, Samuel
    Published: 2014
    Publisher:  Centre for Applied Macroeconomic Analysis, The Australian National Univ., Canberra

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: CAMA working paper series ; 2014,37
    Subjects: Geldpolitik; Erdölvorkommen; Ölpreis; Taylor-Regel; Rohstoffreichtum; Informationsverbreitung; Kleine offene Volkswirtschaft; Theorie; Natural resources; oil; optimal monetary policy; small open economy; news shock
    Scope: Online-Ressource (61 S.)
  7. Optimal monetary policy responses and welfare analysis within the highfrequency New-Keynesian framework
    Author: Sacht, Stephen
    Published: 2014
    Publisher:  Univ., Dep. of Economics, Kiel

    In this we investigate the welfare effects of optimal monetary policy measurements within a high-frequency New-Keynesian model i.e. under variation of the period length. Our results indicate that the policy maker faces a higher welfare loss on a... more

    Location:
    Universitätsbibliothek Kiel, Zentralbibliothek
    Signature:
    EZ 180
    Inter-library loan:
    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 1 (2014,3)
    Inter-library loan:
    No inter-library loan

     

    In this we investigate the welfare effects of optimal monetary policy measurements within a high-frequency New-Keynesian model i.e. under variation of the period length. Our results indicate that the policy maker faces a higher welfare loss on a higher relative to a lower frequency of the agents’ decision making. While overall inertia in the model increases, we show that the more the pass-through of output gap movements into inflation rate dynamics is dampened on a higher frequency, this amplifies the trade-off of the central bank in case of a cost-push shock. This is caused by the impact of so-called frequency-dependent persistence effects, which mimic the impact of the increase in the amount of market days on the dynamics of the model. This result is less severe in the optimal monetary policy regime under Commitment because of a time-invariant history dependence effect with respect to the period length.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/90810
    Series: Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics ; 2014-03
    Subjects: Hybrid New-Keynesian model; high-frequency modelling; optimal monetary policy; frequency-dependent persistence
    Scope: Online-Ressource (33 S.), graph. Darst.