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Displaying results 1 to 12 of 12.

  1. Robust monetary policy under uncertainty about the lower bound
    Author: Tillmann, Peter
    Published: [2019]
    Publisher:  Philipps-University Marburg, School of Business and Economics, Marburg

    Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with... more

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    Central banks face uncertainty about the true location of the effective lower bound (ELB) on nominal interest rates. We model optimal discretionary monetary policy during a liquidity trap when the central bank designs policy that is robust with respect to the location of the ELB. If the central bank fears the worst-case location of the ELB, monetary conditions will be more expansionary before the liquidity trap occurs.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/204808
    Series: Joint discussion paper series in economics ; no. 2019, 14
    Subjects: optimal monetary policy; discretion; robust control; uncertainty; liquidity trap
    Scope: 1 Online-Ressource (circa 15 Seiten), Illustrationen
  2. More gray, more volatile?
    aging and (optimal) monetary policy
    Author: Baksa, Daniel; Munkacsi, Zsuzsa
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
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    Thüringer Universitäts- und Landesbibliothek
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    Fachhochschule Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
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    E-Book Nationallizenz IMF
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    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
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    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first, using this framework, to discuss how aging affects the transmission channels of monetary policy. We are also the first to examine aging and optimal central bank policies. As aging redistributes wealth among generations and the labor force becomes more scarce, our model suggests that aging makes monetary policy less effective and in more gray societies central banks should react more strongly to nominal variables

     
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  3. Monetary policy for a bubbly world
    Author: Ventura, Jaume; Asriyan, Vladimir; Fornaro, Luca; Martin, Alberto
    Published: 16 June 2019
    Publisher:  Centre for Economic Policy Research, London

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13803
    Subjects: bubbles; financial frictions; optimal monetary policy; liquidity trap
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  4. Lords and vassals
    power, patronage, and the emergence of inequality
    Author: Akerlof, Robert; Li, Hongyi; Yeo, Jonathan
    Published: 16 June 2019
    Publisher:  University of Warwick, Department of Economics, Coventry, United Kingdom

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Warwick economics research papers ; no: 1251 (March 2020)
    Subjects: bubbles; financial frictions; optimal monetary policy; liquidity trap
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  5. Financial frictions,the Phillips curve and monetary policy
    Author: Lieberknecht, Philipp
    Published: [2019]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    This paper proposes a tractable financial accelerator New Keynesian DSGE modelthat allows for closed-form solutions. In the presence of financial frictions, theNew Keynesian Phillips curve features a flat slope with respect to the output... more

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    This paper proposes a tractable financial accelerator New Keynesian DSGE modelthat allows for closed-form solutions. In the presence of financial frictions, theNew Keynesian Phillips curve features a flat slope with respect to the output gapand is strongly forward-looking. All shocks cause endogenous cost-push effects inthe Phillips curve, leading to larger inflation responses and a breakdown of divinecoincidence. The central bank's contemporaneous trade-off between output gap andinflation stabilization is aggravated. Optimal monetary policy is strongly forward-looking and geared towards inflation stabilization.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957296559
    Other identifier:
    hdl: 10419/213075
    Series: Discussion paper / Deutsche Bundesbank ; no 2019, 47
    Subjects: Financial frictions; financial accelerator; Phillips curve; optimal monetary policy
    Scope: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  6. Private news and monetary policy
    forward guidance as Bayesian persuasion
    Author: Fujiwara, Ippei; Waki, Yuichiro
    Published: 2019
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, [Canberra]

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: CAMA working paper ; 2019, 91 (December 2019)
    Subjects: news shock; optimal monetary policy; private information; Bayesian persuasion; forward guidance; New Keynesian models
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  7. More gray, more volatile?
    aging and (optimal) monetary policy
    Author: Baksa, Dániel; Munkácsi, Zsuzsa
    Published: September 2019
    Publisher:  Lietuvos Bankas, Vilnius

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    Series: Working papers series / Lietuvos Bankas ; No.2019, 67
    Subjects: aging; monetary policy transmission; optimal monetary policy; inflation targeting
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. More gray, more volatile?
    aging and (optimal) monetary policy
    Author: Baksa, Daniel; Munkacsi, Zsuzsa
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher... more

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    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first, using this framework, to discuss how aging affects the transmission channels of monetary policy. We are also the first to examine aging and optimal central bank policies. As aging redistributes wealth among generations and the labor force becomes more scarce, our model suggests that aging makes monetary policy less effective and in more gray societies central banks should react more strongly to nominal variables

     
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  9. Benefits of gradualism or costs of inaction?
    monetary policy in times of uncertainty
    Author: Ferrero, Giuseppe; Pietrunti, Mario; Tiseno, Andrea
    Published: [2019]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 450
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1205 (February 2019)
    Subjects: optimal monetary policy; parameter uncertainty; asymmetric information; natural rate of interest; Phillips curve
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  10. Output hysteresis and optimal monetary policy
    Author: Garga, Vaishali; Singh, Sanjay R.
    Published: [2019]
    Publisher:  [University of California, Davis, Department of Economics], [Davis, CA]

    We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon termed as output hysteresis. In the model, incomplete stabilization of a temporary shortfall in demand... more

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    We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon termed as output hysteresis. In the model, incomplete stabilization of a temporary shortfall in demand reduces the return to innovation, thus reducing TFP growth and generating a permanent loss in output. Using a purely quadratic approximation to welfare under endogenous growth, we derive normative implications for monetary policy. Away from the zero lower bound (ZLB), optimal commitment policy sets interest rates to eliminate output hysteresis. A strict in ation targeting rule implements the optimal policy. However, when the nominal interest rate is constrained at the ZLB, strict in ation targeting is sub-optimal and admits output hysteresis. A new policy rule that targets output hysteresis returns the output to the pre-shock trend and approximates the welfare gains under optimal commitment policy. A central bank unable to commit to future policy actions suffers from hysteresis bias: it does not offset past losses in potential output.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/244599
    Series: [Working papers / University of California, Davis, Department of Economics ; 331]
    Subjects: zero lower bound; optimal monetary policy; endogenous potential output; hysteresis bias
    Scope: 1 Online-Ressource (circa 91 Seiten), Illustrationen
  11. Expectations formation, sticky prices, and the ZLB
    Author: Bersson, Betsy; Hürtgen, Patrick; Paustian, Matthias
    Published: [2019]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and... more

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    Universitätsbibliothek Osnabrück
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    At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and Farhi and Werning (2017), consistent with experimental evidence. This process does not lead to a number of puzzling features from rational expectations models, such as the forward guidance and the reversal puzzle, or implausible large fiscal multipliers. Optimal monetary policy at the ZLB under level-k thinking prescribes keeping the nominal rate lower for longer, but short-run macroeconomic stabilization is less powerful compared to rational expectations.

     
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    Media type: Ebook
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    ISBN: 9783957296269
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    hdl: 10419/204451
    Series: Discussion paper / Deutsche Bundesbank ; no 2019, 34
    Subjects: expectations formation; optimal monetary policy; New Keynesian model; zero lower bound; forward guidance puzzle; reversal puzzle; fiscal multiplier
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  12. (Un)conventional policy and the effective lower bound
    Author: De Fiore, Fiorella; Tristani, Oreste
    Published: July 2019
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Series: BIS working papers ; no 804 (August 2019)
    Subjects: optimal monetary policy; unconventional policies; zero-lower bound; asymmetric information
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen