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Displaying results 1 to 8 of 8.

  1. Optimal monetary policy with the risk-taking channel
    Author: Abbate, Angela; Thaler, Dominik
    Published: 2021
    Publisher:  Banco de España, Madrid

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 470
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Documentos de trabajo / Banco de España, Eurosistema ; no. 2137
    Subjects: risk-taking channel; optimal monetary policy; inertial policy rate
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. Asymmetric monetary policy rules for the euro area and the US
    Author: Maih, Junior; Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka
    Published: [2021]
    Publisher:  Norges Bank, Oslo

    We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when inflation was... more

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when inflation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the macroeconomic implications of this policy change. We uncover asymmetries also in the Fed's policy, which has responded more strongly in times of crisis. We compute an optimal simple rule for the EA and the US in an environment with the effective lower bound and a low neutral real rate, and find that it prescribes a stronger response to inflation and the output gap when inflation is below target compared to when it is above target. We document its stabilisation properties had this optimal rule been implemented over the last two decades.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788283792027
    Other identifier:
    hdl: 11250/2783870
    hdl: 10419/246130
    Series: Working paper / Norges Bank ; 2021, 7
    Subjects: Inflation targeting; Markov-switching DSGE; optimal monetary policy; effective lower bound; Bayesian Estimation
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  3. The macroeconomic stabilization of tariff shocks
    what is the optimal monetary response?
    Author: Bergin, Paul R.; Corsetti, Giancarlo
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: Revised 28 July 2021
    Series: Cambridge working paper in economics ; 2026
    Cambridge-INET working paper series ; no.: 2020, 12
    Subjects: Social Learning; Confirmation Bias; Network; Elections; Media; tariff shock; tariff war; optimal monetary policy; comparative advantage; productionchains
    Scope: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  4. Optimal constrained interest-rate rules under heterogeneous expectations
    Author: Gasteiger, Emanuel
    Published: [2021]
    Publisher:  Research Unit in Economics, Institute of Statistics and Mathematical Methods in Economics, TU Wien, [Wien]

    This paper examines optimal monetary policy under heterogeneous expectations. To this end, we develop a stochastic New Keynesian model with a cost-push shock and coexistence of one-step-ahead rational and adaptive expectations in decentralized... more

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    This paper examines optimal monetary policy under heterogeneous expectations. To this end, we develop a stochastic New Keynesian model with a cost-push shock and coexistence of one-step-ahead rational and adaptive expectations in decentralized markets. On the one side, heterogeneous expectations imply an amplification mechanism that has many adverse consequences missing under the rational expectations paradigm. On the other side, even discretionary optimal monetary policy can manipulate expectations via a novel channel. We argue that the incorporation of heterogeneous expectations in both the design and implementation of discretionary optimal monetary policy to exploit this channel lowers macroeconomic volatility. We find that: (1.) surprisingly, a more hawkish policy can reduce losses due to volatility, but an overly hawkish policy does not; (2.) overestimating the share of rational expectations in the design and implementation of policy creates additional losses, while the underestimation does not; (3.) credible commitment eliminates or mitigates many of the ramifications of heterogeneous expectations.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/233122
    Series: ECON WPS - working papers in economic theory and policy ; no. 2021, 04 (April 2021)
    Subjects: heterogeneous expectations; optimal monetary policy; policy design; policy implementation
    Scope: 1 Online-Ressource (circa 69 Seiten), Illustrationen
  5. Credibility dynamics and inflation expectations
    Author: Kostadinov, Rumen; Roldán, Francisco
    Published: [2021]
    Publisher:  Department of Economics, McMaster University, Hamilton, Ontario

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 481
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Department of Economics working paper series / McMaster University, Department of Economics ; 2021, 06
    Subjects: Imperfect credibility; reputation; optimal monetary policy; time inconsistency
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. Optimal robust monetary policy with parameters and output gap uncertainty
    Author: Grasso, Adriana; Traficante, Guido
    Published: [2021]
    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 1339 (June 2021)
    Subjects: potential output; parameter uncertainty; optimal monetary policy; Taylor rule
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  7. Asymmetric monetary policy rules for the euro area and the US
    Author: Maih, Junior; Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was... more

    Access:
    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
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    We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's policy can be characterised as symmetric, and we quantify the macroeconomic implications of this policy change. We uncover asymmetries also in the Fed's policy, which has responded more strongly in times of crisis. We compute an optimal simple rule for the EA and the US in an environment with the effective lower bound and a low neutral real rate, and find that it prescribes a stronger response to in ation and the output gap when in ation is below target compared to when it is above target. We document its stabilisation properties had this optimal rule been implemented over the last two decades.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289948104
    Other identifier:
    hdl: 10419/246164
    Series: Working paper series / European Central Bank ; no 2587 (September 2021)
    Subjects: Inflation targeting; Markov-switching DSGE; optimal monetary policy; effective lower bound; Bayesian Estimation
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  8. Rationally inattentive monetary policy
    Author: Bernstein, Joshua; Kamdar, Rupal
    Published: July 21, 2021
    Publisher:  CAEPR, Center for Applied Economics and Policy Research, [Bloomington, IN]

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    VS 522
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: July 21, 2021
    Series: CAEPR working paper ; #2021, 003
    Subjects: optimal monetary policy; rational inattention; expectations
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen