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  1. Gibson's paradox and the natural rate of interest
    Author: Benati, Luca; Benigno, Pierpaolo
    Published: [2023]
    Publisher:  [Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics], Bern, Switzerland

    We argue that Gibson's paradox has nothing to do with the Gold Standard per se, and it rather originates from low-frequency variation in the natural rate of interest under certain types of monetary regimes that make inflation I(0) and (approximately)... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 182
    Inter-library loan:
    No inter-library loan

     

    We argue that Gibson's paradox has nothing to do with the Gold Standard per se, and it rather originates from low-frequency variation in the natural rate of interest under certain types of monetary regimes that make inflation I(0) and (approximately) zero-mean. Although the Gold Standard is the only historical example of such a regime, Gibson's paradox is a feature of a potentially wide array of monetary arrangements. In fact, once removing the deterministic component of the drift in the price level, the paradox can be recovered from the data generated under inflation-targeting regimes. By the same token, the paradox could arise under a regime targeting the level of the money stock, whereas it would not appear under arrangements targeting the levels of either prices or nominal GDP. We show that the mechanism underlying Gibson's paradox hinges on the interaction between the Fisher equation and an asset pricing condition determining the current value of money. Our interpretation points towards inefficiencies in the actual implementation of monetary policies.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/278548
    Series: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 23, 03 (March, 2023)
    Subjects: Gibson's Paradox; monetary regimes; natural rate of interest; Fisher equation; Gold Standard; inflation targeting; optimal monetary policy
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  2. Monetary policy interactions
    the policy rate, asset purchases, and optimal policy with an interest rate Peg
    Author: Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan
    Published: April 2023
    Publisher:  CESifo, Munich, Germany

    We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a... more

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

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The "divine coincidence" holds with the nominal short-term rate and central bank balance sheet available as policy tools. Credit spread-targeting balance sheet policy provides a determinate equilibrium with a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation-targeting interest rate policy with a fixed balance sheet.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272043
    Series: CESifo working papers ; 10399 (2023)
    Subjects: unconventional monetary policy; optimal monetary policy; New Keynesian model; policy rate lower bound; interest rate peg
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Should inequality factor into central banks' decisions?
    Author: Hansen, Niels-Jakob Harbo; Lin, Alessandro; Mano, Rui
    Published: [2023]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 450
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Temi di discussione / Banca d'Italia ; number 1410 (April 2023)
    Subjects: inequality; optimal monetary policy; Taylor rules
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen