Similar Search Results

Predicting monetary policy using federal funds future prices

Söderström, Ulf - Sveriges Riksbank - 1999

In theory, prices of current-month federal funds futures contracts should reflect market expectations of near-term movements in the Federal Reserve's target level for the federal funds rate. However, empirical results show that such measures of market expectations are too noisy to predict...

Persistent link: https://www.econbiz.de/10005423735

Governing the Governors: A Clinical Study of Central Banks

Frisell, Lars; Roszbach, Kasper; spagnolo, giancarlo - Sveriges Riksbank - 2008

We study the specific corporate governance problems of central banks in their complex role of inflation guardians …

Persistent link: https://www.econbiz.de/10005190811

Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model

Söderström, Ulf - Sveriges Riksbank - 2008

in inflation and GDP growth might have been slightly higher if Sweden had been a member of EMU since the launch in 1999 …

Persistent link: https://www.econbiz.de/10005649086

Monetary Policy Signaling and Movements in the Swedish Term Structure of Interest Rates

Andersson, Malin; Dillén, Hans; Sellin, Peter - Sveriges Riksbank - 2001

This paper examines how various monetary policy signals such as repo rate changes, inflation reports, speeches, and …

Persistent link: https://www.econbiz.de/10005649092

Do Prices Reflect Costs? A study of the price- and cost structure of retail payment services in the Swedish banking sector 2002

Guibourg, Gabriela; Segendorf, Björn - Sveriges Riksbank - 2004

We estimate private costs in the Swedish banking sector for the production of payment services and investigate to what extent the price structure reflects the estimated cost structure. We find that (i) banks tend to use two-part tariffs but (ii) variable costs are poorly reflected in transaction...

Persistent link: https://www.econbiz.de/10005649098

The Effects of Endogenous Firm Exit on Business Cycle Dynamics and Optimal Fiscal Policy

Vilmi, Lauri - Sveriges Riksbank - 2011

We explore the implications of endogenous firm entry and exit for business cycle dynamics and optimal fiscal policy. We first show that when the firm exit rate is endogenous, negative technology shocks lead to reductions in the number of firms. Technology shocks therefore have additional effects...

Persistent link: https://www.econbiz.de/10008876400

The Output Gap, the Labor Wedge, and the Dynamic Behavior of Hours

Sala, Luca; Söderström, Ulf; Trigari, Antonella - Sveriges Riksbank - 2010

We use a standard quantitative business cycle model with nominal price and wage rigidities to estimate two measures of economic inefficiency in recent U.S. data: the output gap - the gap between the actual and efficient levels of output - and the labor wedge - the wedge between households'...

Persistent link: https://www.econbiz.de/10008671764

Density-Conditional Forecasts in Dynamic Multivariate Models

Andersson, Michael K.; Palmqvist, Stefan; Waggoner, … - Sveriges Riksbank - 2010

When generating conditional forecasts in dynamic models it is common to impose the conditions as restrictions on future structural shocks. However, these conditional forecasts often ignore that there may be uncertainty about the future development of the restricted variables. Our paper therefore...

Persistent link: https://www.econbiz.de/10008671766

Distortionary Fiscal Policy and Monetary Policy Goals

Adam, Klaus; Billi, Roberto M. - Sveriges Riksbank - 2013

We reconsider the role of an inflation conservative central banker in a setting with distortionary taxation. To do so … two authorities make policy decisions simultaneously, inflation conservatism causes fiscal overspending. But if fiscal … policy is determined before monetary policy, inflation conservatism imposes fiscal discipline. These results clarify that in …

Persistent link: https://www.econbiz.de/10010700726

Business Cycle Implications of Mortgage Spreads

Walentin, Karl - Sveriges Riksbank - 2013

How do aggregate quantities at the business cycle frequency respond to shocks to the spread between residential mortgage rates and government bonds? Using a structural VAR approach, we find that mortgage spread shocks impact the real economy by both economically and statistically significant...

Persistent link: https://www.econbiz.de/10010818842