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Robust Macroprudential Policy Rules under Model Uncertainty
Binder, Michael; Lieberknecht, Philipp; Quintana, Jorge; … - 2018
bank as leader operating according to the rule by Orphanides and Wieland (2013) implies smaller potential costs due to …
Persistent link: https://www.econbiz.de/10011892008
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Kuete, Meguy; Yoo, … - 2016
central bank rates in the United States and the euro area. Furthermore, the paper includes a large-scale comparison of the … effects in investment financing, credit and house price booms and a role for bank capital. A final exercise illustrates how …
Persistent link: https://www.econbiz.de/10011527565
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Ngougning, Meguy Kuete - 2016
central bank rates in the United States and the euro area. Furthermore, the paper includes a large-scale comparison of the … effects in investment financing, credit and house price booms and a role for bank capital. A final exercise illustrates how …
Persistent link: https://www.econbiz.de/10011527276
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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
Persistent link: https://www.econbiz.de/10009635983
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Exchange-rate policy and the zero bound on nominal interest rates
Coenen, Günter; Wieland, Volker - 2004
In this paper, we study the effectiveness of monetary policy in a severe recession and deflation when nominal interest rates are bounded at zero. We compare two alternative proposals for ameliorating the effect of the zero bound: an exchange-rate peg and price-level targeting. We conduct this...
Persistent link: https://www.econbiz.de/10009639404
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The zero-interest-rate bound and the role of the exchange rate for monetary policy in Japan
Coenen, Günter; Wieland, Volker - 2003
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10009639849
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Money in monetary policy design
Beck, Guenter W.; Wieland, Volker - 2010
the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross …-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. …
Persistent link: https://www.econbiz.de/10009640349
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - Center for Financial Studies - 2008
bank acts to bring inflation under control, price-setting firms revise their estimates of the degree of persistence. Such … is found to influence the likelihood that firms switch from backward-looking indexation to the central bank's targets. As …
Persistent link: https://www.econbiz.de/10011200313
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Central Bank Misperceptions and the Role of Money in Interest Rate Rules
Beck, Guenter; Wieland, Volker - Stanford Institute for Economic Policy Research … - 2008
-check for monetary policy. We identify an important source of monetary trends in form of persistent central bank misperceptions …
Persistent link: https://www.econbiz.de/10009141820
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A new comparative approach to macroeconomic modeling and policy analysis
Wieland, Volker; Cwik, Tobias; Müller, Gernot J.; … - In: Journal of Economic Behavior & Organization 83 (2012) 3, pp. 523-541
In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10011048074