We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset …

Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead …

central banks to normalize monetary policy, as well as to revise their best practices, motivate this paper. Its aim is to … offer a review of the evolution of the modern concept of flexible monetary policy rules, from the seminal contribute of …

has consequences for the macroeconomic impact of monetary policy. …

We develop a new series of Canadian monetary policy shocks and analyze their impact on inflation and real GDP from 1996 …-2020. Our shocks are constructed as the daily change in the Nelson-Siegel yield curve factors after a monetary policy … Canadian monetary policy relative to the existing literature, which focuses on shocks to the short-run interest rate. We docu …

Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules …

This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of …, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets … over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries …

I have assessed changes in the monetary policy stance in the euro area since its inception by applying a Bayesian time …