Search Results - subject:"Monetary policy"

The power of helicopter money revisited : a new Keynesian perspective

Carter, Thomas J.; Mendes, Rhys R. - 2020

We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...

Persistent link: https://www.econbiz.de/10012159954

The Heterogeneous Cost of Wage Rigidity: Evidence and Theory

Faia, Ester; Pezone, Vincenzo - 2020

that firms' stock market valuations and employment levels respond more to monetary policy announcements the higher the … intensity and low profitability. There are clear distributional consequences of monetary policy. We rationalize the evidence …

Persistent link: https://www.econbiz.de/10012150754

The heterogeneous cost of wage rigidity : evidence and theory

Faia, Ester; Pezone, Vincenzo - 2020 - Current draft: January 2020

Persistent link: https://www.econbiz.de/10012152517

Monetary policy and its transmission in a globalised world

Ca'Zorzi, Michele; Dedola, Luca; Georgiadis, Georgios; … - 2020

System monetary policy in a unified and methodologically consistent framework. It identifies pure monetary policy shocks by … hierarchy in the global spillovers from ECB and Federal Reserve monetary policy: while the spillovers to consumer prices are … relatively small in both directions, Federal Reserve monetary policy shocks have a larger impact on euro area financial markets …

Persistent link: https://www.econbiz.de/10012216473

Central bank communication that works : lessons from lab experiments

Kryvtsov, Oleksiy; Petersen, Luba - 2019

We use controlled laboratory experiments to test the causal effects of central bank communication on economic expectations and to distinguish the underlying mechanisms of those effects. In an experiment where subjects learn to forecast economic variables, we find that central bank communication...

Persistent link: https://www.econbiz.de/10012017675

Tying down the anchor : monetary policy rules and the lower bound on interest rates

Mertens, Thomas M.; Williams, John C. - 2019

This paper uses a standard New Keynesian model to analyze the effects and implementation of various monetary policy …

Persistent link: https://www.econbiz.de/10012000049

MoNK: mortgages in a New-Keynesian model

Garriga, Carlos; Kydland, Finn E.; Šustek, Roman - 2019

Persistent link: https://www.econbiz.de/10012138881

Discretionary monetary policy in the Calvo model

Van Zandweghe, Willem; Wolman, Alexander L. - In: Quantitative economics : QE ; journal of the … 10 (2019) 1, pp. 387-418

We study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply, producing three main contributions. First, price‐adjusting firms have a unique equilibrium price for a broad range of parameterizations, in contrast to earlier results for the...

Persistent link: https://www.econbiz.de/10011994913

Making Monetary Policy More Effective: The Case of the Democratic Republic of the Congo

Fischer, Felix; Lundgren, Charlotte J.; Jahjah, Samir - International Monetary Fund (IMF) - 2013

The paper looks at the challenges of conducting monetary policy in a context of high dollarization of the banking … available to enhance the effectiveness of monetary policy are limited. After exploring the pros and cons of different exchange … regimes we conclude that strengthening the current monetary policy framework remains the first-best option, given the country …

Persistent link: https://www.econbiz.de/10010790264

Monetary policy uncertainty : a tale of two tails

Dahlhaus, Tatjana; Sekhposyan, Tatevik - 2018

measures of monetary policy uncertainty. We show that periods of monetary policy tightening and easing are distinctly related … monetary policy uncertainty decreases over time, while upside uncertainty remains rather stable, reflecting the asymmetry in … the behavior of the expectational errors - a finding that we attribute to changes in the conduct of monetary policy. We …

Persistent link: https://www.econbiz.de/10011903823