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Time Consistency and the Duration of Government Debt : A Signalling Theory of Quantitative Easing
Bhattarai, Saroj - 2015
We present a signalling theory of Quantitative Easing (QE) at the zero lower bound on the short term nominal interest … bank with balance sheet concerns. Numerical experiments show that the signalling effect can be substantial in both models …
Persistent link: https://www.econbiz.de/10012457331
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The Labor Demand and Labor Supply Channels of Monetary Policy
Graves, Sebastian; Huckfeldt, Christopher K.; Swanson, … - National Bureau of Economic Research - 2023
Monetary policy is conventionally understood to influence labor demand, with little effect on labor supply. We estimate the response of labor market flows to high-frequency changes in interest rates around FOMC announcements and Fed Chair speeches and find that, in contrast to the consensus...
Persistent link: https://www.econbiz.de/10014421195
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Policy Uncertainty Reduces Green Investment
Wang, Mengyu; Wurgler, Jeffrey; Zhang, Hong - National Bureau of Economic Research - 2023
Government subsidies are often used to stimulate environment-friendly investment. We find that Chinese firms reduce green investment as the uncertainty of subsidies rises. This effect is identified from weather-driven fluctuations in air pollution that lead to fluctuations in subsidy...
Persistent link: https://www.econbiz.de/10014322788
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Labor Markets and Monetary Policy : A New-Keynesian Model with Unemployment
Blanchard, Olivier - 2008
We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications for the unemployment-inflation tradeoff and for the conduct of monetary policy.<br><br>We proceed in two steps. We first leave nominal rigidities aside. We show that, under a standard...
Persistent link: https://www.econbiz.de/10012464750
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Federal Reserve Private Information and the Behavior of Interest Rates
Romer, Christina D. - 1996
Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct … and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal … Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about …
Persistent link: https://www.econbiz.de/10012473150
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Central Bank Transparency : Where, Why, and with What Effects?
Dincer, N. Nergiz - 2007
years. In this paper we present new information on its extent and effects. We show that the trend is general: a large number …
Persistent link: https://www.econbiz.de/10012465652
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Revealing the Secrets of the Temple : The Value of Publishing Central Bank Interest Rate Projections
Rudebusch, Glenn D. - 2006
, in an economy where private agents have imperfect information about the determination of monetary policy, central bank …
Persistent link: https://www.econbiz.de/10012466023
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Monetary policy rules
Taylor, John B. (ed.) - 1999
Persistent link: https://www.econbiz.de/10001353848
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Monetary policy rules : [papers based on the National Bureau of Economic Research Conference on Research in Business Cycles, held at Stanford University, 1998]
Taylor, John B. (ed.) - 2001 - Paperback ed.
Persistent link: https://www.econbiz.de/10001535296
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie D. - 1997
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://www.econbiz.de/10012472722