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Expectations, Asset Prices, and Monetary Policy : The Role of Learning

Gilchrist, Simon - 2006

. Asset price movements induced by changes in trend growth influence balance-sheet conditions that determine the external … the asset price gap represents distortions in the resource allocation induced by financial market imperfections more … calculation of the potential and thus reduces the benefit of responding to the asset price gap. A policy that responds to the …

Persistent link: https://www.econbiz.de/10012466222

Estimating and Interpreting Forward Interest Rates : Sweden 1992 - 1994

Svensson, Lars E.O. - 1994

The use of forward interest rates as a monetary policy indicator is demonstrated, using Sweden 1992-1994 as an example …

Persistent link: https://www.econbiz.de/10012474040

Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators

Svensson, Lars E.O. - 1994

yield curve. Monetary policy in France, Germany, Great Britain, Sweden and the United States is interpreted with the help of …

Persistent link: https://www.econbiz.de/10012474301

Negative Nominal Interest Rates and the Bank Lending Channel

Eggertsson, Gauti B. - 2019

Following the crisis of 2008, several central banks engaged in a new experiment by setting negative policy rates. Using aggregate and bank level data, we document that deposit rates stopped responding to policy rates once they went negative and that bank lending rates in some cases increased...

Persistent link: https://www.econbiz.de/10012479372

Sweden's Fiscal Framework and Monetary Policy

Leeper, Eric M. - 2018

demand and the overall level of prices in the economy. This paper interprets Sweden's explicit monetary and fiscal frameworks …

Persistent link: https://www.econbiz.de/10012452977

Forward Guidance

Hagedorn, Marcus - 2018

We assess the power of forward guidance--promises about future interest rates--as a monetary tool in a liquidity trap using a quantitative incomplete-markets model. Our results suggest the effects of forward guidance are negligible. A commitment to keep future nominal interest rates low for a...

Persistent link: https://www.econbiz.de/10012453195

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

Optimal Monetary Policy in an Operational Medium-Sized DSGE Model

Adolfson, Malin - 2008

the economic development in Sweden depends on the conduct of monetary policy. This provides an illustration on how Rames …

Persistent link: https://www.econbiz.de/10012464553

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...

Persistent link: https://www.econbiz.de/10012457842

Forward Guidance

Svensson, Lars E.O. - 2014

Forward guidance about future policy settings, in the form of a published policy-rate path, has for many years been a natural part of normal monetary policy for several central banks, including the Reserve Bank of New Zealand and the Swedish Riksbank. More recently, the Federal Reserve has...

Persistent link: https://www.econbiz.de/10012457870