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CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model

Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023

To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...

Persistent link: https://www.econbiz.de/10014354929

Monetary Policy According to HANK

Kaplan, Greg - 2016

We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with...

Persistent link: https://www.econbiz.de/10012992430

The Role of Labor Markets for Euro Area Monetary Policy

Christoffel, Kai - 2009

degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation …

Persistent link: https://www.econbiz.de/10012764518

Optimal Monetary Policy in a New Keynesian Model with Habits in Consumption

Leith, Campbell B. - 2012

While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10013116941

Deconstructing Monetary Policy Surprises : The Role of Information Shocks

Jarocinski, Marek - 2018

complementary positive central bank information shock raises both. These two shocks have intuitive and very different effects on the … point formally and offer an interpretation of the central bank information shock using a New Keynesian macroeconomic model …

Persistent link: https://www.econbiz.de/10012926333

Policy Mandates for Macro-Prudential and Monetary Policies in a New Keynesian Framework

Levine, Paul - 2015

In the aftermath of the financial crisis, the role of monetary policy and macro-prudential regulation in promoting financial stability is under discussion. The old debate concerning whether monetary policy should respond to credit and asset price bubbles was revived, whereas macro-prudential...

Persistent link: https://www.econbiz.de/10013020791

Supply, Demand and Monetary Policy Shocks in a Multi-Country New Keynesian Model

Dées, Stéphane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2021

through error spillover effects. Bootstrapped error bands are also provided for the cross country responses of a shock to the …

Persistent link: https://www.econbiz.de/10013316169

Optimal Monetary Policy and the Transmission of Oil-Supply Shocks to the Euro Area under Rational Expectations

Adjemian, Stephane; Darracq Pariès, Matthieu - 2009

This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...

Persistent link: https://www.econbiz.de/10014213432

Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling : Tales from 1001 Shocks

Georgiadis, Georgios - 2017

data on monetary policy shock estimates for 29 economies obtained from more than 280 monetary models in the literature …. Consistent with the predictions from our hypothesis we find: Monetary policy shock estimates obtained from New Keynesian DSGE … contamination is more severe for economies that are more susceptible to financial spillovers in the data; and the shock estimates …

Persistent link: https://www.econbiz.de/10012953383

Stochastic Discounting and the Transmission of Money Supply Shocks

Jaccard, Ivan - 2018

quantitative magnitude, the impact eﬀect on inﬂation of a money supply shock is about half as large during recessions than during …

Persistent link: https://www.econbiz.de/10012913549