Similar Search Results

The Costs of Macroprudential Deleveraging in a Liquidity Trap

Chen, Jiaqian - 2020

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...

Persistent link: https://www.econbiz.de/10012828224

Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates

Hong, Gee Hee - 2018

In this paper, we investigate how negative interest rate policy (NIRP) introduced in January2016 by the Bank of Japan …

Persistent link: https://www.econbiz.de/10012913933

Demographics and the Natural Rate of Interest in Japan

Han, Fei - 2019

Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation … expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the … impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on …

Persistent link: https://www.econbiz.de/10012889159

U.S. Monetary Policy Normalization and Global Interest Rates

Caceres, Carlos - 2016

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this...

Persistent link: https://www.econbiz.de/10012977769

Unconventional Monetary Policy and Long-Term Interest Rates

Wu, Tao - 2014

This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...

Persistent link: https://www.econbiz.de/10013043718

Monetary Policy in Hybrid Regimes : The Case of Kazakhstan

Epstein, Natan P. - 2014

This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance its ability to regulate liquidity in the financial...

Persistent link: https://www.econbiz.de/10013050674

To Cut or Not to Cut? That is the (Central Bank’s) Question : In Search of the Neutral Interest Rate in Latin America

Magud, Nicolás E. - 2012

This paper estimates neutral real interest rate (NRIR) ranges for 10 Latin American countries that either have full-fledged inflation targeting regimes in place or have recently adopted them, using an array of methodologies commonly used in the literature. We find that NRIRs have declined in the...

Persistent link: https://www.econbiz.de/10013099302

To Cut or Not to Cut? That is the (Central Bank’s) Question in Search of the Neutral Interest Rate in Latin America

Magud, Nicolás E. - 2013

Persistent link: https://www.econbiz.de/10013083629

Monetary Policy Implementation : Operational Issues for Countries with Evolving Monetary Policy Frameworks

Maehle, Nils O. - 2020

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be...

Persistent link: https://www.econbiz.de/10012840604

Lower for Longer : Neutral Rates in the United States

Pescatori, Andreas - 2015

We use a semi structural model to estimate neutral rates in the United States. Our Bayesian estimation incorporates prior information on the output gap and potential output (based on a production function approach) and accounts for unconventional monetary policies at the ZLB by using estimates...

Persistent link: https://www.econbiz.de/10013019041

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