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Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through

Hunt, Benjamin F. - 2003

The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass-through for the conduct of monetary policy. From the policymaker''s perspective, uncertainty about exchange rate pass-through implies uncertainty about policy multipliers and the impact of state variables on...

Persistent link: https://www.econbiz.de/10014399681

Predicting downside risks to house prices and macro-financial stability

Deghi, Andrea; Katagiri, Mitsuru; Shahid, Sohaib; … - 2020

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and … overvaluation, excessive credit growth, and tighter financial conditions jointly forecast higher house-prices-at-risk up to three … years ahead. House-prices-at-risk help predict future growth at-risk and financial crises. We also investigate and propose …

Persistent link: https://www.econbiz.de/10012252738

Leaning against the wind : a cost-benefit analysis for an integrated policy framework

Brandao Marques, Luis; Gelos, Gaston; Narita, Machiko; … - 2020

of future output growth and inflation with quantile regressions. Tightening macroprudential policy dampens downside risks …

Persistent link: https://www.econbiz.de/10012299315

Monetary and macroprudential policy with endogenous risk

Adrian, Tobias; Duarte, Fernando; Liang, Jean Nellie; … - 2020

We extend the New Keynesian (NK) model to include endogenous risk. Lower interest rates not only shift consumption … intertemporally but also conditional output risk via their impact on risk-taking, giving rise to a vulnerability channel of monetary …: monetary policy that focuses purely on inflation and output-gap stabilization can lead to instability. Macroprudential measures …

Persistent link: https://www.econbiz.de/10012392502

Macroeconomic and financial policies for climate change mitigation : a review of the literature

Krogstrup, Signe; Oman, William - 2019

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The...

Persistent link: https://www.econbiz.de/10012103638

Distributional effects of monetary policy

Bonifacio, Valentina; Brandao Marques, Luis; Budina, Nina; … - 2021

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels...

Persistent link: https://www.econbiz.de/10012605530

A medium-scale DSGE model for the integrated policy framework

Adrian, Tobias; Gaspar, Vítor; Vitek, Francis - 2022

macrofinancial linkages with endogenous risk, and diverse spillover transmission channels. In the pursuit of inflation and output …

Persistent link: https://www.econbiz.de/10013170322

Trade Reforms of Uncertain Duration and Real Uncertainty : A First Approximation

Calvo, Guillermo - 1994

and real shocks, and the credibility component depends on the mean and risk of real asset returns. Thus, observed booms …

Persistent link: https://www.econbiz.de/10014396072

Simple Monetary Policy Rules Under Model Uncertainty

Eliasson, Ann-Charlotte - 1999

moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in …

Persistent link: https://www.econbiz.de/10014400173

Inflation Targeting Under Potential Output Uncertainty

Gaiduch, Victor - 2000

examine the output gap’s usefulness. The results suggest that although output gap uncertainty leads to more inflation and … policy based only on observable inflation and output growth …

Persistent link: https://www.econbiz.de/10014403496