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Monetary policy communication: Evidence from Survey Data

Popovska-Kamnar, Neda - 2017

This paper summarizes the results of a Survey on Monetary policy Communication conducted among central banks in Central Eastern and South-Eastern Europe and the euro area. The main objective of this Survey was to draw evidence on the level of transparency and communication strategies of the...

Persistent link: https://www.econbiz.de/10011785370

Is a global recession imminent?

Guénette, Justin Damien; Kose, M. Ayhan; Sugawara, Naotaka - 2022

Global growth prospects have deteriorated significantly since the beginning of the year, raising the specter of global recession. This paper relies on insights gleaned from previous global recessions to analyze the recent evolution of economic activity and policies and presents plausible...

Persistent link: https://www.econbiz.de/10014541046

Financial stability considerations for monetary policy: Theoretical mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; … - 2022

This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial...

Persistent link: https://www.econbiz.de/10012888656

Federal reserve policies and financial market conditions during the crisis

Brave, Scott A.; Genay, Hesna - 2011

During the recent financial crisis, the Federal Reserve implemented a series of extraordinary and unconventional policies to alleviate the impact of the crisis on financial markets and the economy. In this paper, we examine the effects of these policies on broad financial market conditions,...

Persistent link: https://www.econbiz.de/10010292196

Leaning against persistent financial cycles with occasional crises

Kockerols, Thore; Kravik, Erling Motzfeldt; Mimir, Yasin - 2021

Should central banks use leaning against the wind (LAW)-type monetary or macroprudential policy to address risks to financial stability? We first assess LAW as a one-off (nonsystematic) policy using an estimated large-scale dynamic stochastic general equilibrium (DSGE) model with empirically...

Persistent link: https://www.econbiz.de/10013373822

The Risk-Taking Channel of Monetary Policy in Norway

Karapetyan, Artashes - 2016

We identify the effects of monetary policy on credit risk-taking using a unique dataset covering the population of corporate borrowers in Norway. We find that a lower benchmark interest rate (interbank rates or overnight rates) induces the average bank to grant more loans to risky firms. We also...

Persistent link: https://www.econbiz.de/10012143883

Leaning Against the Wind When Credit Bites Back

Gerdrup, Karsten R.; Hansen, Frank; Krogh, Tord; Maih, … - 2016

This paper analyzes the cost-benefit trade-off of leaning against the wind (LAW) in monetary policy. Our starting point is a New Keynesian Markov-switching model where the economy can be in a normal state or in a crisis state. The set-up enables us to weigh benefits against costs for different...

Persistent link: https://www.econbiz.de/10012143887

Some Recent Developments in Predictive Accuracy Testing With Nested Models and (Generic) Nonlinear Alternatives

Corradi, Valentina; Swanson, Norman R. - 2003

forecasting model for another variable, and hence our use of terminology such as ?out-of-sample Granger causality? (see e …

Persistent link: https://www.econbiz.de/10010263216

Simulation-based valuation of project finance: does model complexity really matter?

Weber, Florian; Schmid, Thomas; Pietz, Matthäus; … - 2010

forecasting techniques, e.g. correlation forecasts based on historical values and on a dynamic conditional correlation (DCC) model … varied. We find that the applied volatility forecasting models have a strong influence on the expected net present value … distribution and on the probability of default. In contrast, correlation forecasting models play a minor role. Time resolution and …

Persistent link: https://www.econbiz.de/10010305715

Econometric studies of business cycles in the history of econometrics

Qin, Duo - 2010

This study examines the evolution of econometric research in business cycle analysis during the 1960-90 period. It shows how the research was dominated by an assimilation of the tradition of NBER business cycle analysis by the Haavelmo-Cowles Commission approach, catalysed by time-series...

Persistent link: https://www.econbiz.de/10010280775