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Asymmetric gradualism in US monetary policy

Aastveit, Knut Are; Cross, Jamie; Furlanetto, Francesco; … - 2024

regime. Notably, the estimate of the inflation coefficient satisfies the Taylor principle in both regimes. These results are …

Persistent link: https://www.econbiz.de/10015209978

Taylor rules with endogenous regimes

Aastveit, Knut Are; Cross, Jamie; Furlanetto, Francesco; … - 2024

gap coefficient is higher in the recessionary regime than in the normal one. The estimate of the inflation coefficient …

Persistent link: https://www.econbiz.de/10014547789

Modeling Monetary Policy

Reynard, Samuel; Schabert, Andreas - 2009

marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market …

Persistent link: https://www.econbiz.de/10010325945

Central Bank Instruments, Fiscal Policy Regimes, and the Requirements for Equilibrium Determinacy

Schabert, Andreas - 2006

, the money growth rate should not rise by more than one for one with inflation when the primary surplus is raised with … inflation - to ensure local equilibrium determinacy. When the central bank links the supply of money to government bonds by … controlling the bond-to-money ratio, an inflation stabilizing policy can be implemented for both fiscal policy regimes. Local …

Persistent link: https://www.econbiz.de/10014059218

Identifying US Monetary Policy Shocks Through Sign Restrictions in Dollarized Countries

Gobbi, Alessandro - 2011

Since dollarized countries import US monetary policy, identifying US monetary shocks through sign restrictions on US variables only, does not use all available information. In this paper, we therefore include dollarized countries, which enable us to restrict more variables and leave the...

Persistent link: https://www.econbiz.de/10013117809

The Regional Impact of Monetary Policy in Indonesia

Ridhwan, Masagus M. - 2011

This paper employs Vector Autoregression (VAR) models to measure the impact of monetary policy shocks on regional output in Indonesia. Having incorporated a possible structural break following the aftermath of the 1997-98 Asian Crisis, the impulse response functions derived from the estimated...

Persistent link: https://www.econbiz.de/10013125066

Committee Structure and its Implications for Monetary Policy Decision-making

Berk, Jan Marc; Bierut, Beata K. - 2003

We investigate the implications for the setting of interest rateswhen monetary policy decisions are taken by a committee, in whicha subset of members may meet prior to the voting in the committeeand therefore has the possibility to reach consensus ex ante to voteunanimously ex post. We allow for...

Persistent link: https://www.econbiz.de/10010324842

New Economy, Old Central Banks?

Berk, Jan Marc - 2002

Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inf1ation and economic growth are no longer valid. But such...

Persistent link: https://www.econbiz.de/10010325031

The Effects of Learning in Interactive Monetary Policy Committees

Berk, Jan Marc; Bierut, Beata K. - 2004

We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting...

Persistent link: https://www.econbiz.de/10010325323

Bayesian Forecasting of Federal Funds Target Rate Decisions

van den Hauwe, Sjoerd - 2011

This paper examines which macroeconomic and financial variables are most informative for the federal funds target rate decisions made by the Federal Open Market Committee (FOMC) from a forecasting perspective. The analysis is conducted for the FOMC decision during the period January 1990 - June...

Persistent link: https://www.econbiz.de/10013122460