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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

Persistent link: https://www.econbiz.de/10010286538

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

Did the crisis change it all? Evidence from monetary and fiscal policy

Mitreska, Ana; Vojnovic, Maja Kadievska; Georgievska, Ljupka - 2010

The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...

Persistent link: https://www.econbiz.de/10011785345

Seven replies to the critiques of Modern Money Theory

Tymoigne, Éric - 2021

Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...

Persistent link: https://www.econbiz.de/10012818360

Economic policy in India: For economic stimulus, or for austerity and volatility?

Sen, Sunanda; DasGupta, Zico - 2014

The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...

Persistent link: https://www.econbiz.de/10010513081

Formation of inflation expectations: Does macroeconomic and policy environment matter?

Gülşen, Eda; Kara, Hakan - 2020

This paper investigates the changing behavior of inflation expectations in response to the macroeconomic and policy … present evidence on the behavioral shifts in the inflation expectations associated with evolving macroeconomic and policy … performance. We use a unique survey with the feature of including matched policy rate and fixed-horizon inflation expectations at …

Persistent link: https://www.econbiz.de/10012628450

Macro Modelling with Many Models

Bache, Ida Wolden; Mitchell, James; Ravazzolo, Francesco; … - 2009

from the weather forecasting literature known as `ensemble modelling'. In this approach, uncertainty about model … provide two examples of this modelling strategy: (i) forecasting inflation with a disaggregate ensemble; and (ii) forecasting …

Persistent link: https://www.econbiz.de/10012143720

Managing Uncertainty Through Robust-Satisficing Monetary Policy

Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - 2006

We employ information-gap decision theory to derive a robust monetary policy response to Knightian parameter uncertainty. This approach provides a quantitative answer to the question: For a specified policy, how much can our models and data err or vary, without rendering the outcome of that...

Persistent link: https://www.econbiz.de/10012143662

How food prices shape inflation expectations and the monetary policy response

Bonciani, Dario; Masolo, Riccardo; Sarpietro, Silvia - 2024

We show that food price changes have a persistent impact on UK consumers' inflation expectations. Over 60% of … between their inflation expectations and perceptions. In other words, households emphasising the importance of food prices … tend to have more backward-looking inflation expectations. We complement this finding with a Structural Vector …

Persistent link: https://www.econbiz.de/10015130121

Unusual shocks in our usual models

Ferroni, Filippo; Fisher, Jonas D. M.; Melosi, Leonardo - 2022

We propose an event-study research design to identify the nature and propagation of large unusual shocks in DSGE models and apply it to study the macroeconomic effects of the Covid shock. The initial outbreak is represented as the onset of a new shock process where the shock loads on wedges...

Persistent link: https://www.econbiz.de/10013479465