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Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the … of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document … simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 …

Persistent link: https://www.econbiz.de/10010392194

Monetary policy between stability and growth

Fabris, Nikola - In: Journal of central banking theory and practice 13 (2024) 1, pp. 27-42

turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …

Persistent link: https://www.econbiz.de/10014496247

Greenspan’s Legacy and Bernanke’s Attitude to the Financial Crisis

Ryan, John; Koronowski, Adam - 2009

The Federal Reserve System or the Fed is one of the most prestigious institutions in the world. Founded by the Federal Reserve Act in 1913, the Fed has the responsibility of setting the monetary policy of the U.S. The Fed’s actions affect the money supply in the U.S. market which has a direct...

Persistent link: https://www.econbiz.de/10014203722

Nonconventional Monetary Policy in a Regime-Switching Model with Endogenous Financial Crises

Barreto, Leonardo - 2018

This paper develops a regime-switching newkeynesian model for a small open economy, with an occasionally binding financial friction that allows for endogenous financial crises. The model has two regimes: a regime for normal economic times, in which financial market access is unconstrained, and a...

Persistent link: https://www.econbiz.de/10012914555

Has the Global Financial Crisis Shaken the New Monetary Consensus? - A Synthetic View

Pilkington, Marc - 2012

The 2007-2010 Global Financial Crisis has reshuffled the cards for central bankers throughout the world. In the wake of the biggest crisis since the Great Depression, we examine the evolution of modern central banking since the inflationary chaos of the 1970s and the controversial monetarist...

Persistent link: https://www.econbiz.de/10013115864

Asset Price Bubbles and Central Bank Policies : The Crash of the 'Jackson Hole Consensus'

Malliaris, A. (Tassos) G. - 2011

This paper reexamines the main arguments of whether or not monetary policy should respond to asset bubbles. The question of how the central bank should respond to an asset bubble can be reformulated in two ways. First, how does the central bank respond while an asset bubble is growing, and...

Persistent link: https://www.econbiz.de/10013119617

The Federal Reserve's Response to the Financial Crisis : What It Did and What It Should Have Done

Thornton, Daniel L. - 2012

This paper analyzes the Federal Reserve's major policy actions in response to the financial crisis. The analysis is divided into the pre-Lehman and post-Lehman monetary policies. Specifically, I describe the pre- and post-Lehman monetary policy actions that I believe were appropriate and those...

Persistent link: https://www.econbiz.de/10013098321

Would a Stricter Fed Policy and Financial Regulation Have Averted the Financial Crisis?

Gokhale, Jagadeesh - 2009

Many commentators have argued that if the Federal Reserve had followed a stricter monetary policy earlier this decade when the housing bubble was forming, and if Congress had not deregulated banking but had imposed tighter financial standards, the housing boom and bust - and the subsequent...

Persistent link: https://www.econbiz.de/10013155688

The Evolving Nature of Asset Price Bubbles, Financial Instability and Monetary Policy

Malliaris, A. (Tassos) G. - 2019

This paper links the bursting of the housing asset price bubble around 2007 in the U.S. to the instability that arose in financial markets with the bankruptcy of Lehman Brothers in September 2008, and both of these to the Great Recession and the unconventional monetary policy that followed....

Persistent link: https://www.econbiz.de/10012897514

Monetary policy, financial shocks and economic activity

Evgenidis, Anastasios; Malliaris, A. (Tassos) G. - 2021

This paper contributes to a deeper understanding of macroeconomic outcomes to financial market disturbances and the central bank’s role in financial stability, by using Bayesian VAR (BVAR) models. We document that a shock that increases credit to non-financial sector leads to a persistent...

Persistent link: https://www.econbiz.de/10013217405