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Gauging the effectiveness of quantitative forward guidance

Andersson, Magnus; Hofmann, Boris - 2009

of an own interest rate path enhances a central bank’s ability to steer market expectations. Two main results emerge … guidance involved publication of an own interest rate path or not. Second, for New Zealand, we find weak evidence that a … publication of a path could potentially enhance a central bank’s leverage on the medium term structure of interest rates …

Persistent link: https://www.econbiz.de/10009640489

The impact of high and growing government debt on economic growth

Checherita, Cristina; Rother, Philipp - 2010

-term nominal and real interest rates. From a policy perspective, the results provide additional arguments for debt reduction to …

Persistent link: https://www.econbiz.de/10009640303

Interpreting implied risk-neutral densities

Hördahl, Peter; Vestin, David - 2003

This paper examine differences between risk-neutral and objective probability densities of future interest rates. The … paper provides an alternative approach to identifying objective probabilities of future interest rates. …

Persistent link: https://www.econbiz.de/10009635905

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880 - 2001

Dewald, William G. - 2003

u0093Bond Market Inflation Expectation and Longer-term Trends in Broad Monetary Growth and Inflation in Industrial Countries, 1880-2001u0094 by William G. Dewald, Professor of Economics Emeritus, Ohio State University and Former Director of Research, Federal Reserve Bank of St. Louis. Annual...

Persistent link: https://www.econbiz.de/10009635923

Money and payments

Holthausen, Cornelia; Monnet, Cyril - 2003

The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the...

Persistent link: https://www.econbiz.de/10009635956

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10009636549

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...

Persistent link: https://www.econbiz.de/10009639472

Global policy at the zero lower bound in a large-scale DSGE model

Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010

) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE …

Persistent link: https://www.econbiz.de/10009640286

The impact of monetary policy shocks on commodity prices

Anzuini, Alessio; Lombardi, Marco J.; Pagano, Patrizio - 2010

Global monetary conditions have often been cited as a driving factor of commodity prices. This paper investigates the empirical relationship between US monetary policy and commodity prices by means of a standard VAR system, commonly used in analysing the effects of monetary policy shocks. The...

Persistent link: https://www.econbiz.de/10009640308

The euro area financial system

Hartmann, Philipp; Maddaloni, Angela; Manganelli, Simone - 2003

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and...

Persistent link: https://www.econbiz.de/10009635984