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Tradeoffs over rate cycles : activity, inflation and the price level

Forbes, Kristin; Ha, Jongrim; Kose, M. Ayhan - 2025

Central banks often face tradeoffs in how their monetary policy decisions impact economic activity (including employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across countries, with a focus on understanding the post-pandemic...

Persistent link: https://www.econbiz.de/10015405430

The Markup Elasticity of Monetary Non-Neutrality

Höynck, Christian; Li, Minghao; Zhang, Donghai - 2022

Firms’ market power, measured by markups, has risen substantially and unequally across sectors. To evaluate the implications of these trends for monetary non-neutrality, we develop a quantitative menu cost model that covers multiple sectors with heterogeneous degrees of market competition. Two...

Persistent link: https://www.econbiz.de/10014237117

Asymmetric monetary policy rules for the euro area and the US

Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021

We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to in ation was more forceful when in ation was above 2% than below 2%. Since then, the ECB's...

Persistent link: https://www.econbiz.de/10012617047

Asymmetric monetary policy rules for the euro area and the US

Maih, Junior; Mazelis, Falk; Motto, Roberto; … - 2021

We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when inflation was above 2% than below 2%. Since then, the ECB's...

Persistent link: https://www.econbiz.de/10012650006

Pegging the Interest Rate on Bank Reserves : A Resolution of New Keynesian Puzzles and Paradoxes

Diba, Behzad - 2017

We develop a model of monetary policy with a simple departure from the basic New Keynesian (NK) model. In this model, the central bank sets independently the interest rate on bank reserves and the nominal stock of bank reserves. Because reserves reduce the costs of banking, the model delivers...

Persistent link: https://www.econbiz.de/10012944739

Central bank accountability and transparency : theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10011418852

Central Bank accountability and transparency : theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered …

Persistent link: https://www.econbiz.de/10001537904

Understanding the natural rate of interest for a small open economy

Zarazúa Juárez, Carlos Alberto - In: Latin American journal of central banking : LAJCB 4 (2023) 3, pp. 1-25

In this paper, we develop a structural model to estimate the current level of the natural rate for a small open economy, featuring a rich set of shocks to provide economic intuition for its underlying drivers. The model follows the New Keynesian tradition with several frictions and is able to...

Persistent link: https://www.econbiz.de/10014382958

Central Bank Accountability and Transparency : Theory and Some Evidence

Eijffinger, Sylvester C. W. - 2016

Persistent link: https://www.econbiz.de/10012991333

The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model

Martínez-García, Enrique - 2020

This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game-theoretic evolutionary framework. We estimate credibility for...

Persistent link: https://www.econbiz.de/10012844416