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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/10010311797

Monetary policy disconnect

Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah - 2020 - This version: December 11, 2020

Although designed to support monetary policy, two crucial aspects of the central bank framework can disconnect the monetary policy transmission: banks' access to central bank deposits and Quantitative Easing (QE). We show how both hinder the monetary policy transmission through the main...

Persistent link: https://www.econbiz.de/10012387237

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

. -- Financial Crisis ; Complexity ; Monetary Policy ; Model Uncertainty ; Robust Simple Rules ; ECB …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 …

Persistent link: https://www.econbiz.de/10009622453

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

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

Cole, Stephen J. - 2020

Persistent link: https://www.econbiz.de/10012846480

The European Central Bank's QE : a new hope

Wieladek, Tomasz; Garcia Pascual, Antonio - 2016

We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data … Wieladek (2016). We find that in absence of the first round of ECB QE, real GDP and core CPI would have been 1.3% and 0 …

Persistent link: https://www.econbiz.de/10011488021

The effects of the ECB's pandemic-related monetary policy measures

Nelimarkka, Jaakko; Laine, Olli-Matti - 2021

We assess the macroeconomic impact of pandemic-related monetary policy measures of the ECB. Conditioning on …

Persistent link: https://www.econbiz.de/10012622376

Information or uncertainty shocks?

Baumgärtner, Martin - 2020

This paper shows that uncertainty has an impact on the effectiveness of monetary policy shocks. As uncertainty increases, so does the risk that a restrictive forward guidance shock will increase rather than decrease stock prices. This effect can be seen not only in high-frequency variables, but...

Persistent link: https://www.econbiz.de/10012542948

The Reaction Function Channel of Monetary Policy and the Financial Cycle

Filardo, Andrew J. - 2019

This paper examines whether monetary policy reaction function matters for financial stability. We measure how responsive the Federal Reserve's policy appears to be to imbalances in the equity, housing and credit markets. We find that changes in these policy sensitivities predict the later...

Persistent link: https://www.econbiz.de/10012861841

Empirical evidence for the bank lending channel in Bosnia and Herzegovina : does lending differ between large and small banks?

Kovacevic, Dejan - 2015

The paper investigates transmission of different foreign and domestic shocks to bank lending activity in Bosnia and Herzegovina through the bank lending channel. The bank lending channel is analyzed in a time series cross sectional data framework for the period 2006q1-2014q1, investigating...

Persistent link: https://www.econbiz.de/10011279756