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Changes in monetary regimes and the identification of monetary policy shocks : narrative evidence from Canada

Champagne, Julien; Sekkel, Rodrigo - 2017

by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

Persistent link: https://www.econbiz.de/10011777945

One Hundred Years of Separation : The Inflation of 1919 and COVID-19

Higgins, CFA, CFP®, Mark - 2022

current burst of inflation in the wake of the COVID-19 pandemic and the inflation that Americans experienced 100 years ago … announced aggressive plans to reduce its massive balance sheet. Expectations are that tightening will continue until inflation … between the 1919 Inflation and COVID-19 Inflation and attempt to time the market. This is a risky proposition for long …

Persistent link: https://www.econbiz.de/10013291438

Forecasting and policy making

Wieland, Volker; Wolters, Maik H. - 2012

Persistent link: https://www.econbiz.de/10010394237

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

The Timing of Monetary Policy Shocks

Olivei, Giovanni P.; Tenreyro, Silvana - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse-responses that differ sharply depending on the timing of the shock: When the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10014071268

Raising an inflation target : the Japanese experience with abenomics

De Michelis, Andrea; Iacoviello, Matteo - 2016

This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target … identified inflation target shock. We apply these findings to calibrate the effect of a shock to the inflation target in a new …-Keynesian DSGE model of the Japanese economy. We argue that imperfect observability of the inflation target and a separate exchange …

Persistent link: https://www.econbiz.de/10011563011

Raising an Inflation Target : The Japanese Experience with Abenomics

De Michelis, Andrea - 2016

Persistent link: https://www.econbiz.de/10013210410

Decomposing the Effects of Monetary Policy Using an External Instruments SVAR

Lakdawala, Aeimit - 2017

We study the effects of monetary policy on economic activity separately identifying the effects of a conventional change in the fed funds rate from the policy of forward guidance. We use a structural VAR identified using external instruments from futures market data. The response of output to a...

Persistent link: https://www.econbiz.de/10014121895

The Macroeconomic Effects of Monetary Policy : A New Measure for the United Kingdom

Cloyne, James - 2014

the UK economy. We find that a 1 percentage point increase in the policy rate reduces output by up to 0.6% and inflation …

Persistent link: https://www.econbiz.de/10013055929

Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment

Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021

The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...

Persistent link: https://www.econbiz.de/10012594057