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Do Measures of Monetary Policy in a VAR Make Sense?

Rudebusch, G.D. - Banca d'Italia - 1996

In many VARs, monetary policy shocks are identified with the least squares residuals from a regression of the federal funds rate on an assortment of variables. Such regressions appear to be structurally fragile and are at odds with other evidence on the nature of the Fed's reaction function;...

Persistent link: https://www.econbiz.de/10005780700

Monetary Autonomy in the Presence of Capital Flows: And Never the Twain Shall Meet, Except in Asia?

Woo, W.T.; Hirayama, K. - Economics Department, University of California-Davis - 1995

Persistent link: https://www.econbiz.de/10005631320

La Nueva Síntesis Keynesiana: Análisis e Implicancias de Política Monetaria

Rosende, Francisco - In: Latin American Journal of Economics-formerly Cuadernos … 39 (2002) 117, pp. 203-233

During the last decade, a new consensus has emerged among economists with respect to the way in which monetary policy should be conducted. According to this view, monetary policy should be focused in order to achieve a given inflation target. However, the

Persistent link: https://www.econbiz.de/10005812106

The Monetary Transmission Mechanism.

Benhabib, J.; Farmer, R.E.A. - C.V. Starr Center for Applied Economics, Department of … - 1996

Most authors have attributed the real effects of money in the short run either to mistaken expectations or to non-market clearing or both. In this paper we argue that neither of these channels is needed to explain the facts. We show that a competitive market clearing model in which money enters...

Persistent link: https://www.econbiz.de/10005605583

How the Bundesbank Conducts Monetary Policy.

Clarida, R.; Gertler, M. - C.V. Starr Center for Applied Economics, Department of … - 1996

This paper analyzes German monetary policy in the post-Bretton Woods era.

Persistent link: https://www.econbiz.de/10005605598

Monetary Policy under Rule-of-Thumb Consumers and External Habits: An International Empirical Comparison

Dibartolomeo, Giovanni; Rossi, Lorenza; Tancioni, … - Volkswirtschaftliche Fakultät, … - 2004

This paper develops a simple New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model with rule-of-thumb consumers and external habits. Our theoretical model has a closed-form solution which allows the analytical derivation of its dynamical and stability properties. These properties are...

Persistent link: https://www.econbiz.de/10005836556

The Role of Transparency in the Conduct of Monetary Policy

Minegishi, Makoto; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2009

In contrast to the once prevailing norm of secrecy and opaqueness, transparency has now become one of the main features characterising the conduct of monetary policy. Detailed analysis of eleven OECD central banks shows that communication practices have converged markedly in the direction of...

Persistent link: https://www.econbiz.de/10008498035

Challenges for Monetary Policy in the Enlarged European Monetary Union

Radović, Irena - In: Panoeconomicus 56 (2009) 1, pp. 95-110

Eastern Europe (CEE), the existing Euro system and the monetary policy of the European Central Bank (ECB). The present … monetary union, and secondly the issue of the voting mechanism within the ECB. When analyzing those two issues, it is … conclusive that the difficulties for the ECB and the current Euro zone members will increase. For the enlarged Euro zone, which …

Persistent link: https://www.econbiz.de/10008554127

Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000

Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Persistent link: https://www.econbiz.de/10005124252

Learning, Monetary Policy Rules, and Macroeconomic Stability

Milani, Fabio - EconWPA - 2005

This paper estimates a DSGE model with learning to re-examine the evidence on time variation in post-war U.S. monetary policy. Several papers document a regime switch, by showing that policy changed from `passive' and destabilizing in the pre-1979 period to `active' and stabilizing in the...

Persistent link: https://www.econbiz.de/10005126467