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More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2009
This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under … model misspecification leads to a more aggressive policy response. The same is true for a shock to collateral. A preference … of disturbances affect the economy: in the case of a shock to collateral the policymaker does not need to be as much …
Persistent link: https://www.econbiz.de/10010298839
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More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - Deutsche Bundesbank - 2009
This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under … model misspecification leads to a more aggressive policy response. The same is true for a shock to collateral. A preference … of disturbances affect the economy: in the case of a shock to collateral the policymaker does not need to be as much …
Persistent link: https://www.econbiz.de/10005059030
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Robust monetary policy in a new Keynesian model with imperfect interest rate pass-through
Gerke, Rafael; Hammermann, Felix - Deutsche Bundesbank - 2011
We use robust control to study how a central bank in an economy with imperfect interest rate pass-through conducts monetary policy if it fears that its model could be misspecified. The effects of the central bank's concern for robustness can be summarised as follows. First, depending on the...
Persistent link: https://www.econbiz.de/10009643165
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Robust monetary policy in a model with financial distress
Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - In: Journal of Macroeconomics 34 (2012) 2, pp. 318-325
We characterise optimal discretionary monetary policy responses to cost-push shocks and to financial distress in the presence of model uncertainty. Under robust control, the central bank reacts more aggressively to both types of shocks, and less to the lagged policy rate, than if the true model...
Persistent link: https://www.econbiz.de/10010875208
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Robust Monetary Policy in a Model with Financial Distress
GERKE, R.; HAMMERMANN, F.; LEWIS, V. - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2011
We characterise optimal discretionary monetary policy responses to cost-push shocks and to financial distress in the presence of model uncertainty. Under robust control, the central bank reacts more aggressively to both types of shocks, and less to the lagged policy rate, than if the true model...
Persistent link: https://www.econbiz.de/10011083180
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Robust monetary policy in a new Keynesian model with imperfect interest rate pass-through
Gerke, Rafael; Hammermann, Felix - 2011
We use robust control to study how a central bank in an economy with imperfect interest rate pass-through conducts monetary policy if it fears that its model could be misspecified. The effects of the central bank's concern for robustness can be summarised as follows. First, depending on the...
Persistent link: https://www.econbiz.de/10010304430
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Kuete, Meguy; Yoo, … - 2016
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527565
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New methods for macro-financial model comparison and policy analysis
Wieland, Volker; Afanasyeva, Elena; Ngougning, Meguy Kuete - 2016
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10011527276
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Chapter 15. New Methods for Macro-Financial Model Comparison and Policy Analysis
Wieland, V.; Afanasyeva, E.; Kuete, M.; Yoo, J. - In: Handbook of macroeconomics : volume 2, v. 2A-2B SET, (pp. 1241-1319). 2016
The global financial crisis and the ensuing criticism of macroeconomics have inspired researchers to explore new modeling approaches. There are many new models that deliver improved estimates of the transmission of macroeconomic policies and aim to better integrate the financial sector in...
Persistent link: https://www.econbiz.de/10014024276
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Lessons from the 2007 Financial Crisis
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007
insolvency laws for the banking sector contributed to the financial disarray. Despite this, it may well be possible to minimize …
Persistent link: https://www.econbiz.de/10005791213