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

Champagne, Julien; Sekkel, Rodrigo - 2017

We use narrative evidence along with a novel database of real-time data and forecasts from the Bank of Canada's staff economic projections from 1974 to 2015 to construct a new measure of monetary policy shocks and estimate the effects of monetary policy in Canada. We show that it is crucial to...

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

Conditional exchange rate pass-through : evidence from Sweden

Corbo, Vesna; Di Casola, Paola - 2018

The pass-through from exchange rate changes to inflation differs depending on the underlying shock. This paper quantifies the conditional exchange rate pass-through (CERPT) to prices, i.e. the change in prices relative to that in the exchange rate following a certain exogenous shock, with a...

Persistent link: https://www.econbiz.de/10011806006

Money and inflation : the role of persistent velocity movements

Shagi, Makram el-; Giesen, Sebastian - 2010

kann. Schließlich illustrieren wir auf der Grundlage unserer Schätzungen die Konsequenzen der jüngsten Geldpolitik der …

Persistent link: https://www.econbiz.de/10003943488

Explaining inflation persistence by a time-varying Taylor rule

Conrad, Christian; Eife, Thomas A. - 2010

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function of the policy weights in the central bank’s Taylor rule. By estimating the time-varying weights that the FED attaches to inflation and the output gap, we show that the...

Persistent link: https://www.econbiz.de/10008758155

Monetary policy, global liquidity and commodity price dynamics

Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben - 2010

This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. For this purpose, we aggregate data for major OECD countries and follow the Johansen/Juselius cointegrated VAR approach. Our empirical model supports the view that, when controlling...

Persistent link: https://www.econbiz.de/10003931399

Monetary policy, global liquidity and commodity price dynamics

Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben - 2010

Persistent link: https://www.econbiz.de/10003934679

Testing for parameter stability in DSGE models : the case of France, Germany, Italy, and Spain

Jerger, Jürgen; Röhe, Oke - 2012

We estimate a New Keynesian DSGE model on French, German, Italian, and Spanish data. The main aim of this paper is to check for the respective sets of parameters that are stable over time, making use of the ESS procedure ("Estimate of Set of Stable parameters") developed by Inoue and Rossi...

Persistent link: https://www.econbiz.de/10009571531

The credibility of monetary policy announcements : empirical evidence for OECD countries since the 1960s

Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012

Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this weak link and present the argument that monetary commitment...

Persistent link: https://www.econbiz.de/10009579330

The credibility of monetary policy announcements : empirical evidence for OECD countries since the 1960s

Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012

Diese Arbeit untersucht den Einfluss der Glaubwürdigkeit von Geldpolitik auf die Preisstabilität. Eine regelgebundene … Geldpolitik wird häufig als ein wichtiges Instrument zur Erreichung von Preisstabilität angesehen. In empirischen Studien ist der … Zusammenhang zwischen einer regelgebundenen Geldpolitik und der Inflation jedoch häufig nur relativ schwach ausgeprägt. In der …

Persistent link: https://www.econbiz.de/10009580097

Monetary policy in a world where money (also) matters

Shagi, Makram el-; Giesen, Sebastian; Kelly, Logan J. - 2012

denkbaren mittel- und langfristigen Konsequenzen der Geldpolitik. In diesem Papier stellen wir ein übersichtliches und dabei nur … Preisentwicklung hin. -- Geldpolitik ; P-Star ; strukturelle Identifikation ; Barnett-Kritik …

Persistent link: https://www.econbiz.de/10009664655