Results 11 to 20 of about 73,663 (47)
Predicting Financial Crises: The Role of Asset Prices
IMF Working Papers, 2023 We explore the early warning properties of a composite indicator which summarizes signals from a range of asset price growth and asset price volatility indicators to capture mispricing of risk in asset markets. Using a quarterly panel of 108 advanced and
Tristan Hennig
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A Fed for Our Times: A Review Essay on 21st Century Monetary Policy by Ben Bernanke
Journal of Economic Literature, 2023 This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed’s remit ...
L. Reichlin
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The Optimal Quantity of CBDC in a Bank-Based Economy
Social Science Research NetworkWe show that the estimated effect of digital euro news on bank stock valuations and lending depends on the bank’s deposit reliance and the central bank digital currency (CBDC) design features.
Lorenzo Burlon +3 more
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A Theory of Dynamic Inflation Targets
Social Science Research NetworkShould central banks’ inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks.
C. Clayton, A. Schaab
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Policy Language and Information Effects in the Early Days of Federal Reserve Forward Guidance
The American Economic Review, 2020 I show that the nature of the Federal Open Market Committee’s (FOMC’s) forward guidance language shapes the private sector’s responses to monetary policy statements.
Kurt G. Lunsford
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Is There a Stable Relationship between Unemployment and Future Inflation?
American Economic Journal: Macroeconomics, 2020 Evaluating the stability of the Phillips curve using aggregate data is challenging due to the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients.
T. Fitzgerald +3 more
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When is Foreign Exchange Intervention Effective? Evidence from 33 Countries
American Economic Journal: Macroeconomics, 2016 This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria ...
Marcel Fratzscher +4 more
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Forward Guidance and Heterogeneous Beliefs
American Economic Journal: Macroeconomics, 2015 Central banks’ announcements that rates are expected to remain low could signal either a weak macroeconomic outlook, which would slow expenditures, or a more accommodative stance, which may stimulate economic activity.
P. Andrade +3 more
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Tracing the Impact of the ECB’s Asset Purchase Programme on the Yield Curve
Social Science Research Network, 2019 We trace the impact of the ECB’s asset purchase programme (APP) on the sovereign yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the “free-float of duration risk” borne by ...
F. Eser +4 more
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Social Science Research Network, 2018 This paper provides a detailed description of an extended version of the ECB’s New Area-Wide Model (NAWM) of the euro area (cf. Christoffel, Coenen, and Warne 2008).
G. Coenen +3 more
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