Results 11 to 20 of about 74,505 (45)
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
semanticscholar +1 more source
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
semanticscholar +1 more source
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
semanticscholar +1 more source
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
semanticscholar +1 more source
Monetary Policy and its Transmission in a Globalised World
Social Science Research Network, 2020 This paper estimates and compares the international transmission of European Central Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically consistent framework.
Michele Ca’ Zorzi +5 more
semanticscholar +1 more source
The Transmission of Monetary Policy Shocks
American Economic Journal: Macroeconomics, 2017 Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action.
Silvia Miranda-Agrippino, G. Ricco
semanticscholar +1 more source
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
semanticscholar +1 more source
An Analysis of the Literature on International Unconventional Monetary Policy
Journal of Economic Literature, 2016 This paper evaluates the literature on international unconventional monetary policies (UMPs). Introducing market segmentation, limits-to-arbitrage, and time-consistent policy in standard models permits a theoretical role for UMP.
Saroj Bhattarai, Christopher J. Neely
semanticscholar +1 more source
Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation
, 2013 Olivier Coibion, Y. Gorodnichenko
semanticscholar +1 more source