Results 1 to 10 of about 32,228 (219)
Asymmetries in monetary policy [PDF]
European Economic Review, 2021 Abstract Nonlinearities embedded in the standard New-Keynesian model show that a welfare-maximizing policymaker should behave in line with a contractionary bias, fearing more expansions in output and inflation rather than contractions. On the contrary, the aggregate-supply equation implies that any upward pressure coming from real marginal costs does
Benigno, P., Rossi, L.
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Monetary Policy Uncertainty and Monetary Policy Surprises [PDF]
Finance and Economics Discussion Series, 2020 Monetary policy uncertainty affects the transmission of monetary policy shocks to longer-term nominal and real yields. For a given monetary policy shock, the reaction of yields is more pronounced when the level of monetary policy uncertainty is low.
Michiel De Pooter +3 more
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On the Effectiveness of Monetary Policy and of Fiscal Policy [PDF]
Review of Social Economy, 2003 There has been a major shift within macroeconomic policy over the past two decades or so in terms of the relative importancegiven in both policy and theoretical terms to monetary policy and to fiscal policy with the former gaining considerably inimportance, and the latter being rarely mentioned.
Philip Arestis, Malcolm Sawyer
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SEASONALITY AND MONETARY POLICY [PDF]
Macroeconomic Dynamics, 2003 Seasonal fluctuations are as large as cyclical fluctuations. Monetary policy in the United States has dealt with seasonality by smoothing nominal rates of interest. The original motivation for this was that seasonality in nominal interest rates put recurring strain on the banking system.
Gomis-Porqueras, P., Smith, B.D.
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Mortgages and Monetary Policy [PDF]
SSRN Electronic Journal, 2013 Mortgages are long-term nominal loans. Under incomplete asset markets, monetary policy is shown to affect housing investment and the economy through the cost of new mortgage borrowing and the value of payments on outstanding debt. These channels, distinct from traditional transmission of monetary policy, are evaluated within a general equilibrium model.
Carlos Garriga +2 more
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The Predictability of Monetary Policy [PDF]
SSRN Electronic Journal, 2008 Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to anticipate monetary policy decisions correctly over short ...
Tobias Blattner +4 more
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Measuring Monetary Policy [PDF]
The Quarterly Journal of Economics, 1995 Abstract: Extending the approach of Bernanke and Blinder (1992), Strongin (1992), and Christiano, Eichenbaum, and Evans (1994a, 1994b), we develop and apply a VAR-based methodology for measuring the stance of monetary policy. More specifically, we develop a "semi-structural" VAR approach, which extracts information about monetary policy from data on ...
Bernanke, Ben S., Mihov, Ilian
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Monetary and Macroprudential Policies [PDF]
SSRN Electronic Journal, 2011 We use a dynamic general equilibrium model featuring a banking sector to assess the interaction between a countercyclical macroprudential policy and monetary policy. We find that in “normal” times (when the economic cycle is mainly driven by supply shocks) macroprudential policy generates only modest benefits relative to a “monetary policy-only” world.
Angelini, Paolo +2 more
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Monetary Policy And Not Monetary Control: A Rethinking [PDF]
Journal of Applied Business Research (JABR), 2011 The view that prediction is the only important concern when policy is to be developed has led to the strict adherence to a money supply rule via the Quantity Theory of Money with its debilitating consequences. The monetarists place the emphasis on the level of the money supply in the determination of price level changes and monetary control is ...
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Monetary Policy Uncertainty [PDF]
International Finance Discussion Papers, 2017 We construct new measures of uncertainty about Federal Reserve policy actions and their consequences - monetary policy uncertainty (MPU) indexes. We show that, under a variety of VAR identification schemes, positive shocks to uncertainty about monetary policy robustly raise credit spreads and reduce output.
Lucas Husted, John Rogers, Bo Sun
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