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Monetary Policy with Judgment [PDF]
SSRN Electronic Journal, 2020 We consider two approaches to incorporate judgment into DSGE models. First, Bayesian estimation indirectly imposes judgment via priors on model parameters, which are then mapped into a judgmental interest rate decision. Standard priors are shown to be associated with highly unrealistic judgmental decisions.
Paolo Gelain, Simone Manganelli
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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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Is Monetary Policy Overburdened? [PDF]
SSRN Electronic Journal, 2013 Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of traditional monetary policy.
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Modeling Monetary Policy [PDF]
SSRN Electronic Journal, 2009 Models currently used for monetary policy analysis equate the monetary policy interest rate instrument to the consumption Euler rate which is related to expected consumption growth and inflation, i.e. the two variables monetary policy is designed to control.
Andreas Schabert +2 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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Econometrics, 2021 We assess the forecasting performance of the nowcasting model developed at the New York FED. We show that the observation regarding a striking difference in the model’s predictive ability across business cycle phases made earlier in the literature also ...
Boriss Siliverstovs
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CENTRAL BANK TRANSPARENCY AND EVALUATION OF MONETARY POLICY COMMUNACATIONS
Вісник Київського національного університету імені Тараса Шевченка. Серія Економіка, 2018 The article reveals approaches to evaluate transparency of the central banks and, operating indices, measures it for the National bank of Ukraine. The quantitative analysis of the informational disclosure of the central banks of Ukraine, Czech Republic ...
V. Romanchukevych, O. Lymanska
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Monetary Policy and Inequality [PDF]
Journal of Institutional Studies, 2020 The article provides a literature review of studies of the impact of monetary policy on income and wealth inequality. Based on the analysis and systematization of the articles mainly written over the past 25–30 years as well as articles written by central bank authorities, the main approaches to assessing the extent to which the Fed's actions are ...
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Country-level effects of the ECB's expanded asset purchase programme
Baltic Journal of Economics, 2020 This paper evaluates the macroeconomic effects of the European Central Bank's (ECB) Expanded asset purchase programme (APP) on Latvia and other euro area jurisdictions and investigates the cross-border transmission mechanism.
Andrejs Zlobins
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How Inflation is a Policy Nowadays
Transylvanian Review of Administrative Sciences, 2023 After World War II, democracies witnessed transformations that were and are much more lenient vis-à-vis the rise in inflation. The main institutional changes that have occurred gradually ever since and can combine nowadays to fuel inflation refer to (i ...
Lucian Croitoru
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