Results 131 to 140 of about 4,029 (266)

Taylor Rule Deviations Across Horizons: A Practical Tool for Monetary Policy

Journal of Money, Credit and Banking, EarlyView.
Abstract We propose “Taylor rule yields” across horizons for the United States. Applying the standard Taylor rule to expected paths of inflation and the output gap, we construct a sequence of short‐term rates under neutral monetary policy stances, whose average defines the Taylor rule yield at each horizon.
MASAZUMI HATTORI, TOMOHIDE MINEYAMA, JOUCHI NAKAJIMA   +2 more
wiley   +1 more source

Policy Packages and Policy Space: Lessons from COVID-19. [PDF]

Eur Econ Rev, 2023
Bergant K, Forbes K.
europepmc   +1 more source

Financial crashes versus liquidity trap : the dilemma of monetary policy [PDF]

This paper considers a two-period monetary double auction with incomplete markets of securities and derivatives. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements.
Gaël Giraud
core  

Macroprudential Policy in the Euro Area

Journal of Money, Credit and Banking, EarlyView.
Abstract This paper examines the development and impact of macroprudential policies in the euro area. We construct a novel index that captures the stance of macroprudential policy, and we highlight its main stylized facts since the inception of the euro in 1999. We combine a narrative approach and a structural VAR method to show that both unanticipated
ÁLVARO FERNÁNDEZ‐GALLARDO, IVÁN PAYÁ   +1 more
wiley   +1 more source

Asset prices, collateral and unconventional monetary policy in a DSGE model [PDF]

In this paper we set up a New-Keynesian model that features an interbank market. The introduction of an interbank market is important to analyze liquidity problems among heterogenous agents within the financial sector.
Hilberg, Björn, Hollmayr, Josef
core  

FX Interventions and Capital‐Constrained Banks: Evidence from USD/ILS Spot, Forward, and Option Markets

Journal of Money, Credit and Banking, EarlyView.
Abstract Using confidential daily data, we examine the Bank of Israel's foreign exchange interventions from 2013 to 2019. We find that a 1 billion U.S. dollars (USD) purchase leads to a 0.82% depreciation of the Israeli Shekel (ILS)–a strong effect compared to other studies.
MARKUS HERTRICH, DANIEL NATHAN
wiley   +1 more source

Exchange rate spillover, carry trades, and the COVID-19 pandemic. [PDF]

Econ Model, 2023
Mo WS, Yang JJ, Chen YL.
europepmc   +1 more source

Time for the ECB to normalise its monetary policy? Insights from the Taylor rule. CEPS Commentary, 8 June 2017 [PDF]

, 2017
Eight years have now passed since the start of the financial crisis. The subsequent Great Recession moved Central Banks to slash interest rates and employ unconventional monetary policy tools to ward off deflationary pressures.
Gros, Daniel., Alcidi, Cinzia., Busse, Mathias   +2 more
core  

Banking with Inside Money: An Efficiency Analysis

Journal of Money, Credit and Banking, EarlyView.
Abstract We show that banks do not decentralize the first best in a nominal Diamond–Dybvig economy with inside money. Furthermore, state‐contingent deposit contracts do not expand the consumption possibility set to include the first best either. Central banks can improve welfare but only for savers and only with unconventional monetary policy. Finally,
DAVID RIVERO, HUGO RODRÍGUEZ MENDIZÁBAL   +1 more
wiley   +1 more source

Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit, and Global Financial Cycles

The Journal of Finance, EarlyView.
ABSTRACT We show that FX interventions can be effective, particularly in attenuating global financial spillovers. We exploit global financial shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: bank credit (to firms), foreign credit to banks, and employer‐employees. After the U.S.
RODRIGO BARBONE GONZALEZ, DMITRY KHAMETSHIN, JOSÉ‐LUIS PEYDRÓ, ANDREA POLO   +3 more
wiley   +1 more source