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  1. Welfare gains in a small open economy with a dual mandate for monetary policy
    Autor*in: Jacob, Punnoose; Özbilgin, Murat
    Erschienen: October 11, 2021
    Verlag:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VSP 1716
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CAMA working paper ; 2021, 89 (October 2021)
    Schlagworte: Optimal simple rules; welfare analysis; monetary policy; dual mandate
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. On the use of current or forward-looking data in monetary policy
    a behavioural macroeconomic approach
    Autor*in: De Grauwe, Paul; Ji, Yuemei
    Erschienen: January 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We analyse the use of current and forward-looking data in the setting of monetary policy (Taylor rule). We answer the question of whether the use of forward-looking data is to be preferred over the use of current data. We use a behavioural... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
    keine Fernleihe

     

    We analyse the use of current and forward-looking data in the setting of monetary policy (Taylor rule). We answer the question of whether the use of forward-looking data is to be preferred over the use of current data. We use a behavioural macroeconomic model that generates periods of tranquillity alternating with crisis periods characterized by fat tails in the distribution of output gap. We find that the answer to our question depends on the nature of the monetary policy regime. In general, in a strict inflation targeting regime the use of forward-looking data leads to a lower quality of monetary policymaking than in a dual mandate monetary policy regime. Finally, nowcasting tends to improve the quality of monetary policy especially in a strict inflation targeting regime.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232450
    Schriftenreihe: CESifo working paper ; no. 8853 (2021)
    Schlagworte: Taylor rule; behavioural macroeconomics; animal spirits; strict inflation targeting; dual mandate; nowcasting
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  3. Monetary policy frameworks away from the ELB
    Autor*in: De Fiore, Fiorella; Mojon, Benoît; Rees, Daniel M.; Sandri, Damiano
    Erschienen: December 2023
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 546
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: BIS working papers ; no 1156
    Schlagworte: Monetary policy frameworks; inflation targeting; average inflation targeting; dual mandate
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  4. Monetary policy strategies to navigate post-pandemic inflation
    an assessment using the ECB's New Area-Wide Model
    Autor*in: Darracq Pariès, Matthieu; Kornprobst, Antoine; Priftis, Romanos
    Erschienen: [2024]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which differ in... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which differ in their "lower-for-longer" commitment as well as policymaker preferences regarding inflation and output volatility. Assuming that the monetary authority had full knowledge of prevailing conditions from mid-2021 onwards, the alternative policy strategies would call for anticipated timing of the start of the hiking cycle: earlier tightening would prevent inflation from peaking at 10%, but the forceful tightening since 2022:Q3 prevented higher inflation from becoming entrenched. However, once evaluating monetary policy on real-time quarterly vintages of incoming data and projections, the alternative interest rate paths would be broadly consistent with the observed policy conduct. The proximity of some benchmark optimal policy counterfactuals with the baseline, brings further indication that the actual policy conduct succeeded in implementing an efficient management of the output-inflation trade-off.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289966832
    Weitere Identifier:
    Schriftenreihe: Working paper series / European Central Bank ; no 2935
    Schlagworte: estimated DSGE model; monetary policy frameworks; optimal policy; dual mandate; euro area
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen