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  1. Monetary policy rules and the effective lower bound in the Euro area
    Autor*in: Haavio, Markus; Laine, Olli-Matti
    Erschienen: 8 April 2021
    Verlag:  Bank of Finland, Helsinki

    We analyze the economic performance of di§erent monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often the e§ective lower bound of... mehr

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    We analyze the economic performance of di§erent monetary policy strategies, or rules, in a low interest rate environment, using simulations with a DSGE model which has been estimated for the euro area. We study how often the e§ective lower bound of interest rates (ELB) is likely to bind, and how much forgone monetary policy accommodation this entails. Macroeconomic outcomes are measured by the mean levels and the volatility of output (gaps), unemployment and ináation. We present three sets of results. First, the macroeconomic costs of the ELB are likely to grow in a non-linear manner if the monetary policy space (the di§erence between the normal, or average, level of nominal interest rates and the ELB) shrinks. Second, a point ináation target appears to outperform a target range. Third, the (relative) performance of low-for-long (L4L) monetary policy rules depends on the size of the monetary policy space. The L4L rules tend to perform well, if the monetary space is small, but if the space is larger these rules, while stabilizing ináation, may lead to more volatility in the real economy than áexible ináation targeting.

     
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    Sprache: Englisch
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    ISBN: 9789523233713
    Weitere Identifier:
    hdl: 10419/240345
    Schriftenreihe: Bank of Finland research discussion papers ; 2021, 5
    Schlagworte: monetary policy rules; effective lower bound; euro area
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. Revisiting monetary policy objectives and strategies
    international experience and challenges from the ELB
    Autor*in: Cecioni, Martina; Grasso, Adriana; Notarpietro, Alessandro; Pisani, Massimiliano
    Erschienen: [2021]
    Verlag:  Banca d'Italia, [Rom]

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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 660 (December 2021)
    Schlagworte: central banking; monetary policy rules; effective lower bound
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  3. Fiscal stimulus under average inflation targeting
    Autor*in: Liu, Zheng; Miao, Jianjun; Su, Dongling
    Erschienen: November 9, 2022
    Verlag:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Schriftenreihe: Working papers series / Federal Reserve Bank of San Francisco ; 2022, 22 (November 2022)
    Schlagworte: Average inflation targeting; fiscal multiplier; monetary policy rules; fiscal policy rules; DSGE model
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  4. Robust frequency-based monetary policy rules
    Autor*in: Dück, Alexander; Verona, Fabio
    Erschienen: [2023]
    Verlag:  Institute for Monetary and Financial Stability, Goethe University Frankfurt, Frankfurt am Main

    Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of... mehr

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    Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of structural models and look for the model-robust rules that minimize the volatilities at those frequencies that policymakers are most interested in stabilizing. Compared to the status quo approach, our results suggest that policymakers should be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific frequencies. Additional caution is called for due to model uncertainty.

     
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    hdl: 10419/268852
    Schriftenreihe: Working paper series / Institute for Monetary and Financial Stability ; no. 180 (2023)
    Schlagworte: monetary policy rules; policy evaluation; model comparison; model uncertainty; frequency domain
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  5. Exploring the role of exchange rate in inflation targeting
    evidence from Thailand
    Autor*in: Pongsak Luangaram; Nipit Wongpunya
    Erschienen: [2022]
    Verlag:  [Puey Ungphakorn Institute for Economic Research], [Bangkok]

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    Schriftenreihe: Discussion paper / Puey Ungphakorn Institute for Economic Research ; no. 179 (May 2022)
    Schlagworte: small open economy models; monetary policy rules; exchange rates; Bayesian analysis; Thai economy
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  6. Optimal interest rate gaps for flexible inflation targeting
    Autor*in: Schaling, Eric; Morema, Kgotso
    Erschienen: 13 December 2022
    Verlag:  Economic Research and Statistics Department, South African Reserve Bank, Pretoria

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    Schriftenreihe: South African Reserve Bank working paper series ; WP, 22, 16
    Schlagworte: monetary policy; optimisation; monetary policy rules
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  7. Time-varying parameters in monetary policy rules
    a GMM approach
    Autor*in: Anderl, Christina; Caporale, Guglielmo Maria
    Erschienen: May 2023
    Verlag:  CESifo, Munich, Germany

    This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of Moments (TVP-GMM) framework. Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada,... mehr

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    This paper assesses time variation in monetary policy rules by applying a Time-Varying Parameter Generalised Methods of Moments (TVP-GMM) framework. Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada, Australia, New Zealand, Sweden) and five countries with alternative monetary regimes (the US, Japan, Denmark, the Euro Area, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more hawkish stance on inflation since the adoption of this regime and a greater response to both inflation and the output gap in most countries after the global financial crisis, which indicates a stronger reliance on monetary rules to stabilise the economy in recent years. It also appears that inflation targeting countries pay greater attention to the exchange rate pass-through channel when setting interest rates. Finally, monetary surprises do not seem to be an important determinant of the evolution over time of the Taylor rule parameters, which suggests a high degree of monetary policy transparency in the countries under examination.

     
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    Weitere Identifier:
    hdl: 10419/279200
    Schriftenreihe: CESifo working papers ; 10451 (2023)
    Schlagworte: Taylor rules; monetary policy rules; Generalised Methods of Moments; Time-varying parameters
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  8. R-Star
    a new approach to estimate the polar star of monetary policy
    Autor*in: Bofinger, Peter; Haas, Thomas
    Erschienen: 04 September 2023
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP18420
    Schlagworte: Neutral rate of interest; equilibrium real interest rate; monetary policy rules
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  9. Monetary policy rules
    model uncertainty meets design limits
    Autor*in: Dück, Alexander; Verona, Fabio
    Erschienen: 19 September 2023
    Verlag:  Bank of Finland, Helsinki

    Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of... mehr

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    Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of structural models and look for the model-robust rules that minimize the volatilities at those frequencies that policymakers are most interested in stabilizing. Compared to the status quo approach, our results suggest that policymakers should be more restrained in their inflation responses when their aim is to stabilize inflation and output growth at specific frequencies. Additional caution is called for due to model uncertainty.

     
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    ISBN: 9789523234451
    Weitere Identifier:
    hdl: 10419/277764
    Schriftenreihe: Bank of Finland research discussion papers ; 2023, 12
    Schlagworte: monetary policy rules; policy evaluation; model comparison; model uncertainty; frequency domain; design limits; DSGE models
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  10. Out of the ELB
    expected ECB policy rates and the Taylor Rule
    Autor*in: Bernardini, Marco; Lin, Alessandro
    Erschienen: [2023]
    Verlag:  Banca d'Italia, [Rom]

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    Schriftenreihe: Questioni di economia e finanza / Banca d'Italia ; number 815 (October 2023)
    Schlagworte: monetary policy rules; expectations; ECB’s survey of monetary analysts; effectivelower bound
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  11. Banks, money and the zero lower bound
    Autor*in: Kumhof, Michael; Wang, Xuan
    Erschienen: August 2018
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; no. 752
    Schlagworte: Banks; financial intermediation; endogenous money creation; bank loans; bank deposits; money demand; deposits-in-advance; Phillips curve; zero lower bound; monetary policy rules
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  12. Drifting inflation targets and monetary stagflation
    Autor*in: Khan, Shujaat; Knotek, Edward S.
    Erschienen: 2014
    Verlag:  Federal Reserve Bank of Cleveland, Cleveland, Ohio

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    Schriftenreihe: Working paper / Federal Reserve Bank of Cleveland ; 1426
    Schlagworte: stagflation; inflation; time-varying inflation target; monetary policy rules; imperfect information
    Umfang: Online-Ressource (41 S.), graph. Darst.
  13. Monetary policy and bubbles in a new Keynesian model with overlapping generations
    Autor*in: Galí, Jordi
    Erschienen: March 2017
    Verlag:  GSE, Graduate School of Economics, Barcelona

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    Schriftenreihe: Barcelona GSE working paper series ; no 959
    Schlagworte: monetary policy rules; stabilization policies; asset price volatility; economic fluctuations
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  14. Monetary policy and bubbles
    in a new Keynesian model with overlapping generations
    Autor*in: Galí, Jordi
    Erschienen: March 2017
    Verlag:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    Schriftenreihe: Economics working paper series / Universitat Pompeu Fabra, Department of Economics and Business ; no. 1561
    Schlagworte: monetary policy rules; stabilization policies; asset price volatility; economic fluctuations
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen