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Displaying results 1 to 5 of 5.

  1. All fluctuations are not created equal
    the differential roles of transitory versus persistent changes in driving historical monetary policy
    Author: Ashley, Richard A.; Tsang, Kwok Ping; Verbrugge, Randal
    Published: 2018
    Publisher:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 36 (18,14)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working paper / Federal Reserve Bank of Cleveland ; 18, 14 (October 2018)
    Subjects: Taylor rule; Great Inflation; intermediate target; natural rate; persistence; dependence
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. Low frequency drivers of the real interest rate
    a band spectrum regression approach
    Author: Busetti, Fabio; Caivano, Michele
    Published: [2017]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 450
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Temi di discussione / Banca d'Italia ; number 1132 (September 2017)
    Subjects: natural rate; secular stagnation; spectral analysis
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  3. The problems of inflation targeting originate in the monetary theory of Knut Wicksell
    Author: Jonung, Lars
    Published: April 2022
    Publisher:  Department of Economics, School of Economics and Management, Lund University, Lund

    The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 815
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    The theoretical foundation of inflation targeting was laid out by the Swedish economist Knut Wicksell (1851-1926) in his groundbreaking treatise, Interest and Prices, published originally in German in 1898. Here he proposed price stability as the rule for monetary policy. Today, inflation targeting is considered the best-practice approach to monetary policy across the world. It has contributed to stable and low consumer price inflation since the 1990s in many countries. However, inflation targeting has recently been the subject of several objections. Most prominently, the focus on consumer price stability has fostered financial instability, as reflected in the global financial crisis of 2008-09. In addition, the sharp rise in asset prices has led to growing wealth inequality. Why have these problems emerged? This paper provides an answer by comparing Wicksell's theory of price level determination in a pure credit economy, the "cumulative process", to the neo-Wicksellian world of today, characterized by inconvertible fiat money, floating exchange rates, advanced financial systems, unregulated interest rates and well-developed asset markets. In this way, it becomes apparent that the neglect of asset markets and asset prices is the source of the flaws of the present Wicksellian regime of unlimited finance. The shortcomings of the neo-Wicksellian approach can be remedied while remaining within a Wicksellian framework. The key is to combine the nominal anchor of price stability with a reformed financial system that maintains credit stability. The paper uses empirical evidence from Sweden and the United States.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/260347
    Series: Working paper / Department of Economics, Lund University ; 2022, 8
    Subjects: Inflation targeting; price level targeting; natural rate; Knut Wicksell; Milton Friedman; financial crises; credit; asset inflation; central banking
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  4. Hysteresis in unemployment
    evidence from OECD estimates of the natural rate
    Author: Ball, Laurence M.; Onken, Joern
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
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    This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates for 29 countries from the OECD. We find strong evidence of hysteresis: an innovation in u causes u* to change in the same direction, and therefore has permanent effects. For our baseline specification, a one percentage point deviation of u from u* for one year has a long-run effect of 0.16 points on both variables. When we allow asymmetry, we find, perhaps surprisingly, that decreases in u have larger long-run effects than increases in u.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949125
    Other identifier:
    hdl: 10419/249898
    Series: Working paper series / European Central Bank ; no 2625 (December 2021)
    Subjects: hysteresis; unemployment; natural rate; high-pressure economy
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  5. Loose monetary policy and financial instability
    Author: Grimm, Maximilian; Jordà, Òscar; Schularick, Moritz; Taylor, Alan M.
    Published: [2023]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 385
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2023, 06 (February 2023)
    Subjects: Geldpolitik; Finanzkrise; Kausalanalyse; financial crises; crisis prediction; monetary policy; natural rate
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen