& Hugh Sibly (2001), "How Monetary Policy Can Have Permanent Real Effects with Only Temporary Nomi- nal Rigidity", Scottish Journal of Political Economy, 48/5McDonald, I. M. and H. Sibly (2001). How Monetary Policy can have permanent real effects with only temporary Nominal Rigidity. ...
y policy effects]]>This paper investigates the role of unconventionalAfonsoCardiffAntonioCardiffArghyrouCardiffMichaelCardiffG.Cardiff... Afonso,Antonio,Arghyrou,... - 《Journal of International Money & Finance》 被引量: 0发表: 2018年 The Impact of the Crisis and Unconventional Monetary Policy on...
Doesmonetarypolicyhave(temporary)realeffects?Christiano,L.J.,Evans,2005."NominalRigiditiesDynamicEffectsMonetaryPolicy".JournalPoliticalEconomyvol.113,no.1.LookstylizedfactsfactscannotRealBusinessCyclemodelwherepricesnominalwagesfullyflexiblemonetaryshockscannothaverealeffects.Weneedmodelsaccountingnominalrigidities.New...
C h a p t e r MONETARY POLICY* 16 K e y C o n c e p t s Because of the price shocks and the Fed ’s policy of rapid monetary growth, between 1973 and 1983 the inflation rate was high. In addition, real GDP was be- Instruments, Goals, Targets, and the Fed ’s low ...
Comprehensive and meticulously documented facts about monetary policy. Learn about the Federal Reserve, inflation, exchange rates, the gold standard, and more.
Some of the earliest works on the effects of monetary policy shocks on the real economy have been conducted by Bernanke and Blinder (1992), Sims (1992) and Christiano, Eichenbaum, and Evans (1998) for the US economy. Since then vector auto-regression (VAR) has been introduced as a useful...
An earlier literature that has analyzed different output reactions to monetary policy has found that heterogeneous responses across industries are related to a number of characteristics that are either linked to the traditional interest rate channel or the credit channel. Dedola and Lippi (2005) found...
Monetary policy has different risk transmission effects on firms of different sizes and different ownership types. The risk transmission effect of monetary policy on small enterprises is greater than that on big enterprises; the risk transmission effect of monetary policy on non-state-owned enterprises...
A concern has been that the adoption of a “data dependent” approach makes policy too backward-looking, and runs the risk of tightening for too long, or not easing soon enough, given the lags between policy actions and their effects on activity and inflation. ·A difficulty with these ...
For the ECB, only the information shock has a positive spillover effect on long-term bond yields across 1 to 10 years through portfolio equity, debt and FDI channels.3 Our results align with Rey (2015), emphasizing the impact of monetary policy and information shocks on spillovers through ...