monetary policymoney neutralitytrilemmaDoes monetary policy have persistent effects on the productive capacity of the economy? Yes, we find that such effects are economically and statistically signifdoi:10.2139/ssrn.3529773Jordà, scarSingh, Sanjay R....
2001. "The Long-Run Real Effects of Mone- tary Policy: `Keynesian' Predictions from a Neoclassical Model." Working paper.Espinosa-Vega MA, Russell SH (1998b) The long-run real effects of monetary policy: Keynesian predictions from a neoclassical model. Federal Reserve Bank of Atlanta. Working...
This study explores the long-run effects of monetary policy on economic growth and social welfare in a two-country Schumpeterian growth model with cash-in-advance constraints on consumption and R&D investment. We find that an increase in... AC Chu,G Cozzi,CC Lai,... 被引量: 3发表: 2013...
which have contributed to a tightening of broader financial conditions since the summer. As I mentioned, persistent changes in broader financial conditions can have implications for the path of monetary policy. In this case, the tighter financial conditions we’re seeing from higher long-term rates...
The long-run analysis of monetary policy transmission channels on inflation: a VECM approach 来自 国家科技图书文献中心 喜欢 0 阅读量: 36 作者: Ngan Tran 摘要: A standard proposition in open-economy macroeconomics is that a central-bank-engineered increase in the real interest rate makes domestic...
It is influenced by many factors including, very importantly, the long run real rate of interest. There is strong evidence that the long run, or trend real rate has come down materially over the past 40 years as a result of slow moving, secular changes in the supply of savings and the ...
Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation do...
It is influenced by many factors including, very importantly, the long run real rate of interest. There is strong evidence that the long run, or trend real rate has come down materially over the past 40 years as a result of slow moving, secular changes in the supply of savings and the ...
And second, will there be long-lived effects on the equilibrium or neutral real interest rate, r*, or on the transmission of monetary policy to aggregate demand? These questions are relevant for central banks worldwide. In this paper, I will argue that even in the absence of structural chan...
Specifically, the quantitative monetary policy is more effective than the price-based policy in coping with the most recent crises, and monetary policies tend to have more pronounced effects on financial stability in the short run than in the long run. The rest of the paper is organized as ...