scholarly journals Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model

2007 ◽  
Author(s):  
Frank Smets ◽  
Jean-Guillaume Sahuc
Keyword(s):  
Interest Rate ◽  
Dsge Model ◽  
Interest Rate Policy ◽  
Medium Scale ◽  
Rate Policy

scholarly journals Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model

2008 ◽  
Vol 40 (2-3) ◽  
pp. 505-521 ◽  
Author(s):  
JEAN-GUILLAUME SAHUC ◽  
FRANK SMETS
Keyword(s):  
Interest Rate ◽  
Dsge Model ◽  
Interest Rate Policy ◽  
Medium Scale ◽  
Rate Policy

scholarly journals AN ESTIMATED DSGE MODEL WITH A DEFLATION STEADY STATE

2018 ◽  
Vol 24 (5) ◽  
pp. 1151-1185 ◽  
Author(s):  
Yasuo Hirose
Keyword(s):  
Monetary Policy ◽  
Steady State ◽  
Interest Rate ◽  
Global Financial Crisis ◽  
Japanese Economy ◽  
Dsge Model ◽  
Interest Rate Policy ◽  
Output Fluctuations ◽  
Rate Policy ◽  
The Global Financial Crisis

Benhabib et al. [(2001) Journal of Economic Theory 96, 40–69] argue that there exists a deflation steady state when the zero lower bound on the nominal interest rate is considered in a Taylor-type monetary policy rule. This paper estimates a medium-scale DSGE model with a deflation steady state for the Japanese economy during the period from 1999 to 2013, when the Bank of Japan conducted a zero interest rate policy and the inflation rate was almost always negative. Although the model exhibits equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods. According to the estimated model, positive shocks to households’ preferences and wage markup, and a negative shock to monetary policy do not necessarily have an inflationary effect, in contrast to a standard model with a targeted-inflation steady state. An economy in the deflation equilibrium could experience unexpected volatility because of sunspot fluctuations, but it turns out that sunspot shocks have a limited effect on Japan’s output fluctuations and rather contribute to stabilizing the economy after the global financial crisis.

Analysis of the Bank of Russia information policy

2017 ◽  
pp. 88-110 ◽  
Author(s):  
S. Drobyshevsky ◽  
P. Trunin ◽  
A. Bozhechkova ◽  
E. Gorunov ◽  
D. Petrova
Keyword(s):  
Interest Rate ◽  
Nonparametric Tests ◽  
Information Policy ◽  
Var Models ◽  
New Approach ◽  
Interest Rate Policy ◽  
News Reports ◽  
Internet Users ◽  
Rate Policy ◽  
Exchange Markets

The article investigates the Bank of Russia information policy using a new approach to measuring information effects on Russian data, including the analysis of the tonality of news reports, as well as internet users’ queries on Google. The efficiency of regulator’s information signals is studied using EGARCH-, VAR- models, as well as nonparametric tests. The authors conclude that the regulator communicates effectively in terms of the predictability of interest rate policy, the degree to which information signals affect the money and foreign exchange markets.

"Job Creation Effect of Interest Rate Policy: Negative or Positive?"

2020 ◽  
Vol 38 (4) ◽  
pp. 237-252
Author(s):  
Chang kon Choi
Keyword(s):  
Interest Rate ◽  
Job Creation ◽  
Interest Rate Policy ◽  
Rate Policy
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