منابع مشابه
Board of Governors of the Federal Reserve System the Macroeconomic Effects of External Pressures on Monetary Policy the Macroeconomic Effects of External Pressures on Monetary Policy *
Central banks, whether independent or not, may occasionally be subject to external pressures to change policy objectives. We analyze the optimal response of central banks to such pressures and the resulting macroeconomic consequences. We consider several alternative scenarios regarding policy objectives, the degree of commitment and the timing of external pressures. The possibility to adopt “mo...
متن کاملChanging Effects of Monetary Policy
A series of developments in the U.S. economic environment in the 1980s has resulted in major changes in prevalent thinking about how monetary policy affects economic activity. One important part of this change simply reflects the heightened awareness, following the experience of disinflation early in the decade, that monetary policy is not neutral-that is,,that actions taken by h e central bank...
متن کاملDistributional Effects of Monetary Policy
When the Fed aims for higher inflation, middle-aged, middle-class households, who tend to have big mortgages, benefit at the expense of wealthy retirees, who have a lot of their savings in bank accounts and bonds. Poor and young households are less affected because they are less likely to own homes and their debt burdens are low. In this model, monetary policy not only creates winners and loser...
متن کاملDurable Goods and Sectoral Effects of Monetary Policy
High degree of interest sensitivity of durable goods is now a stylized fact in the literature of monetary policy. This literature, however, does not provide a clear and consensual explanation for the modalities of this stylized fact. In this paper, two independent empirical models are performed to shed more light on the cross-sectoral impacts of monetary policy. The results of first study indic...
متن کاملIdentification of Monetary Policy Shocks with External Instrument SVAR
We explore the use of external instrument SVAR to identify monetary policy shocks. We identify a forward guidance shock as the monetary shock component having zero instant impact on the policy rate. A contractionary forward guidance shock raises both future output and price level, stressing the relative importance of revealing policymakers’ view on future output and price level over committing ...
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ژورنال
عنوان ژورنال: Outlines of global transformations: politics, economics, law
سال: 2018
ISSN: 2587-9324,2542-0240
DOI: 10.23932/2542-0240-2018-11-2-82-99