Unconventional monetary policy reaction functions: evidence from the US
نویسندگان
چکیده
منابع مشابه
Threshold Effects in the Monetary Policy Reaction Function: Evidence from Central Bank of Iran
Determining how monetary policy makers react to changes in key economic variables has been of major interest to monetary economists. Estimates of monetary policy rules (reaction functions) are a widely used method for doing this. Behavior differs under different policy regimes, as in rule-based systems or chronic inflation. In practice, estimates of instrument rules have been used to descri...
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Figure 1 displays the facts that motivate this discussion. Interest rate spreads increased somewhat at the start of the 2007 recession and then widened substantially after August 2008. The Federal Reserve initiated a program of unconventional monetary policy in the fall of 2007, by purchasing privately issued assets and by permitting banks to use privately issued assets as collateral at the dis...
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Following the recent waves of financial crises in the advanced economies and a prolonged period of low interest rates, major parts of the world economy are experiencing low growth, a rise in financial volatility, and low rates of inflation. Specifically, in Japan and in large parts of the eurozone the crises persist. In large parts of the world, unconventional monetary policies—that is, ultra-l...
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ژورنال
عنوان ژورنال: Studies in Nonlinear Dynamics & Econometrics
سال: 2019
ISSN: 1558-3708,1081-1826
DOI: 10.1515/snde-2018-0088