We examine the effects of unconventional and conventional monetary policy announcements on the value of the dollar using high-frequency intraday data. Identifying monetary policy surprises from changes in interest rate futures prices in narrow windows around policy announcements, we find that surprise easings in monetary policy since the crisis began have had significant effects on the value of...

We study the dynamics linking monetary policy with bank leverage and show that adjustments in leverage act as the linchpin in the monetary transmission mechanism that works through uctuations in risk-taking. Motivated by the evidence, we formulate a model of the “risk-taking channel” of monetary policy in the international context that rests on the feedback loop between increased leverage of gl...

This paper follows up on recent studies of the Eurozone interest rate pass-through. Using a generalized empirical approach that allows for a variety of different specifications of the pass-through, including asymmetric adjustment, the role of interest rate expectations, proxied by EURIBOR futures, in determining retail banking product pricing is explored. It is shown that the pass-through is fa...

Recently there has been a signi"cant decline in the degree to which "rms &pass through' changes in costs to prices, a decline that is frequently characterized as a reduction in the &pricing power' of "rms. The decline appears to be associated with the decline in in#ation in many countries. The decline has important implications for monetary policy because it a!ects both forecasts of in#ation an...

one of the most important issues in the supply chain management is reducing the bullwhip effect. the bullwhip effect is the increasing of the fluctuation of demands from customer toward supplier in a supply chain. the reasons for this effect and the solution for its elimination are studied by many researchers up to now. one of the main known reasons is variation of the time value of money that ...

The most obvious characteristic of inflation targetting is an explicit numerical inflation target. There is also a logical and efficient decision process, which I have called forecast targetting. The central bank makes forecasts of inflation and other variables, such as the output gap, and then chooses the interest rate so that these forecasts “look good”, that is, are consistent with the objec...

We describe a decision-theoretic approach to information gathering from a distributed network of information sources. Our approach uses an explicit representation of the user’s decision model in order to plan and execute information gathering actions. The information gathering planner issues requests based on the value of information taking into account the computational resources and monetary ...

This paper studies lying. An agent randomly picks a number from a known distribution. She can then report any number and receive a monetary payoff based only on her report. The paper presents a model of lying costs that generates hypotheses regarding behavior. In an experiment, we find that the highest fraction of lies is from reporting the maximal outcome, but some participants do not make the...

JEL classification E52 This paper examines the credibility of the Federal Reserve's monetary targets using survey data on money growth forecasts to measure market expectations. The paper provides two main results. First, there is strong evidence that the monetary targets were credible over the 1978 to 1993 sample period, although credibility fell in the post-1985 period. Second, both the federa...