Author : Adrian C. R. Ochs
Publisher :
Page : pages
File Size : 11,20 MB
Release : 2021
Category :
ISBN :
A New Monetary Policy Shock with Text Analysis
Adrian C. R. Ochs
[PDF] A New Monetary Policy Shock With Text Analysis eBook
A New Monetary Policy Shock With Text Analysis Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of A New Monetary Policy Shock With Text Analysis book. This book definitely worth reading, it is an incredibly well-written.
Deciphering Monetary Policy Shocks
Phillipp Gnan
Author : Phillipp Gnan
Publisher :
Page : 21 pages
File Size : 27,45 MB
Release : 2022
Category : Assets (Accounting)
ISBN :
We decipher monetary policy shocks by directly connecting them to the stance a central bank expresses in its communication about different topics. To measure topic-specific central bank stances, we apply textual analysis techniques to press conference statements of the European Central Bank (ECB). Using three sets of shocks established in the literature, based on either high-frequency market reactions in single interest rates, the entire term structure, or the joint response in interest rates and stock prices, we find that markets distinctively react to news on the topics rate guidance, economic activity, and financial and monetary conditions. Likewise, responses in sovereign yield spreads and exchange rates can be directly linked to specific topics. Our findings provide validation for price-based monetary policy shocks used in numerous studies in monetary economics and asset pricing. They should also prove useful for the optimal design of policy communication.
What Have We Learned?
George A. Akerlof
Author : George A. Akerlof
Publisher : MIT Press
Page : 369 pages
File Size : 42,75 MB
Release : 2016-09-02
Category : Business & Economics
ISBN : 0262529858
Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises. Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights. The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.
Monetary Policy, Inflation, and the Business Cycle
Jordi Galí
Author : Jordi Galí
Publisher : Princeton University Press
Page : 295 pages
File Size : 49,30 MB
Release : 2015-06-09
Category : Business & Economics
ISBN : 1400866278
The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Monetary Theory and Policy, third edition
Carl E. Walsh
Author : Carl E. Walsh
Publisher : MIT Press
Page : 639 pages
File Size : 44,42 MB
Release : 2010-02-12
Category : Business & Economics
ISBN : 0262303736
A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.
News and Monetary Shocks at a High Frequency
Mr.Troy Matheson
Author : Mr.Troy Matheson
Publisher : International Monetary Fund
Page : 12 pages
File Size : 22,31 MB
Release : 2014-09-12
Category : Business & Economics
ISBN : 1498367283
We develop a simple approach to identify economic news and monetary shocks at a high frequency. The approach is used to examine financial market developments in the United States following the Federal Reserve’s May 22, 2013 taper talk suggesting that it would begin winding down its quantitative easing program. Our findings show that the sharp rise in 10-year Treasury bond yields immediately after the taper talk was largely due to monetary shocks, with positive economic news becoming increasingly important in subsequent months.
Macroeconomic Policy
Farrokh K. Langdana
Author : Farrokh K. Langdana
Publisher : Springer Nature
Page : 358 pages
File Size : 24,65 MB
Release : 2022-04-04
Category : Business & Economics
ISBN : 3030920585
This book is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. Significantly updated for the fourth edition, the text provides an understanding of the global economy in the wake of the COVID crisis, discussing topics such as pandemic related supply and demand-side shocks, the role of Modern Monetary Theory (MMT) in financing COVID rescue plans, the effect of the US, India, Eurozone and China’s post-COVID economies on emerging and transitioning economies, and the resurgence of inflation. This edition includes deeper coverage on the issue of budget deficit sustainability and on trade wars, especially in a global context, and revisits the life cycles of speculative asset price (SAP) bubbles, especially in the housing markets and in SPACs. The fourth edition contains several brand-new cases and media articles that are carefully positioned to relate explicitly to theory, and to look ahead to and preempt global macro situations and polices in the years to come. MBA students and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful.
Monetary Policy Rules
John B. Taylor
Author : John B. Taylor
Publisher : University of Chicago Press
Page : 460 pages
File Size : 11,63 MB
Release : 2007-12-01
Category : Business & Economics
ISBN : 0226791262
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Handbook of Macroeconomics
John B. Taylor
Author : John B. Taylor
Publisher : North Holland
Page : 596 pages
File Size : 14,80 MB
Release : 1999-12-13
Category : Business & Economics
ISBN :
This text aims to provide a survey of the state of knowledge in the broad area that includes the theories and facts of economic growth and economic fluctuations, as well as the consequences of monetary and fiscal policies for general economic conditions.
Innocent Bystanders? Monetary Policy and Inequality in the U.S.
Mr.Olivier Coibion
Author : Mr.Olivier Coibion
Publisher : International Monetary Fund
Page : 57 pages
File Size : 30,17 MB
Release : 2012-08-01
Category : Business & Economics
ISBN : 1475505493
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.