199 posts on "Monetary Policy"
April 1, 2015
Central Bank Solvency and Inflation
Marco Del Negro and Christopher A. Sims The monetary base in the United States, defined as currency plus bank reserves, grew from about $800 billion in 2008 to $2 trillion in 2012, and to roughly $4 trillion at the end of 2014 (see chart below). Some commentators have viewed this increase in the monetary base […]
March 25, 2015
Choosing the Right Policy in Real Time (Why That’s Not Easy)
Marco Del Negro, Raiden B. Hasegawa, and Frank Schorfheide Second in a two-part series As an economist, you make policy recommendations at any point in time that depend on what model of the economy you have in mind and on your assessment of the state of the economy. One can see these points play out […]
March 23, 2015
Combining Models for Forecasting and Policy Analysis
Model uncertainty is pervasive. Economists, bloggers, policymakers all have different views of how the world works and what economic policies would make it better.
March 2, 2015
Euro Area Inflation Expectations–Anchors Away?
Euro area inflation expectations have been falling at both short- >and long-term horizons, with the latter development suggesting the current low inflation environment is perceived as likely to persist.
December 8, 2014
Global Asset Prices and the Taper Tantrum Revisited
Global asset market developments during the summer of 2013 have been attributed to changes in the outlook for U.S. monetary policy, starting with former Chairman Bernanke’s May 22 comments concerning future curtailing of the Federal Reserve’s asset purchase programs.
Posted at 7:00 am in Euro Area, Exchange Rates, Expectations, Financial Markets, International Economics, Monetary Policy | Permalink
December 5, 2014
Survey Measures of Expectations for the Policy Rate
Market prices provide timely information on policy expectations.
September 29, 2014
Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks
Kenneth D. Garbade From time to time, and most recently in the April 2014 meeting of the Treasury Borrowing Advisory Committee, U.S. Treasury officials have questioned whether the Treasury should have a safety net that would allow it to continue to meet its obligations even in the event of an unforeseen depletion of its cash balances. […]
Posted at 7:00 am in Fed Funds, Financial Institutions, Liquidity, Monetary Policy, Treasury | Permalink | Comments (2)
September 26, 2014
The FRBNY DSGE Model Forecast
The U.S. economy has been in a gradual but slow recovery. Will the future be more of the same?
Posted at 10:00 am in DSGE, Fed Funds, Forecasting, Macroeconomics, Monetary Policy | Permalink | Comments (3)
September 25, 2014
Connecting “the Dots”: Disagreement in the Federal Open Market Committee
People disagree, and so do the members of the Federal Open Market Committee (FOMC).
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