Monetary policy strategies for the European Central Bank

被引：6

作者：

Erceg, Christopher J. ^{[1
]}

Jakab, Zoltan ^{[1
]}

Linde, Jesper ^{[1
,2
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

[2] CEPR, Washington, DC 20009 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2021年 / 132卷

关键词：

DSGE models; Effective lower bound; Negative interest rates; Unconventional monetary policy; Asset purchases; Forward guidance; FEDERAL-RESERVE; INFLATION; AREA; US; DIFFERENCE; LIKELIHOOD; GUIDANCE; MODELS; SHOCKS; OUTPUT;

D O I：

10.1016/j.jedc.2021.104211

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We develop a behavioral DSGE model which addresses the forward guidance puzzle. We then use the estimated model to assess if unconventional monetary policy tools such as negative interest rates, forward guidance, and asset purchases can provide efficient macroeconomic stabilization in a low nominal and real interest rate environment. While these tools boost output and inflation, the rebound from deep recession can still be painfully slow. Makeup strategies, including average inflation and price level targeting, can further support recovery and reduce downside risks, though the benefits are quite modest under behavioral expectations. (C) 2021 International Monetary Fund. Published by Elsevier B.V. All rights reserved.

引用

页数：35

共 50 条

[1] The monetary policy of the European Central Bank
Surico, Paolo
[J]. SCANDINAVIAN JOURNAL OF ECONOMICS, 2007, 109 (01): : 115 - 135
[2] Monetary policy strategies of the European Central Bank and the Federal Reserve Bank of the United States
Sardoni, C
Wray, LR
[J]. JOURNAL OF POST KEYNESIAN ECONOMICS, 2006, 28 (03) : 451 - 472
[3] The European Central Bank and commun monetary policy (European Monetary Union)
Rojo Duque, LA
[J]. REVISTA DE OCCIDENTE, 1998, (200) : 25 - 42
[4] Monetary Policy Normalization of the European Central Bank
Nocon, Aleksandra
[J]. EUROPEAN FINANCIAL SYSTEMS 2018: PROCEEDINGS OF THE 15TH INTERNATIONAL SCIENTIFIC CONFERENCE, 2018, : 462 - 469
[5] UNCONVENTIONAL MONETARY POLICY OF THE EUROPEAN CENTRAL BANK
Radic, Dario Hlupic
[J]. EU AND MEMBER STATES - LEGAL AND ECONOMIC ISSUES, 2019, 3 : 1064 - 1079
[6] MONETARY POLICY OF THE CZECH NATIONAL BANK AND THE EUROPEAN CENTRAL BANK
Uhrova, Natalie
[J]. PROCEEDINGS OF THE 8TH INTERNATIONAL CONFERENCE ON ECONOMIC POLICY IN THE EUROPEAN UNION MEMBER COUNTRIES, 2010, : 493 - 503
[7] Voting on monetary policy in the Council of the European Central Bank
Monticelli, C
[J]. ECONOMIC MODELLING, 2003, 20 (05) : 1015 - 1051
[8] Learning and the monetary policy strategy of the European Central Bank
Lim, GC
McNelis, PD
[J]. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2004, 23 (7-8) : 997 - 1010
[9] The price stability oriented monetary policy of the European Central Bank
Gasinski, Wojciech
Misztal, Anna
[J]. COMPARATIVE ECONOMIC RESEARCH-CENTRAL AND EASTERN EUROPE, 2010, 13 (03): : 5 - 15
[10] A NEW ERA FOR MONETARY POLICY: CHALLENGES FOR THE EUROPEAN CENTRAL BANK
van Riet, Ad
[J]. SINGAPORE ECONOMIC REVIEW, 2017, 62 (01):

← 1 2 3 4 5 →