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Central Banking
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Posts: 7
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How Should Monetary Policy Respond to Housing Inflation?
https://d.repec.org/n?u=RePEc:fip:fedmwp:99022&r=&r=cba
Published: October 24, 2024 00:00
A persistent rise in rents has kept inflation above target in many advanced economies. Optimal policy in the standard New Keynesian (NK) model requires policy to stabilize housing inflation. We argue that the basic architecture of the NK model—that excess…
Fiscal policy and the business cycle: An argument for non-linear policy rules
https://d.repec.org/n?u=RePEc:pra:mprapa:122497&r=&r=cba
Published: October 23, 2024 00:00
In this paper, I explore how fiscal policy decisions relate to the business cycle and, building on that, how the effects of policy interventions may vary depending on when policy is conducted in the business cycle. To assess this, I estimate a small to…
Asymmetric transmission of monetary policy on disaggregated inflation: lessons from Brazil
https://d.repec.org/n?u=RePEc:spa:wpaper:2024wpecon24&r=&r=cba
Published: October 21, 2024 00:00
This article examines the impact of restrictive monetary policy, specifically an increase in the benchmark interest rate (Selic), on inflation rates across different consumption groups in Brazil, as measured by the Extended National Consumer Price Index…
Tracking Reserve Ampleness in Real Time Using Reserve Demand Elasticity
https://d.repec.org/n?u=RePEc:fip:fednls:98984&r=&r=cba
Published: October 17, 2024 00:00
As central banks shrink their balance sheets to restore price stability and phase out expansionary programs, gauging the ampleness of reserves has become a central topic to policymakers and academics alike. The reason is that the ampleness of reserves…
Recent Developments in Measuring the Natural Rate of Interest
https://d.repec.org/n?u=RePEc:boj:bojwps:wp24e12&r=&r=cba
Published: October 11, 2024 00:00
The natural rate of interest (r*) is the real interest rate that is neutral to the economy and prices, and is one of the benchmarks for evaluating the stance of monetary policy. r* cannot be observed directly and must be estimated based on some…
The Central Banking Beauty Contest
https://d.repec.org/n?u=RePEc:fip:fednls:98892&r=&r=cba
Published: September 30, 2024 00:00
Expectations can play a significant role in driving economic outcomes, with central banks factoring market sentiment into policy decisions and market participants forming their own assumptions about monetary policy. But how well do central banks understand…
What the Transcripts Reveal About the FOMC’s Pre-Emptive Easing in July 1995
https://d.repec.org/n?u=RePEc:fip:fedlwp:98865&r=&r=cba
Published: September 26, 2024 00:00
At their September 2024 meeting, the FOMC began reducing the federal funds target rate and indicating the likelihood of additional reductions by the end of the year and into 2025. The FOMC took this action because of favorable inflation trends and some…