Oil Shocks And The Zero Bound On Nominal Interest Rates
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Oil Shocks And The Zero Bound On Nominal Interest Rates
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Author : Martin Bodenstein
language : en
Publisher: DIANE Publishing
Release Date : 2011-04
Oil Shocks And The Zero Bound On Nominal Interest Rates written by Martin Bodenstein and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04 with Reference categories.
Beginning in 2009, in many advanced economies, policy rates reached their zero lower bound (ZLB). Almost at the same time, oil prices started rising again. The authors analyze how the ZLB affects the propagation of oil shocks. As these shocks move inflation and output in opposite directions, their effects on economic activity are cushioned when monetary policy is constrained. The burst of inflation from an oil price increase lowers real interest rates at the ZLB and stimulates theinterest-sensitive component of GDP, offsetting the usual contractionary effects. In fact, if the increase in oil prices is gradual, the persistent rise in inflation can cause a GDP expansion. Illus. This is a print on demand report.
Oil Shocks And The Zero Bound On Nominal Interest Rates
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Author : Martin Bodenstein
language : en
Publisher:
Release Date : 2010
Oil Shocks And The Zero Bound On Nominal Interest Rates written by Martin Bodenstein and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Interest rates categories.
Monetary Policy Response To Oil Price Shocks
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Author : Jean-Marc Natal
language : en
Publisher: DIANE Publishing
Release Date : 2010
Monetary Policy Response To Oil Price Shocks written by Jean-Marc Natal and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
How should monetary authorities react to an oil price shock? A trade-off between stabilizing inflation and the welfare relevant output gap arises in a distorted economy once one recognizes: (1) that oil (energy) cannot be easily substituted by other factors in the short-run; (2) that there is no fiscal transfer available to policymakers to neutralize the steady-state distortion due to monopolistic competition; and (3) that increases in oil prices also directly affect consumption by raising the price of fuel, heating oil, and other energy sources. The author derives an interest rate feedback rule that mimics the optimal plan in all relevant dimensions but that depends only on observables, namely core inflation, oil price inflation, and the growth rate of output. Illus.
International Dimensions Of Monetary Policy
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Author : Jordi Galí
language : en
Publisher: University of Chicago Press
Release Date : 2010-03-15
International Dimensions Of Monetary Policy written by Jordi Galí and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-15 with Business & Economics categories.
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Constructing Forecast Confidence Bands During The Financial Crisis
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Author :
language : en
Publisher:
Release Date : 2009
Constructing Forecast Confidence Bands During The Financial Crisis written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Bank loans categories.
We derive forecast confidence bands using a Global Projection Model covering the United States, the euro area, and Japan. In the model, the price of oil is a stochastic process, interest rates have a zero floor, and bank lending tightening affects the United States. To calculate confidence intervals that respect the zero interest rate floor, we employ Latin hypercube sampling. Derived confidence bands suggest non-negligible risks that U.S. interest rates might stay near zero for an extended period, and that severe credit conditions might persist.
Inflation Nominal Interest Rates And The Variability Of Output
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Author : Mr.Bankim Chadha
language : en
Publisher: International Monetary Fund
Release Date : 1996-10
Inflation Nominal Interest Rates And The Variability Of Output written by Mr.Bankim Chadha and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-10 with Business & Economics categories.
This paper examines the distribution of output around capacity when money demand is a nonlinear function of the nominal interest rate such that nominal interest rates cannot become negative. When fluctuations in output result primarily from disturbances to the money market, the variance of output is shown to be an increasing function of the trend inflation rate. When they result from disturbances to the goods market, the variance of output is a decreasing function of the trend inflation rate. When both disturbances are significant, there exists, in general, a critical non-zero trend inflation rate that minimizes the variance of output.
Systematic Monetary Policy And The Effects Of Oil Price Shocks
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Author : Ben Bernanke
language : en
Publisher:
Release Date : 1997
Systematic Monetary Policy And The Effects Of Oil Price Shocks written by Ben Bernanke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Monetary policy categories.
World Crude Oil Markets
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Author : Mr.Noureddine Krichene
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-03-01
World Crude Oil Markets written by Mr.Noureddine Krichene and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-01 with Business & Economics categories.
This paper examines the relationship between monetary policy and oil prices within a world oil demand and supply model. Low price and high income elasticities of demand and rigid supply explain high price volatilities and producers' market power. Exchange and interest rates do influence oil market equilibrium. The relationship between oil prices and interest rates is a two-way relationship that depends on the type of oil shock. During a supply shock, rising oil prices caused interest rates to increase; whereas during a demand shock, falling interest rates caused oil prices to rise. Record low interest rates led to high oil price volatility in 2005. Data shows that world economic growth and price stability require stable oil markets and therefore more prudent monetary policies.
Monetary Policy Alternatives At The Zero Bound
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Author : Ben S. Bernanke
language : en
Publisher: www.bnpublishing.com
Release Date : 2009-03
Monetary Policy Alternatives At The Zero Bound written by Ben S. Bernanke and has been published by www.bnpublishing.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03 with categories.
The success over the years in reducing inflation and, consequently, the average level of nominal interest rates has increased the likelihood that the nominal policy interest rate may become constrained by the zero lower bound. When that happens, a central bank can no longer stimulate aggregate demand by further interest-rate reductions and must rely on "non-standard" policy alternatives. To assess the potential effectiveness of such policies, we analyze the behavior of selected asset prices over short periods surrounding central bank statements or other types of financial or economic news and estimate "noarbitrage" models of the term structure for the United States and Japan. There is some evidence that central bank communications can help to shape public expectations of future policy actions and that asset purchases in large volume by a central bank would be able to affect the price or yield of the targeted asset.
Deconstructing The Monolith
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Author : Jason E. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2019-02-18
Deconstructing The Monolith written by Jason E. Taylor and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-18 with Business & Economics categories.
The National Industrial Recovery Act (NIRA) was enacted by Congress in June of 1933 to assist the nation’s recovery during the Great Depression. Its passage ushered in a unique experiment in US economic history: under the NIRA, the federal government explicitly supported, and in some cases enforced, alliances within industries. Antitrust laws were suspended, and companies were required to agree upon industry-level “codes of fair competition” that regulated wages and hours and could implement anti-competitive provisions such as those fixing prices, establishing production quotas, and imposing restrictions on new productive capacity. The NIRA is generally viewed as a monolithic program, its dramatic and sweeping effects best measurable through a macroeconomic lens. In this pioneering book, however, Jason E. Taylor examines the act instead using microeconomic tools, probing the uneven implementation of the act’s codes and the radical heterogeneity of its impact across industries and time. Deconstructing the Monolith employs a mixture of archival and empirical research to enrich our understanding of how the program affected the behavior and well-being of workers and firms during the two years NIRA existed as well as in the period immediately following its demise.