Monetary-Policy-Transmission

Volha Audzei · Ivan Sutóris

Layer 1: Overview Audzei and Sutóris ask whether inflation-targeting monetary policy affects households’ incentives to invest in energy conservation, and whether the standard central bank …

Hanfeng Chen · Maria Elena Filippin

The paper analyzes the implications of introducing a retail central bank digital currency (CBDC) that competes with commercial bank deposits for household liquidity, in a model where banks must post …

Stefania D'Amico · Iryna Kaminska

Using security-level data on individual corporate bond prices and the Bank of England’s published purchase quantities across its gilt purchase programs (QE1: £200bn, QE2: £125bn, QE3: £50bn, …

Javier Bianchi · Louphou Coulibaly

The paper develops a tractable open-economy New Keynesian model with nominal rigidities and an occasionally binding zero lower bound (ZLB) to study how monetary policy and macroprudential policy …

Alessia De Stefani · Rui C. Mano

This paper uses instrumental-variable local projections (IV-LP) on an unbalanced panel of up to 35 countries over approximately two decades to establish two interconnected findings about fixed-rate …

Fiorella De Fiore · Marie Hoerova · Ciaran Rogers · Harald Uhlig

The paper studies the euro area interbank money markets during the global financial crisis (2007–09) and sovereign debt crisis (2010–15), documenting four empirical regularities and building a …

Oleg Itskhoki · Dmitry Mukhin

The Mussa (1986) puzzle is the empirical observation of a sharp, simultaneous increase in the volatility of both nominal and real exchange rates following the end of the Bretton Woods fixed exchange …

Panagiotis Avramidis · George G. Pennacchi

Using 2001-2022 annual data on U.S. commercial and savings banks matched with county-level demographic data, this paper shows that banks operating in areas with older populations—measured by the …

Andres Rodriguez-Clare · Mauricio Ulate · Jose P. Vasquez

Standard international trade models assume perfectly flexible prices and full employment. This paper introduces nominal rigidities (downward wage rigidity) into a quantitative trade model and asks how …