In this paper, we investigate the monetary policy reaction functions for the new European
Union member states. We find interesting differences when looking at both interest rates (the …

This study estimated and compared a forward-looking Taylor-type reaction function between
the European Central Bank (ECB) and Swedish Central Bank (Riksbank). First, an estimated …

We study the effects of monetary policy on economic activity separately identifying the effects
of a conventional change in the fed funds rate from the policy of forward guidance. We use a …

Have unconventional monetary policies (UMPs) become less effective at stimulating
economies in persistently low interest rate environments? This paper examines that …

The existing literature on US monetary policy provides no sense of a consensus regarding
the existence of a monetary policy regime. This article explores the evolution of US monetary …

I construct the differences between rule-based monetary policy for multiple interest rate rules
and the actual interest rates for nine countries using real-time data available to policymakers …

Monetary policy, at least in part, operates through both an interest rate and credit channel.
The question arises, therefore, whether monetary policy is a less potent a device in affecting …

In recent years, monetary policy rules have received increasing attention from academic
economists and policymakers. 2 Most analysts do not believe that the underlying structure of …

In this paper we consider the implications of a fully specified dynamic general equilibrium
model, developed by Smets and Wouters (2003). This is a relatively large‐scale forward …

This paper studies the monetary policy transmission to sectors in the US economy. A recent
literature has stressed the importance of focusing on disagM gregate variables in order to …