scholarly journals Comparing Monetary Policy Operating Procedures across the United States, Japan and the Euro Area

2001 ◽  
Author(s):  
Bank for International Settlements
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Euro Area ◽  
The United States

Global monetary policy divergence will emerge in 2016

2015 ◽  
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Euro Area ◽  
Productivity Growth ◽  
Aggregate Demand ◽  
The United States ◽  
Policy Response ◽  
Market Conditions ◽  
Content Type ◽  
China’S Economy

Significance Despite a less dovish than expected policy response on the part of the ECB on December 3, monetary policy divergence between the Fed and the ECB is likely to heighten in 2016. While the euro remains up 3.3% against the dollar since December 2, prolonged policy divergence between the United States and the euro-area should underpin the dollar's strength. Impacts Fears about China's economy and the end of the commodity super-cycle will also shape market conditions in 2016. A recovery in productivity growth will allow monetary policy normalisation to proceed smoothly, boosting aggregate demand. A stronger dollar will help the ECB achieve its inflation goal, through a weaker euro. A stronger dollar will put further strain on EM assets, particularly in countries with large dollar-denominated corporate debt.

MONETARY POLICY AND SUNSPOT FLUCTUATIONS IN THE UNITED STATES AND THE EURO AREA

2012 ◽  
Vol 17 (1) ◽  
pp. 1-28 ◽  
Author(s):  
Yasuo Hirose
Keyword(s):  
United States ◽  
Monetary Policy ◽  
Euro Area ◽  
Open Economy ◽  
The United States ◽  
Dynamic Stochastic General Equilibrium ◽  
New Keynesian ◽  
Bayesian Techniques ◽  
Dynamic Stochastic ◽  
Substantial Degree

We estimate a two-country open economy version of the New Keynesian dynamic stochastic general equilibrium model for the United States and the Euro area, using Bayesian techniques that allow for both determinacy and indeterminacy of the equilibrium. Empirical analysis shows that the worldwide equilibrium is indeterminate due to a passive monetary policy in the Euro area, even if U.S. policy is aggressive enough. We demonstrate that the impulse responses under indeterminacy exhibit dynamics different from those under determinacy and that sunspot shocks affect the Euro economy to a substantial degree, whereas the transmission of sunspots to the United States is limited.

Avoiding Dark Corners: A Robust Monetary Policy Framework for the United States

2015 ◽  
Author(s):  
Ali Alichi ◽  
Kevin Clinton ◽  
Charles Freedman ◽  
Ondra Kamenik ◽  
Michel Juillard ◽  
...  
Keyword(s):  
United States ◽  
Monetary Policy ◽  
The United States ◽  
Policy Framework ◽  
Monetary Policy Framework

Multivariate Filter Estimation of Potential Output for the Euro Area and the United States

2015 ◽  
Author(s):  
Ali Alichi ◽  
Olivier Bizimana ◽  
Silvia Domit ◽  
Emilio Fernandez-Corugedo ◽  
Douglas Laxton ◽  
...  
Keyword(s):  
United States ◽  
Euro Area ◽  
The United States ◽  
Potential Output
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