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Full-Text Articles in Social and Behavioral Sciences
The Federal Reserve’S Qe Practices Impact On Inflation: A Comparative Analysis Of The Gfc And Covid-Eras, Robert Driscoll
The Federal Reserve’S Qe Practices Impact On Inflation: A Comparative Analysis Of The Gfc And Covid-Eras, Robert Driscoll
CMC Senior Theses
This paper investigates and compares the effects of the Fed’s quantitative easing policies on US inflation during the Global Financial Crisis and the Covid-era up to February of 2022. As inflation continues to rise, a quantitative measurement of the Fed’s monetary policy response to recessions and its resulting effect on the price level is becoming increasingly relevant. Supporting the quantity monetary theory, I test the impact of the Fed’s increasing their total assets and securities on their balance sheet on CPI and core CPI. Using multiple time series regressions and a single lag component on the analyzed variables. The model …
Gambling Autonomy: The Impact Of Latin American Central Bank Independence On Risk Aversion Within Monetary Policy Implementation, Julia Duarte Schulman
Gambling Autonomy: The Impact Of Latin American Central Bank Independence On Risk Aversion Within Monetary Policy Implementation, Julia Duarte Schulman
CMC Senior Theses
This paper examines the effect of Latin American central bank independence (CBI) on risk-averse behaviors in monetary policy. Using a fixed effects panel regression, I document how multiple forms of monetary policy are influenced by different macroeconomic variables, conflicting policy targets and central bank independence benchmarks. The results show that increasing CBI has a positive impact on risk aversion, especially in policies targeting inflation and money supply. Additionally, the results show that interest rates and reserve requirements were especially susceptible to changes in independence, while the monetary base and volume of domestic credit were less influenced. Finally, as time and …
Adventures At The Zero Lower Bound: A Bayesian Time-Varying Parameter Vector Autoregressive Analysis Of Monetary Policy Uncertainty Shocks, Rachel M. Doehr
Adventures At The Zero Lower Bound: A Bayesian Time-Varying Parameter Vector Autoregressive Analysis Of Monetary Policy Uncertainty Shocks, Rachel M. Doehr
CMC Senior Theses
Using survey-based measures of future interest rate expectations from the Blue Chip Economic Indicators and the Survey of Professional Forecasters, we examine the relationship between monetary policy uncertainty, captured as the dispersion of interest rate forecasts, and fluctuations in real economic activity and core inflation. We use a flexible time-varying parameter vector autoregression (TVP-VAR) model to clearly isolate the dynamic effects of shocks to monetary policy uncertainty. To further study possible a possible nonlinear relationship between monetary policy uncertainty and the macroeconomic aggregates, we extract the impulse-response functions (IRF’s) estimated at each quarter in the time series, and use a …
Strong Euro Weakening Dollar: A Potential Economic Demise, Guadalupe F. Garcia
Strong Euro Weakening Dollar: A Potential Economic Demise, Guadalupe F. Garcia
Claremont-UC Undergraduate Research Conference on the European Union
No abstract provided.
Credit Market Imperfections, Financial Crisis And The Transmission Of Monetary Policy, Brett Spencer
Credit Market Imperfections, Financial Crisis And The Transmission Of Monetary Policy, Brett Spencer
CMC Senior Theses
This paper uses U.S. macroeconomic data drawn from 2001 to 2010 in order to test for the operation of a credit channel of monetary transmission. Using a combination of a VAR and ADL time series frameworks, evidence is found for the impairment of the credit channel during the crisis period relative to the period which preceded it. Evidence is also found against the presence of a "credit crunch" during the crisis, and supporting evidence is found for the existence of a "credit trap." This analysis indicates a significant role for credit market imperfections in the transmission of monetary policy, and …
Discussion: Narrow Money, Broad Money, And The Transmission Of Monetary Policy, Gregory Hess
Discussion: Narrow Money, Broad Money, And The Transmission Of Monetary Policy, Gregory Hess
CMC Faculty Publications and Research
Monetary policy and theory have been greatly transformed since Dale Henderson, Richard Porter, and Peter Tinsley (HPT) first crossed the Board's threshold more than thirty years ago. Judging from the sustained levels of robust growth and moderate rates of inflation in the United States since the early 1980s, both theory and policy have moved in a welfare-improving direction. The dramatic evolution of monetary policy during HPT's tenure simply cannot be overstated. A revolution took place during their watch, and as the custodians and facilitators of research at the Federal Reserve Board, these three amigos should certainly take some credit.