BoI paper uses shadow rates to measure influence of QE
Fed’s policy weakened dollar from 2011–14, researchers find
A working paper published by the Bank of Italy uses the device of shadow interest rates to gauge the effect of unconventional monetary policies on exchange rates.
In Exchange rate dynamics and unconventional monetary policies: it’s all in the shadows, Andrea De Polis and Mario Pietrunti present an open-economy New Keynesian model. Their model replaces effective short-term interest rates with shadow rates. These rates, they argue, provide a better measure of the effects of monetary policy when
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com