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Papers by Carlo Altavilla


Abstract
This paper explores the role that inflation forecasts play in the uncertainty surrounding the estimated effects of alternative monetary rules on unemployment dynamics in the euro area and the US. We use the inflation forecasts of 8 competing models in a standard Bayesian VAR to analyse the size and the timing of these effects, as well as to quantify the uncertainty relative to the different inflation models under two rules. The results suggest that model uncertainty can be a serious issue and strengthen the case for a policy strategy that takes into account several sources of information. We find that combining inflation forecasts from many models not only yields more accurate forecasts than those of any specific model, but also reduces the uncertainty associated with the real effects of policy decisions. These results are in line with the model-combination approach that central banks already follow when conceiving their strategy. ....

New York , United States , Bruxelles Capitale , Head Of Monetary Analysis Division , Columbia University New York , University College London , Head Of Bank Lending Conditions Section , Monetary Strategy Division European Central Bank , Dg Monetary Policy European Central Bank , Monetary Analysis Division European Central Bank , Professor Of Economic Policy University Naples , Monetary Analysis Division , European Central Bank , Bank Lending Conditions Section , Monetary Strategy Division , Economic Policy , Libre De Bruxelles , Columbia University , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , ப்ரூக்ஸெல்ஸ் தலைநகரம் , கொலம்பியா பல்கலைக்கழகம் புதியது யார்க் , பல்கலைக்கழகம் கல்லூரி லண்டன் , பண பகுப்பாய்வு பிரிவு , ஐரோப்பிய மைய வங்கி , பொருளாதார பாலிஸீ ,

Papers by Dimitris Georgarakos


Abstract
Do negative policy rates hinder banks’ transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge more on new fixed rate mortgages. This suggests that the funding structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets. Nevertheless, the aggregate economic implications for households are small, suggesting that concerns about inefficient monetary policy transmission to households under modestly negative rates are likely overstated.
JEL Code ....

United Kingdom , Queen Mary , University Of London , Deutsche Bundesbank , Goethe University , European Central Bank , Monetary Policy Research Division , Research Centre , Monetary Analysis Division , Policy Research Division , Directorate General Research , European Central , Analysis Division , Directorate General Economics , ஒன்றுபட்டது கிஂக்டம் , ராணி மேரி , பல்கலைக்கழகம் ஆஃப் லண்டன் , கோதீ பல்கலைக்கழகம் , ஐரோப்பிய மைய வங்கி , பண பாலிஸீ ஆராய்ச்சி பிரிவு , ஆராய்ச்சி மையம் , பண பகுப்பாய்வு பிரிவு , பாலிஸீ ஆராய்ச்சி பிரிவு , இயக்குநரகம் ஜநரல் ஆராய்ச்சி , ஐரோப்பிய மைய , பகுப்பாய்வு பிரிவு ,