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11 results on '"Rawls, Jonathan"'

1. INTRODUCTION.

Author

Gödl-Hanisch, Isabel, Mau, Ronald, and Rawls, Jonathan

Subjects
INTEREST rates, CENTRAL banking industry
Published
2024

2. Monetary Policy Interactions: The Policy Rate, Asset Purchases and Optimal Policy with an Interest Rate Peg.

Author

Gödl-Hanisch, Isabel, Mau, Ronald, and Rawls, Jonathan

Subjects
MONETARY policy, ASSETS (Accounting), INTEREST rates, CENTRAL banking industry, LIQUIDITY (Economics)
Abstract

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. These channels arise due to a liquidity premium to long-term debt present in our model. The "divine coincidence" holds with the nominal short rate and central bank balance sheet available as policy tools--dual-instrument policy. Targeting the liquidity premium using balance sheet policy provides a determinate equilibrium with a fixed policy rate, as does inflation-targeting balance sheet policy. While the liquidity premium in our model depends on unobservable components, the slope of the yield curve serves as a proxy for the liquidity premium when thinking about implementable monetary policy strategies that respond to observable variables alone. We quantify the welfare costs to various monetary policy strategies relative to the analytically derived optimal dual-instrument policy. [ABSTRACT FROM AUTHOR]

Published
2024
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3. Infection and inflammation: New perspectives on Alzheimer's disease

Author

Aiello, Alison, Chiba-Falek, Ornit, Heitman, Joseph, Johnson, Kim G., Luftig, Micah, Moseman, Ashley, Rawls, Jonathan, Shinohara, Mari L., Swanstrom, Ronald, Terrando, Niccolo, Whitson, Heather E., Colton, Carol, El Khoury, Joseph, Gate, David, Goate, Alison, Heneka, Michael T., Kaddurah-Daouk, Rima, Klein, Robyn S., Sisodia, Sangram, Spudich, Serena S., Stevens, Beth, Tanzi, Rudolph, Ting, Jenny P., and Garden, Gwenn

Published
2022
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5. Monetary Policy Interactions: The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg

Author

Gödl-Hanisch, Isabel, Mau, Ronald, and Rawls, Jonathan

Subjects
New Keynesian model, optimal monetary policy, interest rate peg, policy rate lower bound, ddc:330, E58, E52, unconventional monetary policy, E43
Abstract

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The "divine coincidence" holds with the nominal short-term rate and central bank balance sheet available as policy tools. Credit spread-targeting balance sheet policy provides a determinate equilibrium with a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation-targeting interest rate policy with a fixed balance sheet.

Published
2023

8. Infection and inflammation: New perspectives on Alzheimer's disease

Author

Whitson, Heather E., primary, Colton, Carol, additional, El Khoury, Joseph, additional, Gate, David, additional, Goate, Alison, additional, Heneka, Michael T., additional, Kaddurah-Daouk, Rima, additional, Klein, Robyn S., additional, Shinohara, Mari L., additional, Sisodia, Sangram, additional, Spudich, Serena S., additional, Stevens, Beth, additional, Tanzi, Rudolph, additional, Ting, Jenny P., additional, Garden, Gwenn, additional, Aiello, Alison, additional, Chiba-Falek, Ornit, additional, Heitman, Joseph, additional, Johnson, Kim G., additional, Luftig, Micah, additional, Moseman, Ashley, additional, Rawls, Jonathan, additional, Swanstrom, Ronald, additional, and Terrando, Niccolo, additional

Published
2022
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