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Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

Thadden, Leopold von - 2002

that the long-run behaviour of the economy depends critically on whether under the monetary-fiscal regime the steady …

Persistent link: https://www.econbiz.de/10011431769

Testing for contemporary fiscal policy discretion with real time data

Kalckreuth, Ulf von (contributor); … - 2007

We propose a method for indentifying discretionary fiscal policy with real time data. The starting point is the observation that automatic stabilizers should depend on true GDP, while discretionary fiscal policy depends on the information that policy makers have in real time. We approximate the...

Persistent link: https://www.econbiz.de/10003529557

Opting out of the great inflation : German monetary policy after the breakdown of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10003837787

More or less aggressive? : robust monetary policy in a New Keynesian model with financial distress

Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2009

of disturbances affect the economy: in the case of a shock to collateral the policymaker does not need to be as much …

Persistent link: https://www.econbiz.de/10003870845

An affine macro-finance term structure model for the euro area

Lemke, Wolfgang (contributor) - 2007

A joint model of macroeconomic and term structure dynamics is specified and estimated for the euro area. The model comprises a backward-looking Phillips curve, a dynamic IS equation, a monetary policy rule as well as a specification of the dynamics of trend growth and the natural real interest...

Persistent link: https://www.econbiz.de/10003482487

Money-based interest rate rules : lessons from German data

Gerberding, Christina (contributor); … - 2007

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10003453449

Optimal monetary policy in a small open economy with financial frictions

Merola, Rossana - 2010

I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to...

Persistent link: https://www.econbiz.de/10003930865

Are contemporary central banks transparent about economic models and objectives and what difference does it make?

Cukierman, Alex - 2001

that this is largely due to the lack of consensus about the correct model of the economy within the economic profession … presence of uncertainty about the upcoming state of the economy flexible inflation targeters with assymetric objectives induce … economy is non neutral even in the long run, and the policies of the former also induce a higher level of output. The …

Persistent link: https://www.econbiz.de/10011419304

Imperfect competition, monetary policy and welfare in a currency area

Lombardo, Giovanni - 2002

auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …

Persistent link: https://www.econbiz.de/10011431763

Asset prices in taylor rules : specification, estimation, and policy implications for the ECB

Siklos, Pierre L. (contributor); Werner, Thomas (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002235268