Similar Search Results

How should large and small countries be represented in a currency union?

Berger, Helge (contributor); Müller, Till (contributor) - 2004

representation in a federal central bank addressing this question. Optimal voting weights reflect two opposing forces: the wish to …

Persistent link: https://www.econbiz.de/10002521678

Restructuring the ECB

Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003

size and voting power. One way to implement this principle is a rotation scheme for national central bank governors that …

Persistent link: https://www.econbiz.de/10011511101

Optimal central bank conservatism and monopoly trade unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001

welfare gain associated with making the central bank less conservative than society, however if the outside option is in real … of central bank conservatism. …

Persistent link: https://www.econbiz.de/10011397779

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 2004

distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary …

Persistent link: https://www.econbiz.de/10011402520

Does conservatism matter? : a time series approach to central banking

Berger, Helge; Woitek, Ulrich - 1999

The empirical literature on central banking has found measures of central bank independence/conservatism to be …. We find that an increase in central bank conservatism leads to higher short-term interest rates and a more activist … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …

Persistent link: https://www.econbiz.de/10009781685

Monetary policy and asset prices : a look at past US stock market booms

Bordo, Michael D.; Wheelock, David C. - 2004

Persistent link: https://www.econbiz.de/10002193549

Inflation, monetary policy and stock market conditions

Bordo, Michael D.; Dueker, Michael; Wheelock, David C. - 2008

Persistent link: https://www.econbiz.de/10003724838

Positive trend inflation and determinacy in a medium-sized new keynesian model

Arias, Jonas E.; Ascari, Guido; Branzoli, Nicola; … - 2018

This paper studies the challenge that increasing the inflation target poses to equilibrium determinacy in a medium-sized New Keynesian model without indexation fitted to the Great Moderation era. For moderate targets of the inflation rate, such as 2 or 4 percent, the probability of determinacy...

Persistent link: https://www.econbiz.de/10011864684

Uncertainty and monetary policy in good and bad times

Caggiano, Giovanni; Castelnuovo, Efrem; Nodari, Gabriela - 2017

We investigate the role played by systematic monetary policy in tackling the real effects of uncertainty shocks in U.S. recessions and expansions. We model key indicators of the business cycle with a nonlinear VAR that allows for different dynamics in busts and booms. Uncertainty shocks are...

Persistent link: https://www.econbiz.de/10011718461

Policy rules, regime switches, and trend inflation : an empirical investigation for the U.S.

Castelnuovo, Efrem; Greco, Luciano; Raggi, Davide - 2010

This paper estimates Taylor rules featuring instabilities in policy parameters, switches in policy shocks' volatility, and time-varying trend inflation using post-WWII U.S. data. The model embedding the stochastic target performs better in terms of data-fit and identification of the changes in...

Persistent link: https://www.econbiz.de/10011739880