Narrow search
Showing 1 - 10 of 5,165
Cover Image
A Theory of Central Bank Accountability
Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2000
In this paper we investigate central bank accountability by looking at the effect of transparency in a simple monetary … banker's preferences for inflation stabilization relative to output stabilization. Transparency enhances the central bank …'s accountability. The paper shows that transparency leads to a lower expected rate of inflation and less stabilization of supply shocks. …
Persistent link: https://www.econbiz.de/10005666712
Cover Image
Can emerging market central banks bail out banks? A cautionary tale from Latin America
Jacome H., Luis I.; Saadi Sedik, Tahsin; Townsend, Simon - In: Emerging Markets Review 13 (2012) 4, pp. 424-448
This paper investigates whether emerging market countries can implement monetary policies to cope with financial crises as advanced countries did during the recent global crisis—injecting significant amounts of money into the financial system without facing major short-run adverse...
Persistent link: https://www.econbiz.de/10011056988
Cover Image
The Role of Central Banks in Financial Stability: How has it changed?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2012
The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...
Persistent link: https://www.econbiz.de/10011083725
Cover Image
Inflation forecast contracts
Gersbach, Hans; Hahn, Volker - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 26-40
We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers׳ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...
Persistent link: https://www.econbiz.de/10011077523
Cover Image
Monetary Policy Inclinations
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2008
We examine whether the publication of forecasts concerning the likely future conduct of monetary policy is socially desirable. Introducing a new central bank loss function that accounts for the deviations from announcements, we incorporate forecasts about future inflation and interest rates into...
Persistent link: https://www.econbiz.de/10005114233
Cover Image
Inflation Forecast Contracts
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2012
We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...
Persistent link: https://www.econbiz.de/10011084494
Cover Image
DSGE Models and Central Banks
Tovar, Camilo Ernesto - In: Economics - The Open-Access, Open-Assessment E-Journal 3 (2009), pp. 1-31
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10005083018
Cover Image
A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management
Blommestein, Hans J.; Hubig, Anja - Directorate for Financial, Fiscal and Enterprises … - 2012
This paper examines the analytical underpinnings of the standard micro portfolio approach to public debt management (PDM) that aims at minimising longer-term cash-flow based borrowing costs at an acceptable level of risk. The study concludes that two technical key assumptions need to hold for...
Persistent link: https://www.econbiz.de/10009650195
Cover Image
Central Bank Constitutions for Monetary Unions
Süppel, Ralph; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1994
Historical experience suggests that the distribution of monetary policy authority among the members of a monetary union is a key aspect of the design of a central bank constitution. We analyse alternative institutional solutions to that problem with different degrees of centralization of...
Persistent link: https://www.econbiz.de/10005792300
Cover Image
Signalling and Commitment: Monetary versus Inflation Targeting
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003
private information on shocks to money demand and, because of verifiability problems, the transparency solution is not …
Persistent link: https://www.econbiz.de/10005497735