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Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?
Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 9, pp. 607-615
Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...
Persistent link: https://www.econbiz.de/10010190547
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Zur Problematik einer politisierten Europäischen Zentralbank
Schönwitz, Dietrich - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 93 (2013) 4, pp. 243-246
Im September 2012 hatte EZB-Präsident Draghi angekündigt, dass die Europäische Zentralbank – wenn es notwendig ist – unbegrenzt Staatsanleihen von Krisenstaaten aufkauft, um die Refinanzierung ihrer Staatsschulden zu ermöglichen und ihre Zinsbelastung zu senken. Nach Auffassung des...
Persistent link: https://www.econbiz.de/10009743056
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Will central bank independence withstand political pressure?
Goodhart, Charles A. E.; Pradhan, Manoj - In: Central banking, monetary policy and social responsibility, (pp. 20-34). 2022
Persistent link: https://www.econbiz.de/10013472799
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Chapter 23. The Performance of Alternative Monetary Regimes
Ball, Laurence - In: Handbook of monetary economics : volume 3, (pp. 1303-1343). 2010
conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some …
Persistent link: https://www.econbiz.de/10014025619
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The macroeconomic risks of undesirably low inflation
Arias, Jonas E.; Erceg, Christopher J.; Trabandt, Mathias - 2016
This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New … Keynesian model. We consider different causes of persistently low inflation, including a downward shift in long-run inflation … persistently low inflation depend crucially on its underlying cause, as well as on the extent to which monetary policy is …
Persistent link: https://www.econbiz.de/10011459518
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The Role of Transparency in the Conduct of Monetary Policy
Minegishi, Makoto - 2009
frameworks that are associated with better anchored inflation expectations and more stable inflation outcomes. Despite this …
Persistent link: https://www.econbiz.de/10012447068
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Can we identify the Fed's preferences?
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
Using US data, we estimate optimal policy with a probability below one that the Fed reneges on its commitment ("limited credibility") versus discretionary policy where the Fed reneges on its commitment at all periods with a probability equal to one ("zero credibility"). The transmission...
Persistent link: https://www.econbiz.de/10011695111
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Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory …
Persistent link: https://www.econbiz.de/10011695130
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Monetary policy, external instruments and heteroskedasticity
Rieth, Malte; Schlaak, Thore; Podstawski, Maximilian - 2019 - This version: February 1, 2019
We develop a vector autoregressive framework that combines an external instrument and heteroskedasticity for the identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing both the relevance and exogeneity condition...
Persistent link: https://www.econbiz.de/10012041145
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Helicopter Drops and Liquidity Traps
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023
We show that if the central bank operates without commitment and faces constraints on its balance sheet, helicopter drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints, helicopter drops are irrelevant
Persistent link: https://www.econbiz.de/10014247967