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Money growth and inflation in the euro area: a time-frequency view

Rua, António - Banco de Portugal - 2011

This paper provides new insights on the relationship between money growth and inflation in the euro area over the last forty years. This highly relevant link for the European Central Bank monetary policy strategy is assessed using wavelet analysis. In particular, wavelet analysis allows to study...

Persistent link: https://www.econbiz.de/10009292988

Money is an experience good: competition and trust in the private provision of money

Marimon, Ramon; Nicolini, Juan Pablo; Teles, Pedro - Banco de Portugal - 2011

We study the interplay between competition and trust as efficiency enhancing mechanisms in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a...

Persistent link: https://www.econbiz.de/10009207322

Modelling Taylor Rule Uncertainty

Martins, Fernando; Machado, José A. F.; Esteves, Paulo … - Banco de Portugal - 2002

target and of output from potential. These reaction functions, usually called Taylor rules, following John Taylor's seminal …. This provides a good reason for the growing prominence of indications given by Taylor rule estimations in debates about … application of a Taylor rule (the Taylor interest rate) which acknowledges that not only the explanatory variables but also the …

Persistent link: https://www.econbiz.de/10008524133

Money is an Experience Good: Competition and Trust in the Private Provision of Money

Marimon, Ramon; Nicolini, Juan Pablo; Teles, Pedro - Banco de Portugal - 2009

Persistent link: https://www.econbiz.de/10008524138

Evidence from surveys of price-setting managers: Policy lessons and directions for ongoing research

Gaspar, Vítor; Levin, Andrew; Martins, Fernando; … - Banco de Portugal - 2009

Understanding the determinants of individual price setting behaviour is crucial for the formulation of monetary policy, especially in an economy experiencing ongoing structural change. These behavioural mechanisms play a fundamental role in influencing the characteristics of aggregate inflation...

Persistent link: https://www.econbiz.de/10008524169

The Monetary Transmission in the US and the Euro Area: Common Features and Common Frictions

Alves, Nuno - Banco de Portugal - 2004

This paper compares the monetary transmission mechanism in the US and the 3 largest economies of the euro area. We start by showing that the dynamic responses to a monetary policy shock in each of the four countries are analogous. A model with a small set of frictions that broadly accounts for...

Persistent link: https://www.econbiz.de/10008524204

Nominal Debt as a Burden on Monetary Policy

Días-Giménez, Javier; Giovannetti, Giorgia; Marimon, Ramon - Banco de Portugal - 2006

We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium policy implies the progressive depletion of the outstanding stock of debt,...

Persistent link: https://www.econbiz.de/10008524273