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Implementing monetary policy in a fragmented monetary union.
Vari, M. - Banque de France - 2014
This paper shows how interbank market fragmentation disrupts monetary policy implementation. Fragmentation is defined as the situation where some banks are cut from the interbank loan market. The paper incorporates fragmentation in an otherwise standard theoretical model of monetary policy...
Persistent link: https://www.econbiz.de/10011099532
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Estimation of a Time Varying NAIRU for France.
Irac, D. - Banque de France - 2000
bank since it focuses directly on inflation. Thus, the paper considers the reduced Phillips equation, assuming a stable … relationship between inflation and some kind of demand disequilibrium index, as the most promising starting point to estimate an …
Persistent link: https://www.econbiz.de/10005036216
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Price Stability and The ECB's Monetary Policy Strategy
Bordes, C.; Clerc, L. - Banque de France - 2004
exclusively on the anchoring of short- to medium-term inflation expectations (Part 2). Several measures show that this anchoring … expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in … on the other aspect of monetary stability: the degree of price-level uncertainty and the anchoring of inflation …
Persistent link: https://www.econbiz.de/10005056542
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Assessing GMM Estimates of the Federal Reserve Reaction Function.
Florens, C.; Jondeau, E.; Le Bihan, H. - Banque de France - 2001
Estimating a forward-looking monetary policy rule by the Generalized Method of Moments (GMM) has become a popular approach since the influential paper by Clarida, Gali, and Gertler (1998). However, an abundant econometric literature underlines the unappealing small-samples properties of GMM...
Persistent link: https://www.econbiz.de/10005671910
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Insulation impossible: monetary policy and regional fiscal spillovers in a federation
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10008677945
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Regional Debt in Monetary Unions: Is it Inflationary?
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2007
monetization by a central bank? We argue here that both outcomes can arise in equilibrium. In the model economy, there are multiple … Monetization, the central bank is induced to print money to finance the region's obligations. The multiplicity of equilibria …
Persistent link: https://www.econbiz.de/10004998812
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Leadership in Public Good Provision: a Timing Game Perspective
Kempf, H.; Rota Graziosi, G. - Banque de France - 2009
We address in this paper the issue of leadership when two governments provide public goods to their constituencies with cross border externalities as both public goods are valued by consumers in both countries. We study a timing game between two different countries: before providing public...
Persistent link: https://www.econbiz.de/10008479240
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Monetary rules and the spillover of regional fiscal policies in a federation.
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2009
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10005034724
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The Exchange Rate Pass-Through in the New EU Member States
Jimborean, R. - Banque de France - 2011
-through estimates have declined in response to a change in inflation environment and find evidence of such decline only for import …
Persistent link: https://www.econbiz.de/10009275674
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Reserve Requirements for Price and Financial Stability - When Are They Effective?
Glocker, C.; Towbin, P. - Banque de France - 2012
Reserve requirements are a prominent policy instrument in many emerging countries. The present study investigates the circumstances under which reserve requirements are an appropriate policy tool for price or financial stability. We consider a small open economy model with sticky prices,...
Persistent link: https://www.econbiz.de/10009651278