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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 … is effective. Modern New Keynesian theory is an appropriate framework for analysing the impact that this anchoring of … expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in …
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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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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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
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Euro Area monetary policy shocks: impact on financial asset prices during the crisis?
Jardet, C.; Monks, A. - Banque de France - 2014
We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB interest rate announcements between 2002 and 2013. In line with Gürkaynak et al. (2005), we look at monetary policy shocks along two time dimensions: one related to the current level...
Persistent link: https://www.econbiz.de/10010938544
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The Macroeconomic Effects of Reserve Requirements
Glocker, Ch.; Towbin P. - Banque de France - 2012
requirement shock leads to an exchange rate depreciation and an improvement in the current account, but also to an increase in …
Persistent link: https://www.econbiz.de/10010540385
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The art of central banking of the ECB and the separation principle.
Clerc, L.; Bordes, C. - Banque de France - 2010
This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of Goodfriend's (2009) determination of the three policies that fall within the remit of a central bank: monetary policy, which consists in varying the size of the balance sheet,...
Persistent link: https://www.econbiz.de/10008548998
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Evaluating Monetary Policy Rules in Estimated Forward-Looking Models: A Comparison of US and German Monetary Policies.
Jondeau, E.; Le Bihan, H. - Banque de France - 2000
In this paper, we estimate two small, forward-looking, macroeconomic models for the US and Germany and we compare the implied optimal monetary policy rules.
Persistent link: https://www.econbiz.de/10005781184
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A Two-Pillar DSGE Monetary Policy Model for the Euro Area.
Barthélemy, J.; Clerc L.; Marx, M. - Banque de France - 2008
Whereas the bulk of the literature on DSGE models provides a rationale for inflation targeting strategies, there is no … inflation, eventually accounting for structural shifts in velocity; 4) we found some evidence that the ECB has reacted …
Persistent link: https://www.econbiz.de/10005036223
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Banque centrale, taux de l'escompte et politique monétaire chez Henry Thornton (1760-1815).
Mésonnier, J-S. - Banque de France - 2002
economist, in particular with regard to its seminal contribution to the theory of the lender of last resort. However, Thornton … these views with his theory of central banking in order to demonstrate that Thornton advocated an active use of the Bank of …
Persistent link: https://www.econbiz.de/10005056526