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The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the low credibility of stabilization policies and a...

Persistent link: https://www.econbiz.de/10005123602

Central Bank Communication and Output Stabilization

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2004

Some central banks have a reputation for being secretive. A justification for this behaviour that we find in the literature is that being transparent about operations and beliefs hinders the central bank in achieving the best outcome. In other words, a central bank needs flexibility and...

Persistent link: https://www.econbiz.de/10005124006

Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States

Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997

This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States. …

Persistent link: https://www.econbiz.de/10005123911

Monetary Discipline, Germany, and the European Monetary System

Melitz, Jacques - C.E.P.R. Discussion Papers - 1987

Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than …

Persistent link: https://www.econbiz.de/10005791579

With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank …

Persistent link: https://www.econbiz.de/10005792124

Labor and Product Markets in Czechoslovakia and the ex-GDR: A Twin Study

Burda, Michael C - C.E.P.R. Discussion Papers - 1991

Pre-reform similarities between the ex-German Democratic Republic and Czechoslovakia serve as a basis for comparing two different approaches to marketizing centrally planned economies. The GDR freed trade in goods and fixed the exchange rate first, then liberalized domestic price setting, and...

Persistent link: https://www.econbiz.de/10005789149

Macroprudential policy and central bank communication

Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010

In response to the financial crisis of 2007-2010, many central banks are getting involved in macroprudential supervision. Central bank communication will constitute a central policy tool for that purpose. The paper asks how such communication will affect financial markets, exploiting the fact...

Persistent link: https://www.econbiz.de/10008692311

Inflation Targeting: What can the ECB Learn from the Recent Experience of the Bank of England

Artis, Michael J; Kontolemis, Zenon G; Mizen, Paul D - C.E.P.R. Discussion Papers - 1998

The establishment of the European Central Bank (ECB) presents a rare opportunity to define the operations of a central bank with no prior track record. Before the ECB specifies an, as yet undefined, operational target this paper asks what might be learnt from the recent experience of inflation...

Persistent link: https://www.econbiz.de/10005136552

Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations

Bindseil, Ulrich; Nyborg, Kjell G; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2004

Repo auctions are multiunit auctions regularly used by central banks to inject liquidity into the banking sector. Banks have a fundamental need to participate because they have to satisfy reserve requirements. Superficially, repo auctions resemble treasury auctions; the format and rules are...

Persistent link: https://www.econbiz.de/10005067452

Flexible Majority Rules for Central Banks

Gersbach, Hans; Pachl, Bernhard - C.E.P.R. Discussion Papers - 2004

We propose a flexible majority rule for central bank councils where the size of the majority depends monotonically on the change in interest rate within a particular time frame. Small changes in interest rate require a small share of supporting votes, even less than 50%. We show that flexible...

Persistent link: https://www.econbiz.de/10005067504

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