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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

Sterling Misalignment and British Trade Performance

Bean, Charles R - C.E.P.R. Discussion Papers - 1987

In the first part of this paper I use a small macroeconomic model to examine the causes of the appreciation of sterling during 1979-81. Oil takes about half of the blame. Contractionary monetary policies alone do not seem sufficient to explain the rest, but when coupled with adverse supply-side...

Persistent link: https://www.econbiz.de/10005666768

Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe

Gordon, Robert J - C.E.P.R. Discussion Papers - 1986

. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies … indices for Japan and Europe. If anything, real wages in Europe and Japan were too flexible rather than too rigid, in the … sense that much of the increase in wage gap indices in Europe during 1968-70 and in Japan in 1973-74 can be interpreted as …

Persistent link: https://www.econbiz.de/10005789135

Trade in the Triad: How Easy is the Access to Large Markets?

Fontagne, Lionel; Mayer, Thierry; Zignago, Soledad - C.E.P.R. Discussion Papers - 2004

called the Triad: The United States, the EU and Japan. We focus on measuring possible asymmetries in market access between …

Persistent link: https://www.econbiz.de/10005504710

Monetary Policy Shocks and Portfolio Choice

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - C.E.P.R. Discussion Papers - 2010

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...

Persistent link: https://www.econbiz.de/10008692318

A global monetary tsunami? On the spillovers of US Quantitative Easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - C.E.P.R. Discussion Papers - 2012

The paper analyses the global spillovers of the Federal Reserve’s unconventional monetary policy measures since 2007. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets...

Persistent link: https://www.econbiz.de/10011083739

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 States. A structural VAR is used to identify aggregate supply, aggregate demand, monetary policy and inflation scare shocks and to analyse their effects on the real, nominal and...

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

The Political Economy of Inflation and Central Bank Independence

Herrendorf, Berthold; Neumann, Manfred J.M. - C.E.P.R. Discussion Papers - 1998

We study monetary policy-making in an economy with many sector-specific monopoly unions. It is assumed that the senior union members are in the majority and – due to the practice of lay-offs by inverse seniority – face a lower unemployment risk than the junior members. Consequently, the...

Persistent link: https://www.econbiz.de/10005791443

Fiscal Constraints on Central Bank Independence and Price Stability

Canzoneri, Matthew B; Diba, Behzad - C.E.P.R. Discussion Papers - 1996

We use a new theory of price determination – developed by Woodford, Simms and others – to characterize central bank independence and price stability. If fiscal policy guarantees that the price level is determined independently of government’s present value budget constraint, we can say...

Persistent link: https://www.econbiz.de/10005792408

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