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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
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Macroprudential policy and central bank communication
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - C.E.P.R. Discussion Papers - 2010
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 that many central banks have had some financial stability role in … times, but can have a substantially larger effect during periods of financial stress. Moreover, central bank communication …
Persistent link: https://www.econbiz.de/10008692311
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009643503
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The role of central bank transparency for guiding private sector forecasts
Ehrmann, Michael; Eijffinger, Sylvester C W; … - C.E.P.R. Discussion Papers - 2009
announcing a quantified inflation objective, other forms of communication, or by publishing central banks’ inflation and output …
Persistent link: https://www.econbiz.de/10008458290
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Central Bank Independence: An Update of Theory and Evidence
Berger, Helge; de Haan, Jakob; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2000
This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, the literature on optimal inflation contracts is discussed, followed by research in which the inflationary bias is endogenized. Finally, the various...
Persistent link: https://www.econbiz.de/10005662256
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Monetary Policies for Developing Countries: The Role of Institutional Quality
Huang, Haizhou; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2005
Weak public institutions, including high levels of corruption, characterize many developing countries. With a simple model, we demonstrate that institutional quality has important implications for the design of monetary policies and can produce several departures from the conventional wisdom. We...
Persistent link: https://www.econbiz.de/10005789083
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Strong Goal Independence and Inflation Targets
Baltensperger, Ernst; Fischer, Andreas M; Jordan, Thomas J. - C.E.P.R. Discussion Papers - 2006
Inflation targeting has become the monetary policy framework of the nineties. At the other extreme, several central banks have recently adopted key elements of the inflation targeter's toolkit, but at the same time they have made formal declarations that they are not inflation targeters. Such a...
Persistent link: https://www.econbiz.de/10005791226
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Assessing Inflation Persistence: Micro Evidence on an Inflation Targeting Economy
Babecký, Jan; Coricelli, Fabrizio; Horváth, Roman - C.E.P.R. Discussion Papers - 2009
The paper provides an empirical analysis of inflation persistence in one of inflation targeting countries, the Czech Republic, using 412 detailed product-level consumer price indexes underlying the consumer basket over the period from 1994 to 2005. Subject to various sensitivity tests, our...
Persistent link: https://www.econbiz.de/10005791254
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The Inflation Forecast and the Loss Function
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2002
This Paper argues that inflation-targeting central banks should announce explicit loss function with numerical relative weights on output-gap stabilization and use and announce optimal time-varying instrument-rate paths and corresponding inflation and output-gap forecasts. Simple voting...
Persistent link: https://www.econbiz.de/10005791438
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Performance of Inflation Targeting Based on Constant Interest Rate Projections
Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2003
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR) instrument rules. Using the standard New...
Persistent link: https://www.econbiz.de/10005791491