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Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...
Persistent link: https://www.econbiz.de/10005124252
economy may be affected by the present circumstances of low rates of inflation and low nominal interest rates. …
Persistent link: https://www.econbiz.de/10005114302
Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting … preconditions for IT, (c) the use of intermediate exchange rate targets and (d) the specification of inflation targets. Our overall …
Persistent link: https://www.econbiz.de/10005656461
at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …
Persistent link: https://www.econbiz.de/10005791846
inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …
Persistent link: https://www.econbiz.de/10005123602
situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …
Persistent link: https://www.econbiz.de/10005123620
. The evidence in the Paper shows that CBI is unrelated to inflation during the early stages of liberalization. But with … sufficiently high and sustained levels of liberalization, and controlling for other variables, legal CBI and inflation are … momentum legal independence becomes effective in reducing inflation. The Paper also presents evidence on factors that affect …
Persistent link: https://www.econbiz.de/10005656198
This Paper compares the social efficiency of monetary targeting and inflation targeting when central banks may have … feasible. Under inflation targeting and monetary targeting, central banks may have an incentive to signal their private … information in order to influence the public's expectations about future inflation. We show that inflation targeting is superior …
Persistent link: https://www.econbiz.de/10005497735
inflation when they are part of a group. I examine the effect of increased transparency - in the form of publishing the votes of … affect the policy making body's incentive to refrain from inflation. …
Persistent link: https://www.econbiz.de/10005661910
game. Reciprocity induces a positive inflation bias and nominal fluctuations in the monetary union. …
Persistent link: https://www.econbiz.de/10005497837