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The First Year Of The Eurosystem: Inflation Targeting Or Not?
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2000
motivating decisions, simplifying external evaluation and thereby improving transparency and accountability. I also consider …
Persistent link: https://www.econbiz.de/10005124046
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Monetary Policy Issues for the Eurosystem
Svensson, Lars E O - C.E.P.R. Discussion Papers - 1999
the goals of the Eurosystem, the role of exchange rate management in the EMU, and the accountability and transparency of … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting … crucial role in ensuring the accountability of the Eurosystem; the minimum transparency needed for effective outside …
Persistent link: https://www.econbiz.de/10005114311
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Transparency under Flexible Inflation Targeting: Experiences and Challenges
Svensson, Lars E O - C.E.P.R. Discussion Papers - 2009
I report some personal views and reflections on transparency experiences and transparency challenges following my first … transparency in inflation targeting and committee decisions on instrument-rate paths, (3) the management of interest … transparency and flexible inflation targeting that I believe would be desirable. …
Persistent link: https://www.econbiz.de/10005661935
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Credit, Financial Stability, and the Macroeconomy
Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015
Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...
Persistent link: https://www.econbiz.de/10011213304
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Monetary Policy and TIPS Yields before the Crisis
Gerlach, Stefan; Moretti, Laura - C.E.P.R. Discussion Papers - 2011
We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the...
Persistent link: https://www.econbiz.de/10009293980
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Money, Financial Stability and Efficiency
Allen, Franklin; Carletti, Elena; Gale, Douglas M - C.E.P.R. Discussion Papers - 2011
Most analyses of banking crises assume that banks use real contracts. However, in practice contracts are nominal and this is what is assumed here. We consider a standard banking model with aggregate return risk, aggregate liquidity risk and idiosyncratic liquidity shocks. We show that, with...
Persistent link: https://www.econbiz.de/10009293987
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US Post-war Monetary Policy: What Caused the Great Moderation?
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2010
Using indirect inference based on a VAR we confront US data from 1972 to 2007 with a standard New Keynesian model in which an optimal timeless policy is substituted for a Taylor rule. We find the model explains the data both for the Great Acceleration and the Great Moderation. The implication is...
Persistent link: https://www.econbiz.de/10008692309
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Monetary Policy Issues in a Low Inflation Environment
Viñals, José - C.E.P.R. Discussion Papers - 2001
One of the most striking macroeconomic phenomena in recent decades has been the achievement of rather low and more stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main policy issues arising in a low inflation environment and...
Persistent link: https://www.econbiz.de/10005666924
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Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System
Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991
Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve...
Persistent link: https://www.econbiz.de/10005791345
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Testing the Monetary Policy Rule in the US: a Reconsideration of the Fed’s Behaviour
Minford, Patrick; Ou, Zhirong - C.E.P.R. Discussion Papers - 2009
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...
Persistent link: https://www.econbiz.de/10008491715