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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
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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
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Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
Schularick, Moritz; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
The crisis of the advanced economies in 2008-09 has focused new attention on money and credit fluctuations, financial crises, and policy responses. We study the behavior of money, credit, and macroeconomic indicators over the long run based on a new historical dataset for 14 countries over the...
Persistent link: https://www.econbiz.de/10008636377
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Back to Keynes?
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005
After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...
Persistent link: https://www.econbiz.de/10005504355
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The Impact of Liquidity Regulation on Bank Intermediation
Bonner, Clemens; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2012
We analyze the impact of non-compliance with a requirement similar to the Basel III Liquidity Coverage Ratio and its … non-compliance with a liquidity requirement causes banks to pay and charge higher interest rates as well as to increase … be affected by the requirement. While non-compliance with a liquidity requirement does not seem to directly affect …
Persistent link: https://www.econbiz.de/10011084639
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Two Monetary Tools: Interest Rates and Haircuts
Ashcraft, Adam; Garleanu, Nicolae Bogdan; Pedersen, … - C.E.P.R. Discussion Papers - 2010
We study a production economy with multiple sectors financed by issuing securities to agents who face capital constraints. Binding capital constraints propagate business cycles, and a reduction of the interest rate can increase the required return of high-haircut assets since it can increase the...
Persistent link: https://www.econbiz.de/10008642875
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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
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Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79
Honohan, Patrick - C.E.P.R. Discussion Papers - 1994
There has been a resurgence of interest in currency boards as a possible approach to achieving a stable currency in newly established or hyperinflationary financial systems. This paper draws attention to one of the more successful currency board experiences, namely that of Ireland. We review the...
Persistent link: https://www.econbiz.de/10005662121
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Central Bank Transparency in Theory and Practice
Demertzis, Maria; Hughes Hallett, Andrew - C.E.P.R. Discussion Papers - 2002
We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small analytical model, which concludes that transparency affects the variability of inflation and output and not their average levels. Then we examine whether this conjecture holds...
Persistent link: https://www.econbiz.de/10005788975
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Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
Acharya, Viral V; Gromb, Denis; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2008
We study liquidity transfers between banks through the interbank borrowing and asset sale markets when (i) surplus … banks providing liquidity have market power, (ii) there are frictions in the lending market due to moral hazard, and (iii …) compared to outside markets, or is prepared to extend loss- making loans. The public provision of liquidity to banks, in fact …
Persistent link: https://www.econbiz.de/10005791217