Showing 1 - 10 of 357
future. In most real-world institutional/legal settings the implementation of a helicopter drop of base money requires …
Persistent link: https://www.econbiz.de/10005662197
This is an extensive survey of worldwide developments in the area of monetary policymaking institutions during the second half of the twentieth century and beyond. In addition the last section discusses current open issues and future challenges. Section 2 reviews the changes that have occurred...
Persistent link: https://www.econbiz.de/10005666788
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
We use a new theory of price determination – developed by Woodford, Simms and others – to characterize central bank …
Persistent link: https://www.econbiz.de/10005792408
This article investigates the impact on economic performance of the timing of moves in a policy game between the government and the central bank for a government with both distributional and stabilization objectives. It is shown that both inflation and income inequality are reduced without...
Persistent link: https://www.econbiz.de/10005123515
Monetary theory and policy are part of intertemporal public finance. This Paper reviews some interesting recent … the so-called Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government budget …
Persistent link: https://www.econbiz.de/10005123549
The paper incorporates three institutional design features into a Kydland-Prescott, Barro-Gordon monetary policy game. It shows that goal-independence and goal-transparency (an explicit inflation target) at the central bank are substitute ‘commitment technologies’ that reduce inflation and...
Persistent link: https://www.econbiz.de/10005123596
The literature argues that the benefits of an independent Central Bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability is due to the proactive role of fiscal policy when faced with rigid monetary...
Persistent link: https://www.econbiz.de/10005124130
The problem of monetary policy delegation is formulated as a two-stage game between the government and the central bank. In the first stage the government chooses the institutional design of the central bank. Monetary and fiscal policy are implemented in the second stage. When fiscal policy is...
Persistent link: https://www.econbiz.de/10005498019
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10005498174