Similar Search Results

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2012

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10011084494

A Theory of Central Bank Accountability

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2000

In this paper we investigate central bank accountability by looking at the effect of transparency in a simple monetary … banker's preferences for inflation stabilization relative to output stabilization. Transparency enhances the central bank …'s accountability. The paper shows that transparency leads to a lower expected rate of inflation and less stabilization of supply shocks. …

Persistent link: https://www.econbiz.de/10005666712

Monetary Policy Inclinations

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2008

We examine whether the publication of forecasts concerning the likely future conduct of monetary policy is socially desirable. Introducing a new central bank loss function that accounts for the deviations from announcements, we incorporate forecasts about future inflation and interest rates into...

Persistent link: https://www.econbiz.de/10005114233

Playing the Fertility Game at Work: An Equilibrium Model of Peer Effects

Ciliberto, Federico; Miller, Amalia R; Nielsen, Helena S; … - C.E.P.R. Discussion Papers - 2013

We study workplace peer effects in fertility decisions using a game theory model of strategic interactions among coworkers that allows for multiple equilibria. Using register-based data on fertile-aged women working in medium sized establishments in Denmark, we uncover negative average peer...

Persistent link: https://www.econbiz.de/10011084249

Signalling and Commitment: Monetary versus Inflation Targeting

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003

private information on shocks to money demand and, because of verifiability problems, the transparency solution is not …

Persistent link: https://www.econbiz.de/10005497735

Reciprocity and Inflation in Federal Monetary Unions

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1995

This paper presents a model of monetary policy-making in a federal monetary union. Central bank council members are representatives from the member states. In a repeated-game context, council members have an incentive to engage in strategic voting, trading political favours between each other....

Persistent link: https://www.econbiz.de/10005497837

Monetary Policy and the Rule of Law

Eijffinger, Sylvester C W; Stadhouders, Patrick - C.E.P.R. Discussion Papers - 2003

The translation of legal independence into actual independence is primarily determined by the rule of law. Inspired by the economic growth literature, where the role of institutions already is incorporated, we introduce Institutional Quality Indicators that can be used as reasonable proxies for...

Persistent link: https://www.econbiz.de/10005497964

Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU

Feist, Holger; Sinn, Hans-Werner - C.E.P.R. Discussion Papers - 1997

The European Monetary Union will involve socialization of existing seigniorage wealth of national central banks. This socialization will create windfall gains for countries with relatively low monetary bases such as France and the United Kingdom and will be disadvantageous for countries like...

Persistent link: https://www.econbiz.de/10005497965

The Role of Central Banks in Financial Stability: How has it changed?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2012

The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...

Persistent link: https://www.econbiz.de/10011083725

Non Linear Taylor Rules and Asymmetric Preferences in Central Banking - Evidence from the UK and the US

Cukierman, Alex; Muscatelli, Vito Antonio - C.E.P.R. Discussion Papers - 2007

Objectives and Methodology: This paper explores theoretically and empirically the view that, due to asymmetric central bank preferences, Taylor rules are often non-linear and that the nature of those asymmetries changes over different policy regimes. Our theoretical model uses a standard...

Persistent link: https://www.econbiz.de/10011084215