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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
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Inflation Forecast Contracts
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
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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
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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
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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
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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
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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
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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
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Hawks and Doves at the FOMC
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2015
In this paper we estimate ideal points of Bank Presidents and Board Governors at the FOMC. We use stated preferences from FOMC transcipts and estimate a hierarchical spatial voting model. We find a clear difference between the average Board Governor and Bank President. We find little evidence...
Persistent link: https://www.econbiz.de/10011184080
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On the Real Effects of Monetary Policy: A Central Banker's View
Vallés Liberal, Javier; Viñals, José - C.E.P.R. Discussion Papers - 1999
This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can...
Persistent link: https://www.econbiz.de/10005114302