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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
monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we …
Persistent link: https://www.econbiz.de/10005114302
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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 policy game with an overriding mechanism. Monetary policy is transparent if there is little uncertainty about the central banker's preferences for inflation stabilization...
Persistent link: https://www.econbiz.de/10005666712
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Central Bank Constitutions for Monetary Unions
Süppel, Ralph; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1994
Historical experience suggests that the distribution of monetary policy authority among the members of a monetary union is a key aspect of the design of a central bank constitution. We analyse alternative institutional solutions to that problem with different degrees of centralization of...
Persistent link: https://www.econbiz.de/10005792300
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Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade
Amato, Jeffery D.; Gerlach, Stefan - C.E.P.R. Discussion Papers - 2001
Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting (IT). In this Paper we discuss a number of issues that arise in this context: (a) the definition of IT, (b) the role of preconditions for IT, (c) the use of intermediate exchange...
Persistent link: https://www.econbiz.de/10005656461
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Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …
Persistent link: https://www.econbiz.de/10005497931
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2009
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10008577801
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Money, credit, monetary policy and the business cycle in the euro area
Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012
This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...
Persistent link: https://www.econbiz.de/10011083763
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Money and the Transmission Mechanism in the Optimizing IS-LM Specification
Nelson, Edward - C.E.P.R. Discussion Papers - 2003
IS-LM framework tends to understate the value of money as an indicator for monetary policy. …
Persistent link: https://www.econbiz.de/10005791565
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Money in Monetary Policy Design under Uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking
Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …
Persistent link: https://www.econbiz.de/10005792117
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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002
This Paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in the face of aggregate shocks. The payoff depends on the level of aggregate demand, as well as on their...
Persistent link: https://www.econbiz.de/10005661497