Narrow search
Showing 1 - 10 of 158
Cover Image
The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - CESifo - 2005
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/10005416489
Cover Image
Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - CESifo - 2014
This paper explores the potential effectiveness of the ECB’s Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010877947
Cover Image
Trends in Monetary Policy Transparency
Geraats, Petra - CESifo - 2009
Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …
Persistent link: https://www.econbiz.de/10005051564
Cover Image
Central Bank Independence and Conservatism under Uncertainty: Substitutes or Complements?
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain central bank preferences. We develop a model of endogenous monetary policy delegation in which government chooses the central bank's degree of inde-pendence and conservatism so...
Persistent link: https://www.econbiz.de/10008833933
Cover Image
Uncertainty and Fiscal Policy in an Asymmetric Monetary Union
Hefeker, Carsten; Zimmer, Blandine - CESifo - 2008
bank transparency. We first show that monetary uncertainty disciplines fiscal policymakers and thereby reduces taxes …
Persistent link: https://www.econbiz.de/10005013047
Cover Image
Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis
Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2012
As shown in Sinn and Wollmershäuser (2012a), during the European balance-of-payments crisis, inter-governmental credit and Target credit granted by core-country central banks have replaced private international capital flows in financing the crisis countries' current account deficits, and even...
Persistent link: https://www.econbiz.de/10010814462
Cover Image
Economic Policy Uncertainty, Trust and Inflation Expectations
Istrefi, Klodiana; Piloiu, Anamaria - CESifo - 2013
Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents’ expectations of inflation in the long term. Our estimated structural VARs show that both long- and short-term inflation expectations are...
Persistent link: https://www.econbiz.de/10010670794
Cover Image
Strategic Interactions between Fiscal and Monetary Authorities in a Multi-Country New-Keynesian Model of a Monetary Union
Michalak, Tomasz; Engwerda, Jacob; Plasmans, Joseph - CESifo - 2009
In this paper we consider a number of key issues related to the policy coordination in a monetary union that has been recently discussed in the literature. To this end we propose a multi-country New-Keynesian model of a monetary union cast in the framework of linear quadratic differential games....
Persistent link: https://www.econbiz.de/10005405711
Cover Image
Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility
Sinn, Hans-Werner; Wollmershäuser, Timo - CESifo - 2011
The European Monetary Union is stuck in a severe balance of payments crisis. Greece, Ireland, Portugal and Spain in particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the national central banks’ balance sheets, was 314...
Persistent link: https://www.econbiz.de/10009150656
Cover Image
Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - CESifo - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010877795