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Optimal Central Bank Conservatism and Monopoly Trade Unions
Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - CESifo - 2001
OPTIMThe “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union...
Persistent link: https://www.econbiz.de/10005181631
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National Representation in Multinational Institutions: The Case of the European Central Bank
Badinger, Harald; Nitsch, Volker - CESifo - 2011
Multinational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate’s professional qualifications. On the other hand, multinational institutions often aim for broad national representation....
Persistent link: https://www.econbiz.de/10009294095
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …
Persistent link: https://www.econbiz.de/10005405989
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Essential Inputs and Unbounded Output: An Alternative Characterization of the Neoclassical Production Function
Irmen, Andreas; Maussner, Alfred - CESifo - 2014
intuitive appeal of the latter feature, we conclude that the neoclassical growth model is a theory of eventual stagnation. …
Persistent link: https://www.econbiz.de/10011099760
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Does Central Bank Communication really Lead to better Forecasts of Policy Decisions? New Evidence Based on a Taylor Rule Model for the ECB
Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2009
Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...
Persistent link: https://www.econbiz.de/10005013956
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How Should Large and Small Countries Be Represented in a Currency Union?
Berger, Helge; Mueller, Till - CESifo - 2004
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10005094239
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Central Banking and Financial Stability in the Long Run
Cao, Jin; Chollete, Lorán - CESifo - 2013
Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...
Persistent link: https://www.econbiz.de/10010667416
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ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds
Trebesch, Christoph; Zettelmeyer, Jeromin - CESifo - 2014
This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...
Persistent link: https://www.econbiz.de/10010756163
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Financial Frictions and Foreign Direct Investment: Theory and Evidence from Japanese Microdata
Raff, Horst; Ryan, Michael; Stähler, Frank - CESifo - 2015
We use Japanese microdata to examine how financial market frictions affect foreign direct investment (FDI). The Japanese land price bubble and banking trouble in the late 1980s and early 1990s serve as a quasi natural experiment to identify two possible transmission channels from financial...
Persistent link: https://www.econbiz.de/10011205374
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Economy Wide Impact of the Trade Integration between Japan and India: A Computable General Equilibrium Analysis
Bhattacharyay, Biswa Nath; Mukhopadhyay, Kakali - CESifo - 2013
Japan and India signed the much-awaited Comprehensive Economic Partnership Agreement (CEPA) on 16th February 2011. The …, the study evaluates the economy wide impact of the proposed CEPA between India and Japan at 2020. The study has used a … India and Japan in 2020 after tariff reduction compared to Business as Usual (BAU) scenario. A marginal export growth is …
Persistent link: https://www.econbiz.de/10010732348