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Does High Inflation Cause Central Bankers to Lose their Job? Evidence Based on a New Data Set

Dreher, Axel; Haan, Jakob de; Sturm, Jan-Egbert - CESifo - 2007

to the share of the term in office elapsed, political and regime instability, the occurrence of elections, and inflation … independence. This is confirmed in models for cross-section inflation in which TOR becomes insignificant once its endogeneity is …

Persistent link: https://www.econbiz.de/10005765668

Inflation in Developing Countries: Does Central Bank Independence Matter?

Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001

We analyse whether central bank independence (CBI) affects inflation in developing countries. For this purpose we have … after high inflation countries are added to the sample. …

Persistent link: https://www.econbiz.de/10005196331

The Role of Political Institutions for the Effectiveness of Central Bank Independence

Hielscher, Kai; Markwardt, Gunther - CESifo - 2011

independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country’s inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …

Persistent link: https://www.econbiz.de/10008914290

An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility

Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2000

We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94.We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust...

Persistent link: https://www.econbiz.de/10005405960

Monetary Commitment, Institutional Constraints and Inflation: Empirical Evidence for OECD Countries since the 1970s

Freytag, Andreas; Schneider, Friedrich - CESifo - 2007

Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...

Persistent link: https://www.econbiz.de/10005406295

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

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

Intergenerational Risk-Sharing through Funded Pensions and Public Debt

Chen, Damiaan H.J.; Beetsma, Roel; Ponds, Eduard; Romp, … - CESifo - 2014

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...

Persistent link: https://www.econbiz.de/10010877853

Hypnosis Before Wake-up Call?! The Revival of Sovereign Credit Risk Perception in the EMU-Crisis

Bordon, Ingo G.; Schmid, Kai D.; Schmidt, Michael - CESifo - 2014

This paper qualifies the view of pronounced overpricing of sovereign bonds for the so-called GIIPS countries during the financial crisis. We use annual data for 21 OECD countries from 1980 to 2012. As opposed to related studies, our data set allows us to contrast the pricing of macroeconomic...

Persistent link: https://www.econbiz.de/10010888450

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria; Girardi, Alessandro - CESifo - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009391724