Similar Search Results

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

inflation expectations. As a result, they mute their interest rate response and no longer fully offset anticipated demand shocks …

Persistent link: https://www.econbiz.de/10010877697

How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?

Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - CESifo - 2013

Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...

Persistent link: https://www.econbiz.de/10010877935

Asset Allocation and Monetary Policy: Evidence from the Eurozone

Hau, Harald; Lai, Sandy - CESifo - 2014

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short …-term interest rates varied substantially across countries in the period 2003-2010. We use this cross-country variation in the (local …-shifting channel, we find that fund investors in countries with decreased real interest rates shift their portfolio investment out of …

Persistent link: https://www.econbiz.de/10010948820

Monetary Policy and the Relative Price of Durable Goods

Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015

In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...

Persistent link: https://www.econbiz.de/10011272622

Taxation, Corruption and the Exchange Rate Regime

Hefeker, Carsten - CESifo - 2009

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

Persistent link: https://www.econbiz.de/10005013051

First Impressions Matter: Signalling as a Source of Policy Dynamics

Hansen, Stephen; McMahon, Michael - CESifo - 2012

We first establish that policymakers on the Bank of England’s Monetary Policy Committee choose lower interest rates …

Persistent link: https://www.econbiz.de/10010540726

National Representation in Multinational Institutions: The Case of the European Central Bank

Badinger, Harald; Nitsch, Volker - CESifo - 2011

business areas best describe the central bank's interest-rate setting behavior. …

Persistent link: https://www.econbiz.de/10009294095

Monetary Policy and Redistribution: What can or cannot be Neutralized with Mirrleesian Taxes

Gahvari, Firouz; Micheletto, Luca - CESifo - 2012

This paper develops an overlapping-generations model with heterogeneous agents in terms of earning ability and cash-in-advance constraint. It shows that tax policy cannot fully replicate or neutralize the redistributive implications of monetary policy. While who gets the extra money becomes...

Persistent link: https://www.econbiz.de/10009645639

The VARying Effect of Foreign Shocks in Central and Eastern Europe

Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - CESifo - 2010

This paper investigates the impact of international shocks – interest rate, commodity price and industrial production … substantial differences in responses to foreign interest rate shocks that originate from the US or the euro area. …

Persistent link: https://www.econbiz.de/10008596588

Monetary Policy, Model Uncertainty and Exchange Rate Volatility

Markiewicz, Agnieszka - CESifo - 2010

This paper proposes an explanation of the shifts in the volatility of exchange rate returns that relies on standard present value exchange rate models. Agents are uncertain about the true data generating model and deal with the model uncertainty by making inference on the models and their...

Persistent link: https://www.econbiz.de/10008596599