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Some Evolutionary Foundations for Price Level Rigidity

Saint-Paul, Gilles - CESifo - 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 face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...

Persistent link: https://www.econbiz.de/10005051547

Money, Credit and Banking

Berentsen, Aleksander; Camera, Gabriele; Waller, Christopher - CESifo - 2005

In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits...

Persistent link: https://www.econbiz.de/10005405820

Academics Appreciate Awards - A New Aspect of Incentives in Research

Frey, Bruno S.; Neckermann, Susanne - CESifo - 2009

This paper analyzes awards as a means of motivation prevalent in the scientific community, but so far neglected in the economic literature on incentives, and discusses their relationship to monetary compensation. Awards are better suited than performance pay to reward scientific tasks, which are...

Persistent link: https://www.econbiz.de/10005406082

Towards a Macroprudential Surveillance and Remedial Policy Formulation System for Monitoring Financial Crisis

Bhattacharyay, Biswa N. - CESifo - 2009

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...

Persistent link: https://www.econbiz.de/10008583704

Monetary Policy and Nominal Rigidities under Low Inflation

Holden, Steinar - CESifo - 2001

In most European countries, money wages are given in collective agreements or individual employment contracts, and the … stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …

Persistent link: https://www.econbiz.de/10005405852

Transparency of Monetary Policy: Theory and Practice

Geraats, Petra - CESifo - 2005

, this paper aims to bridge the gap between the theory and practice of monetary policy transparency. …

Persistent link: https://www.econbiz.de/10005405911

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 provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...

Persistent link: https://www.econbiz.de/10005405989

Speed Limit Policies: The Output Gap and Optimal Monetary Policy

Walsh, Carl - CESifo - 2001

In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...

Persistent link: https://www.econbiz.de/10005406008

Inflation Targets Versus International Monetary Integration - A Canadian Perspective

Laidler, David - CESifo - 2002

The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada’s recent economic performance under inflation targets, and...

Persistent link: https://www.econbiz.de/10005406116

Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication

Berger, Helge; Sturm, Jan-Egbert - CESifo - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the …

Persistent link: https://www.econbiz.de/10005406390

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