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Monetary Policy Analysis in Real-Time. Vintage Combination from a Real-Time Dataset.
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty … high macroeconomic uncertainty. …
Persistent link: https://www.econbiz.de/10008861862
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Transparency, Flexibility and Macroeconomic Stabilization
Geraats, Petra - CESifo - 2014
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10010877697
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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
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Escaping from a Combination of Liquidity Trap and Credit Crunch
Heinemann, Frank - CESifo - 2008
This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...
Persistent link: https://www.econbiz.de/10005765775
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty … model averaging procedure on a wide range of models which differ in several dimensions to account for the uncertainty that … rate in the transmission mechanism. Finally, we show that a policy maker who does not take model uncertainty into account …
Persistent link: https://www.econbiz.de/10005051516
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Central Bank Boards around the World: Why does Membership Size Differ?
Berger, Helge; Nitsch, Volker; Lybek, Tonny - CESifo - 2007
This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board’s size. The empirical relevance of these factors is...
Persistent link: https://www.econbiz.de/10005181616
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A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan
Schnabl, Gunther; Danne, Christian - CESifo - 2007
impact on Japanese monetary policy in periods of appreciation. This implies rising uncertainty and that repeated attempts to …
Persistent link: https://www.econbiz.de/10005405989
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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
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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 monthly press conferences during 1999-2004. Over time, the relative amount of words devoted to the monetary analysis has decreased. Our analysis of indicators of the monetary policy...
Persistent link: https://www.econbiz.de/10005406390
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The Stress of Having a Single Monetary Policy in Europe
Sturm, Jan-Egbert; Wollmershäuser, Timo - CESifo - 2008
This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences...
Persistent link: https://www.econbiz.de/10005406450