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Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - Center for Financial Studies - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central banks interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

Persistent link: https://www.econbiz.de/10010986372

Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model

Beck, Guenter W.; Wieland, Volker - Center for Financial Studies - 2009

criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …

Persistent link: https://www.econbiz.de/10010958545

Money in Monetary Policy Design under Uncertainty: A Formal Characterization of ECB-Style Cross-Checking

Beck, Guenter W.; Wieland, Volker - Center for Financial Studies - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank’s interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

Persistent link: https://www.econbiz.de/10005176447

A new comparative approach to macroeconomic modeling and policy analysis

Wieland, Volker; Cwik, Tobias J.; Müller, Gernot J.; … - Center for Financial Studies - 2012

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...

Persistent link: https://www.econbiz.de/10010986439

Exit strategies

Angeloni, Ignazio; Faia, Ester; Winkler, Roland C. - Center for Financial Studies - 2010

else be relatively skewed towards consumption taxes. The phasing out of monetary accommodation should be simultaneous or …

Persistent link: https://www.econbiz.de/10010958696

The unintended consequences of the debt: Will increased government expenditure hurt the economy?

Werner, Richard A. - Center for Financial Studies - 2011

In 2008, governments in many countries embarked on large fiscal expenditure programmes, with the intention to support the economy and prevent a more serious recession. In this study, the overall impact of a substantial increase in fiscal expenditure is considered by providing a novel analysis of...

Persistent link: https://www.econbiz.de/10010958773

A Simple Dynamic Model of Credit and Aggregate Demand

Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003

The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.

Persistent link: https://www.econbiz.de/10005126180

Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union

Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002

This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...

Persistent link: https://www.econbiz.de/10005126325

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2008

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10010986410

Sticky prices and monetary policy: Evidence from disaggregated US data

Boivin, Jean; Giannoni, Marc P.; Mihov, Ilian - Center for Financial Studies - 2006

fluctuations in disaggregated consumer and producer prices which are due to macroeconomic factors from those due to sectorial …

Persistent link: https://www.econbiz.de/10010986414