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Robustly optimal monetary policy with near-rational expectations

Woodford, Michael - Center for Financial Studies - 2005

The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...

Persistent link: https://www.econbiz.de/10010958613

Bayesian and adaptive optimal policy under model uncertainty

Svensson, Lars E. O.; Williams, Noah - Center for Financial Studies - 2006

We study the problem of a policymaker who seeks to set policy optimally in an economy where the true economic structure is unobserved, and policymakers optimally learn from their observations of the economy. This is a classic problem of learning and control, variants of which have been studied...

Persistent link: https://www.econbiz.de/10010958767

Robustly Optimal Monetary Policy with Near-Rational Expectations

Woodford, Michael - Center for Financial Studies - 2007

The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...

Persistent link: https://www.econbiz.de/10005022441

Bayesian and Adaptive Optimal Policy under Model Uncertainty

Svensson, Lars E.O.; Williams, Noah - Center for Financial Studies - 2007

Persistent link: https://www.econbiz.de/10005600452

The Determinants of Debt and (Private-) Equity Financing in Young Innovative SMEs: Evidence from Germany

Schäfer, Dorothea; Werwatz, Axel; Zimmermann, Volker - Center for Financial Studies - 2003

Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that...

Persistent link: https://www.econbiz.de/10005022424

Transparency in monetary policy

Remsperger, Hermann; Worms, Andreas - Center for Financial Studies - 1999

For some time now the buzzword 'transparency' has been bandied about in the media almost daily. For example, calls were … made for greater transparency in the financial system in connection with developments in the Asian financial markets. But … the call for greater transparency goes far beyond the financial markets. It is now regarded as a necessary part of good …

Persistent link: https://www.econbiz.de/10010958721

Essays on the political economy of Central Bank policy

Lin, Xiang - 1998

Persistent link: https://www.econbiz.de/10000998442

Keynesian government spending multipliers and spillovers in the Euro area

Cwik, Tobias J.; Wieland, Volker - Center for Financial Studies - 2009

The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending the so-called Keynesian multiplier effect. Thus, we investigate whether the discretionary...

Persistent link: https://www.econbiz.de/10010958672

Exit strategies

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

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...

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

The boom-bust cycle in Finland and Sweden 1984-1995 in an international perspective

Jonung, Lars; Schuknecht, Ludger; Tujula, Mika - Center for Financial Studies - 2005

This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile...

Persistent link: https://www.econbiz.de/10010958775

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