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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 model of the monetary transmission process that underlies...
Persistent link: https://www.econbiz.de/10010986372
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Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus 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. In this paper, we explore possible justifications. The case against including money in the central banks interest rate rule is based on a standard model of...
Persistent link: https://www.econbiz.de/10010986472
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Beck, Guenter W.; Wieland, Volker - Center for Financial Studies - 2009
In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...
Persistent link: https://www.econbiz.de/10010958545
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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 model of the monetary transmission process that...
Persistent link: https://www.econbiz.de/10005176447
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The European Central Bank
Binder, Michael; Wieland, Volker - Center for Financial Studies - 2006
The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history, representing an important experiment in central banking. This note aims to summarize some of the main lessons learned from this experiment and sketch some of the prospects for...
Persistent link: https://www.econbiz.de/10010958537
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EMU and capital markets: The institutional framework
Gros, Daniel - Center for Financial Studies - 1998
This paper reviews the factors that will determine the shape of financial markets under EMU. It argues that financial markets will not be unified by the introduction of the euro. National central banks have a vested interest in preserving local idiosyncracies (e.g. the Wechsels in Germany) and...
Persistent link: https://www.econbiz.de/10010958760
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Mutual versus stock insurers: Fair premium, capital, and solvency
Laux, Christian; Muermann, Alexander - Center for Financial Studies - 2006
relevant to raising capital, selling policies, and sharing risk in the presence of financial distress. Up-front capital is … conflict, holding capital is costly. Free-rider and commitment problems limit the degree of capitalization that a stock insurer … can obtain. The mutual form, by tying sales of policies to the provision of capital, can overcome these problems at the …
Persistent link: https://www.econbiz.de/10010958690
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Mutual versus Stock Insurers: Fair Premium, Capital, and Solvency
Laux, Christian; Muermann, Alexander - Center for Financial Studies - 2006
relevant to raising capital, selling policies, and sharing risk in the presence of financial distress. Up-front capital is … conflict, holding capital is costly. Free-rider and commitment problems limit the degree of capitalization that a stock insurer … can obtain. The mutual form, by tying sales of policies to the provision of capital, can overcome these problems at the …
Persistent link: https://www.econbiz.de/10005120775
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Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
Coenen, Günter; Warne, Anders - Center for Financial Studies - 2013
This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...
Persistent link: https://www.econbiz.de/10010986359