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Der Euro in stürmischen Zeiten : Beiträge von Otmar Issing zur Wirtschafts- und Währungspolitik am Center for Financial Studies 2006-2015

Issing, Otmar - Center for Financial Studies - 2016

Persistent link: https://www.econbiz.de/10011478326

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

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

or inflation as in the empirical two-pillar Phillips curves estimated in some recent contributions, it would be optimal …-checking does not require direct effects of money on output or inflation. …

Persistent link: https://www.econbiz.de/10010986472

Money in Monetary Policy Design under Uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking

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

output or inflation as in the empirical “two-pillar” Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

Persistent link: https://www.econbiz.de/10005022416

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

Risks to price stability, the zero lower bound and forward guidance: A real-time assessment

Coenen, Günter; Warne, Anders - Center for Financial Studies - 2013

is derived from policy-makers' preferences about inflation outcomes, we first show that downside risks to price stability … future inflation can provide insurance against the materialisation of such upside risks. …

Persistent link: https://www.econbiz.de/10010986359

A Small Estimated Euro Area Model with Rational Expectations and Nominal Rigidities

Coenen, Guenter; Wieland, Volker - Center for Financial Studies - 2003

alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the … reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we … in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating …

Persistent link: https://www.econbiz.de/10010986466

Insurance policies for monetary policy in the Euro area

Küster, Keith; Wieland, Volker - Center for Financial Studies - 2005

In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB.We find that maximal insurance across this model range in terms of aMinimax policy comes at moderate...

Persistent link: https://www.econbiz.de/10010986477

Core inflation in the Euro area: Evidence from the structural VAR approach

Hahn, Elke - Center for Financial Studies - 2002

Against the difficult background of analysing aggregated data in this paper core inflation in the euro area is … misleading indicator for monetary policy in the euro area. We furthermore compare our core inflation measure to the wide … coincident indicator of HICP inflation. Assessing the robustness of our core inflation measure we carefully conclude that it …

Persistent link: https://www.econbiz.de/10010958586

Equal size, equal role? Interest rate interdependence between the Euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - Center for Financial Studies - 2003

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10010958641