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Lessons for monetary policy: What should the consensus be?

Issing, Otmar - Center for Financial Studies - 2011

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

Persistent link: https://www.econbiz.de/10010958514

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

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

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - Center for Financial Studies - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10010986364

The reform of October 1979: How it happened and why

Lindsay, David E.; Orphanides, Athanasios; Rasche, Robert H. - Center for Financial Studies - 2004

This study offers a historical review of the monetary policy reform of October 6, 1979, and discusses the influences behind it and its significance. We lay out the record from the start of 1979 through the spring of 1980, relying almost exclusively upon contemporaneous sources, including the...

Persistent link: https://www.econbiz.de/10010986369

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

Regional inflation dynamics within and across euro area countries and a comparison with the US

Beck, Günter W.; Hubrich, Kirstin; Marcellino, Massimiliano - Center for Financial Studies - 2006

We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary Union. We employ a model where regional inflation...

Persistent link: https://www.econbiz.de/10010986373

Inflation rate dispersion and convergence in monetary and economic unions: lessons for the ECB

Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2005

Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the...

Persistent link: https://www.econbiz.de/10010986384

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

A quantitative exploration of the opportunistic approach to disinflation

Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - Center for Financial Studies - 2005

Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a central bank controls inflation aggressively when inflation is...

Persistent link: https://www.econbiz.de/10010986427

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