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Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - Deutsche Bundesbank - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …

Persistent link: https://www.econbiz.de/10005083135

In search for yield? Survey-based evidence on bank risk taking

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - Deutsche Bundesbank - 2011

There is growing consensus that the conduct of monetary policy can have an impact on stability through the risk-taking incentives of banks. Falling interest rates might induce a 'search for yield' and generate incentives to invest into risky activities. This paper provides evidence on the link...

Persistent link: https://www.econbiz.de/10009024639

Macroeconomic factors and micro-level bank risk

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - Deutsche Bundesbank - 2010

The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...

Persistent link: https://www.econbiz.de/10008727825

Exchange rate dynamics, expectations, and monetary policy

Chen, Qianying - Deutsche Bundesbank - 2011

This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...

Persistent link: https://www.econbiz.de/10009283654

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010

This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...

Persistent link: https://www.econbiz.de/10008595899

Deciding to peg the exchange rate in developing countries: the role of private-sector debt

Harms, Philipp; Hoffmann, Mathias - Deutsche Bundesbank - 2009

We argue that a higher share of the private sector in a country's external debt raises the incentive to stabilize the exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is incurred by the government. Once we introduce...

Persistent link: https://www.econbiz.de/10008474655

Optimal monetary policy in a small open economy with financial frictions

Merola, Rossana - Deutsche Bundesbank - 2010

I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to...

Persistent link: https://www.econbiz.de/10008583542

An affine macro-finance term structure model for the euro area

Lemke, Wolfgang - Deutsche Bundesbank - 2007

A joint model of macroeconomic and term structure dynamics is specified and estimated for the euro area. The model comprises a backward-looking Phillips curve, a dynamic IS equation, a monetary policy rule as well as a specification of the dynamics of trend growth and the natural real interest...

Persistent link: https://www.econbiz.de/10005083055

Money-based interest rate rules: lessons from German data

Gerberding, Christina; Seitz, Franz; Worms, Andreas - Deutsche Bundesbank - 2007

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10005083083

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - Deutsche Bundesbank - 2000

Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10005083087