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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 - Deutsche Bundesbank - 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. In this paper, we explore possible justifications. The case against including money in the central … deviations of long-run money growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross …

Persistent link: https://www.econbiz.de/10005083254

The information content of survey data on expected price developments for monetary policy

Gerberding, Christina - Deutsche Bundesbank - 2001

The present paper uses survey data on expected consumer price developments to analyse the role of inflation expectations in the inflation process. The survey measures of price expectations are derived from the European Commission's Consumer Survey and from the surveys of professional experts...

Persistent link: https://www.econbiz.de/10005083244

The use of real-time information in Phillips curve relationships for the euro area

Paloviita, Maritta; Mayes, David - Deutsche Bundesbank - 2004

The dynamics of the Phillips Curve in New Keynesian, Expectations Augmented and Hybrid forms are extremely sensitive to the choice, timing and restrictions on variables. An important element of the debate revolves round what information decision-makers took into account at the time and round...

Persistent link: https://www.econbiz.de/10005083279

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

Knowledge sourcing: legitimacy deficits for MNC subsidiaries?

Schmidt, Tobias; Sofka, Wolfgang - Deutsche Bundesbank - 2009

Multinational corporations (MNC) search increasingly for lead market knowledge and technological expertise around the globe. We investigate whether their subsidiaries gain access to these valuable sources of host country knowledge to the same degree as domestic rivals. We develop a theoretical...

Persistent link: https://www.econbiz.de/10005083060