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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
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How the Bundesbank really conducted monetary policy: An analysis based on real-time data
Gerberding, Christina; Worms, Andreas; Seitz, Franz - Deutsche Bundesbank - 2004
Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary...
Persistent link: https://www.econbiz.de/10005083284
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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
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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 …. In diesem Fall kann Transparenz negative Folgen haben. Sie kann sich sogar als eine die Geldpolitik verzerrende …
Persistent link: https://www.econbiz.de/10005083135
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Real-Time Estimation of the Output Gap in Japan and its Usefulness for Inflation Forecasting and Policymaking
Kamada, Koichiro - Deutsche Bundesbank - 2004
This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to … the real-time estimation problem. After reviewing the evolution of output gap estimation at the Bank, I discuss advantages … real-time estimation problem for the policy evaluation. Third, I exploit TANKAN to enhance the usefulness of the real …
Persistent link: https://www.econbiz.de/10005083207
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The ESRB at 1
Gerlach, Stefan (ed.); Gnan, Ernest (ed.); Ulbrich, Jens (ed.) - Conference on ESRB at 1 <1, 2011, Berlin>; SUERF - The …; … - 2012
SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...
Persistent link: https://www.econbiz.de/10011711529
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Monetary policy and bank distress: an integrated micro-macro approach
De Graeve, Ferre; Kick, Thomas - Deutsche Bundesbank - 2008
Evidence on the interdependency between monetary policy and the state of the banking system is scarce. We suggest an integrated micro-macro approach with two core virtues. First, we measure the probability of bank distress directly at the bank level. Second, we integrate a microeconomic hazard...
Persistent link: https://www.econbiz.de/10005082796
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Central Bank accountability and transparency: theory and some evidence
Eijffinger, Sylvester C. W.; Hoeberichts, Marco - Deutsche Bundesbank - 2000
System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … 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
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Uncertainty about perceived inflation target and monetary policy
Aoki, Kosuke; Kimura, Takeshi - Deutsche Bundesbank - 2007
We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation...
Persistent link: https://www.econbiz.de/10005083174
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Cost-Push Shocks and Monetary Policy and Monetary Policy
Sutherland, Alan - Deutsche Bundesbank - 2002
Geldpolitik in einem 2-Länder-Modell mit träger Preisanpassung. Neben einem Cost-Push-Schock erlebt jedes Land auch …
Persistent link: https://www.econbiz.de/10005083233