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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

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 bank's interest rate rule is based on a standard model...

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

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

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 and disadvantages of the various output gap measures....

Persistent link: https://www.econbiz.de/10005083207

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 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

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

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

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

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

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