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On policy interactions among nations : when do cooperation and commitment matter ?
Kempf, Hubert; Thadden, Leopold Von - HAL - 2008
This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...
Persistent link: https://www.econbiz.de/10010738606
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Financial Repression, Tax Evasion and Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs
Villieu, Patrick; Minea, Alexandru - HAL - 2006
In this paper, we study maximizing long-run economic growth trade-off in monetary and fiscal policies in an endogenous growth model with transaction costs. We show that both monetary and fiscal policies are subject to threshold effects, a result that gives account of a number of recent empirical...
Persistent link: https://www.econbiz.de/10008793684
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Reflections on the Current Fashion For Central Bank Independence
Bibow, Jörg - EconWPA - 2001
This paper challenges the time-inconsistency case for central bank independence. It argues that the time-inconsistency literature not only seriously confuses the substance of the rules versus discretion debate, but also posits an implausible view of monetary policy. Most worrisome, the...
Persistent link: https://www.econbiz.de/10005561151
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Inflation Targeting in Colombia, 2002-2012
Urrutia, Miguel; Hofstetter, Marc; Hamann, Franz - Inter-American Development Bank - 2014
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...
Persistent link: https://www.econbiz.de/10010943921
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Inflation Targeting and Quantitative Tightening: Effects of Reserve Requirements in Peru
Armas, Adrián; Castillo, Paul; Vega, Marco - Inter-American Development Bank - 2014
This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides a rationale for the use of these instruments as well as empirical evidence of their effectiveness. In general, the results show that tightening reserve requirements has the...
Persistent link: https://www.econbiz.de/10010943927
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On the Credibility of Inflation Targeting Regimes in Latin America
Mariscal, Rodrigo; Powell, Andrew; Tavella, Pilar - Inter-American Development Bank - 2014
Inflation targeting has been adopted in a set of emerging economies, including eight countries in Latin America. The success of this regime may depend critically on the credibility of the target and the expectation that the authorities will take appropriate actions if the target is breached....
Persistent link: https://www.econbiz.de/10010944050
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Central Bank Liquidity Management and "Unconventional" Monetary Policies
Kawamura, Enrique; García-Cicco, Javier - Inter-American Development Bank - 2014
This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing … that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in … list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been …
Persistent link: https://www.econbiz.de/10010944371
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Towards a "New" Inflation Targeting Framework: The Case of Uruguay
Sola, Martín; González-Rozada, Martin - Inter-American Development Bank - 2014
Using a dynamic stochastic general equilibrium model with financial frictions, this paper evaluates the effects of a rule that incorporates not only the interest rate but also the legal reserve requirements as instruments of monetary policy. It is found that reserve requirements can be used to...
Persistent link: https://www.econbiz.de/10010944440
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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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Does Inflation Targeting Matter ? An Experimental Investigation
Cornand, Camille; M'Baye, Cheick Kader - HAL - 2013
We use laboratory experiments with human subjects to test the relevance of di-fferent inflation targeting regimes. In particular and within the standard New Keynesian model, we evaluate to what extent communication of the inflation target is relevant to the success of inflation targeting. We...
Persistent link: https://www.econbiz.de/10010899555