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Macroeconomic Policy in a Real Business Cycle Model with Money

Chen, Shiu-Sheng - EconWPA - 2002

to technology shocks, I include government consumption, government investment, tax rate and monetary policy as sources of …This paper examines the impact of macroeconomic policy shocks in a Real- Business-Cycle Model with money. In addition … random disturbances. Money is introduced in a shopping-time economy. In search of liquidity effect and persistent output …

Persistent link: https://www.econbiz.de/10005126437

Monetary Policy in the Euro Area - Lessons from the First Years

Clausen, Volker; Hayo, Bernd - EconWPA - 2002

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...

Persistent link: https://www.econbiz.de/10005076690

An Experimental Test Of Taylor-Type Rules With Inexperienced Central Bankers

Engle-Warnick, Jim; Turdaliev, Nurlan - EconWPA - 2005

We experimentally test whether a class of monetary policy decision rules describes decision making in a population of inexperienced central bankers. In our experiments, subjects repeatedly set the short-term interest rate for a computer economy with inflation as their target. A large majority of...

Persistent link: https://www.econbiz.de/10005126190

Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2003

We estimate monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2003:7). The Bundesbank regime can be characterised, both before and after German reunification, by an inflation weight of 1.2 and an output weight of 0.4. The estimates for...

Persistent link: https://www.econbiz.de/10005126198

Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2005

This paper compares the ECB’s conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1- 2004:5) show that, while the ECB and the Bundesbank react similarly to expected...

Persistent link: https://www.econbiz.de/10005126232