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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

The Fed’s Consistent Monetary Policy: A Long Term Perspective

Los, Cornelis A. - EconWPA - 2004

This paper describes the Federal Reserve's analytical framework under Volcker and Greenspan, as it was constructed in the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It discusses the Fed's actual track record and the state of...

Persistent link: https://www.econbiz.de/10005076785

Detecting Structural Breaks: Exchange Rates in Transition Economies

Kocenda, Evzen - EconWPA - 2001

The aim of this paper is to provide evidence about the existence or non- existence of structural breaks in exchange rates of European transition economies. We used the testing procedure of Vogelsang (1997) that allows for detecting a break at an unknown date in the trend function of a dynamic...

Persistent link: https://www.econbiz.de/10005556048

EXCHANGE RATE AND INFLATION TARGETING IN MOROCCO AND TUNISIA

Nathalie, Grand; Vincent, Dropsy - EconWPA - 2005

investment and growth. These liberalization programs require important adjustments in their economic policies, in particular … exchange rate targeting and money-growth rules, as their markets are increasingly liberalized. First, their past economic …

Persistent link: https://www.econbiz.de/10005561228

The Cause of the Great Inflation: Interactions between the Government and the Monetary Policymakers

Harashima, Taiji - EconWPA - 2005

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation target is low is uncovered. The model solves the puzzle of...

Persistent link: https://www.econbiz.de/10005124998

A COINTEGRATION AND ERROR CORRECTION APPROACH TO DEMAND FOR MONEY IN FIJI: 1971-2002

Rao, B Bhaskara; Singh, Rup - EconWPA - 2005

Demand for money is an important macroeconomic relationship. Its stability has implications for the choice of monetary … policy targets. This paper estimates demand for narrow money in Fiji and evaluates its robustness and stability. It is found … that there is a well determined stable demand for money in Fiji, for three decades, from 1971 to 2002 and its dynamics are …

Persistent link: https://www.econbiz.de/10005126361

Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?

Bibow, Joreg - EconWPA - 2005

Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...

Persistent link: https://www.econbiz.de/10005412615

Are Europe's Interest Rates led by FED Announcements?

Monticini, Andrea; Vaciago, Giacomo - EconWPA - 2005

This paper investigates the degree and nature of economic and monetary policy relations among the United States, the Euro area, and Great Britain. Using daily interest rates, we estimate the impact of monetary policy announcements of a Central Bank on its domestic market and in what measure...

Persistent link: https://www.econbiz.de/10005412842

Pitfalls of monetary policy under incomplete information: imprecise indicators and real indeterminacy

Gaiotti, Eugenio - EconWPA - 2004

Can a strategy of targeting macro projections be the only guide for monetary policy actions, or could it cause macroeconomic instability in the face of imprecise information? The paper examines how the precision of the indicators affects determinacy in a model with partial information and an...

Persistent link: https://www.econbiz.de/10005412861

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