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The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003

Salas, John Michael Ian S. - EconWPA - 2004

stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior … inflation by and large through its key policy rate, though it appears to be accommodative with respect to the output gap. In …

Persistent link: https://www.econbiz.de/10005561255

Do We Really Need Central Bank Independence? A Critical Re- examination

Hayo, Bernd; Hefeker, Carsten - EconWPA - 2001

correlated with low inflation rates. By taking the endogeneity of CBI into account, however, there is no reason to believe the … correlation between CBI and low inflation tells us anything about causality. …

Persistent link: https://www.econbiz.de/10005126298

Europe’s Quest for Monetary Stability: Central Banking Gone Astray

Bibow, Jorg - EconWPA - 2005

This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy...

Persistent link: https://www.econbiz.de/10005126453

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

Completing Markets in a One-Good, Pure Exchange Economy Without State-Contingent Securities

Eagle, David - EconWPA - 2005

Pareto-efficient consumption in a pure-exchange, one good economy varies over states of nature with respect to only two factors: real aggregate supply and individual utility shocks. One’s optimal contract receipts vary with respect to only these two factors and the ratio of one’s endowment...

Persistent link: https://www.econbiz.de/10005561612

CLAVES DE LA INFLACION DE 2005

Marongiu, Federico - EconWPA - 2005

El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...

Persistent link: https://www.econbiz.de/10005076625

The role of expectations in the inflation process in the euro area

Paloviita, Maritta; Virén, Matti - EconWPA - 2005

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

Persistent link: https://www.econbiz.de/10005126316