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The function of the central bank
Stanners, Walter - EconWPA - 2002
The general view of the media, bankers, business and politicians, not noticeably contradicted by academics, is that one of the main functions, or the main function, of the central bank is to analyse the progress of the economy, and then to steer it with skilful judgement towards health and...
Persistent link: https://www.econbiz.de/10005561324
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IS INFLATION ALWAYS AND EVERYWHERE A NON-MONETARY PHENOMENON: EVIDENCE FROM UGANDA
David, KIHANGIRE Asiimwe; Albert, MUGYENYI - EconWPA - 2005
This paper examines the determinants of Uganda’s inflation rate during 1994M7-2005M6. We test the central hypothesis … that Uganda’s inflation rate is always and everywhere a non-monetary phenomenon. A theoretical background relating … inflation to monetary and other non-monetary factors is first analyzed before a detailed empirical analysis is done. We apply …
Persistent link: https://www.econbiz.de/10005125496
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Equity Returns and Inflation: The Puzzlingly Long Lags
Lothian, James R.; McCarthy, Cornelia H.. - EconWPA - 2001
equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass. …
Persistent link: https://www.econbiz.de/10005124935
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A Track Record of Monetary Integration in the Southern Cone: Possible Lessons and Future Prospects
Kronberger, Ralf - EconWPA - 2004
The currency crisis of 1999 in Brazil and the current debt crisis in Argentina has put economic integration in MERCOSUR under stress. Fears of disintegration seem to be more prevalent than optimism on a further deepening of economic and eventually monetary integration in MERCOSUR. The...
Persistent link: https://www.econbiz.de/10005556861
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A Cost-Benefit Analysis of a Monetary Union for MERCOSUR with Particular Emphasis on the Optimum Currency Area Theory?
Kronberger, Ralf - EconWPA - 2004
Uruguay are compared. Particular emphasis was put on the traditional and new approaches to optimum currency area theory which …
Persistent link: https://www.econbiz.de/10005561073
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Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks (Currencies, Competition, and Clans)
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evzen - EconWPA - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005561175
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Is the Euro Working? The Euro and European Labour Markets
Silvia, Stephen - EconWPA - 2005
Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to assess many arguments made in the abstract during the 1990s about the implications of monetary union. This contribution does precisely that. In brief, the euro zone still falls...
Persistent link: https://www.econbiz.de/10005124952
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Inside the Impossible Triangle: Monetary Policy Autonomy in a Credible Target Zone
Jansen, W. Jos - EconWPA - 2003
This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded...
Persistent link: https://www.econbiz.de/10005126320
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Nominal versus Real Convergence with Respect to EMU Accession - EMU Entry Scenarios for the New Member States
Schnabl, Gunther; Grauwe, Paul De - EconWPA - 2004
European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability … of higher inflation in the new member states. It compares the policy options which might make the compliance possible, i …
Persistent link: https://www.econbiz.de/10005408181
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Monetary Union in West Africa and Asymmetric Shocks: A Dynamic Structural Factor Model Approach
Houssa, Romain - EconWPA - 2004
We analyse the costs of a monetary union in West Africa by means of asymmetric aggregate demand and aggregate supply shocks. Previous studies have estimated the shocks with the VAR model.We discuss the limits of this approach and apply a new technique based on the dynamic factor model.The...
Persistent link: https://www.econbiz.de/10005062399