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Nonlinear dynamics of interest rate and inflation
Lanne, Markku - EconWPA - 2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can … be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move … the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their …
Persistent link: https://www.econbiz.de/10005561249
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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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A learning hypothesis of the term structure of interest rates
Romhányi, Balázs - EconWPA - 2005
Recent empirical results about the US term structure are difficult to reconcile with the classical hypothesis of rational expectations even if time-varying but stationary term premia are allowed for. A hypothesis of rational learning about the conditional variance of the log pricing kernel is...
Persistent link: https://www.econbiz.de/10005412568
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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
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Canaries and Vultures: A Quantitative History of Monetary Mismanagement in Brazil
Albuquerque, Pedro H.; Gouvea, Solange - EconWPA - 2005
During the last two decades of the twentieth century, Brazil went through a sequence of failed stabilization plans that tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during those episodes. The consistency between the money...
Persistent link: https://www.econbiz.de/10005124863
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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 the observed high inflation target during the Great Inflation and …
Persistent link: https://www.econbiz.de/10005124998
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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
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Latin American Central Bank Reform: Progress and Challenges
Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005
reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …
Persistent link: https://www.econbiz.de/10005126474
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The credibility of monetary policy: a survey of the literature with some simple applications to Caanda
Amano, Robert; Fenton, Paul; Tessier, David; Norden, … - EconWPA - 1996
We don't have an abstract yet, sorry. But I think the title is pretty descriptive.
Persistent link: https://www.econbiz.de/10005407873
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How Does Global Disinflation Drag Inflation in Small Open Economies?
Vega, Marco; Winkelried, Diego - EconWPA - 2004
This paper shows the way how persistent world inflation shocks hitting a small open economy can re-weight the … inflation. We derive a state-dependent Phillips curve based on translog preferences that make the elasticity of substitution of … disinflation on domestic inflation, as experienced in small open economies such as New Zealand, Chile and Peru. …
Persistent link: https://www.econbiz.de/10005412737