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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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Supply Shocks and the Persistence of Inflation
Sommer, Martin - EconWPA - 2004
This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker’s disinflation (1979-1982). My … the behavior of inflation expectations - agents expected shocks to persist in the pre-Volcker period, but not in the post …
Persistent link: https://www.econbiz.de/10005561182
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National Appointments to Multinational Monetary Policy Making: A Role Conflict?
Ripoll, Jose - EconWPA - 2003
Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...
Persistent link: https://www.econbiz.de/10005076671
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Limited Commitment, Inaction and Optimal Monetary Policy
Mirzoev, Tokhir - EconWPA - 2004
This paper examines the optimal frequency of monetary policy meetings when their schedule is pre-announced. Our contribution is twofold. First, we show that in the standard New Keynesian framework infrequent but periodic revision of monetary policy may be desirable even when there are no...
Persistent link: https://www.econbiz.de/10005076774
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Monetary Policy Transparency in the Inflation Targeting
Jarmuzek, Mariusz; Orlowski, Lucjan T.; Radziwill, Artur - EconWPA - 2005
inflation targeting strategy. Two measures of transparency are applied. The institutional measure reflects the extent to which a …
Persistent link: https://www.econbiz.de/10005076775
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Structural Factor-Augmented VAR (SFAVAR) and the Effects of Monetary Policy
Belviso, Francesco; Milani, Fabio - EconWPA - 2005
Factor-augmented VARs (FAVARs) have combined standard VARs with factor analysis to exploit large data sets in the study of monetary policy. FAVARs enjoy a number of advantages over VARs: they allow a better identification of the monetary policy shock; they can avoid the use of a single variable...
Persistent link: https://www.econbiz.de/10005076826
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A Simple Dynamic Model of Credit and Aggregate Demand
Diaz-Bautista, Alejandro; Escandon, Julio R. - EconWPA - 2003
The purpose of the paper is to present a tractable model of an old topic which is becoming more important in macroeconomics: the link between financial structure and economic activity.
Persistent link: https://www.econbiz.de/10005126180
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Central banks and information provided to the private sector
Bartolomeo, Giovanni Di; Marchetti, Enrico - EconWPA - 2005
This paper examines the information provided to the private sector by central anks. By using the principal component analysis, we investigated the variance of the procedural rules followed by nine major central banks about information reatments. We investigate problems related to the information...
Persistent link: https://www.econbiz.de/10005126295
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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
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Monetary and Fiscal Policy Dynamics in an Asymmetric Monetary Union
Clausen, Volker; Wohltmann, Hans-Werner - EconWPA - 2002
This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
Persistent link: https://www.econbiz.de/10005126325