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Latin American Central Bank Reform: Progress and Challenges

Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...

Persistent link: https://www.econbiz.de/10005126474

Micro Takes Over Macro

Gani, M - EconWPA - 2004

the production and consumption decisions of the individual in one model. For each individual, it identifies the customers …

Persistent link: https://www.econbiz.de/10005412698

Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.

Wray, L. Randall; Sardoni, C. - EconWPA - 2005

In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...

Persistent link: https://www.econbiz.de/10005076846

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

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

The Portuguese Disinflation Process: Analysis of Some Costs and Benefits

Duarte, António Portugal - EconWPA - 2005

This study aims to analyse the Portuguese economic policy of disinflation through a nominal stabilization policy of the Portuguese escudo. We study the pegging of the Portuguese escudo (PTE) to the Deutsch mark (DM) knowing the reputation of the Bundesbank for its anti- inflationary record and...

Persistent link: https://www.econbiz.de/10005556600

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2003

In this paper we consider a standard policy game between the Government and a union. In such a framework, we first investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria. Afterwards, we introduce in the literature the issue...

Persistent link: https://www.econbiz.de/10005076716

Is corporatism feasible?

Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2005

This paper investigates the effects of cooperation (corporatism) on macroeconomic performance by considering a rather standard policy game between the government and a monopoly union. We stress the shortcomings of the traditional way used to model cooperation in policy games (the maximization of...

Persistent link: https://www.econbiz.de/10005412619

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

Employment in Poland 2005

Bukowski, Maciej; Lewandowski, Piotr; Magda, Iga; … - EconWPA - 2005

present a comprehensive statistical and econometric analysis of employment, unemployment and participation in Poland in the … with some policy prescriptions. At the moment Poland exhibits the highest unemployment rate in OECD and one of the lowest … employment and participation rates. We begin with a detailed analysis of the reasons of the rapid decrease of employment and …

Persistent link: https://www.econbiz.de/10005556757

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