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Systems Theory of Macroeconomics, Introduction to
Perison, A.G. - EconWPA - 2001
inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a … mechanism of "sticky wages and prices". Hitherto, such theories of inflation have remained unproven and disputable. Recently …, during the so-called "New Economy" era, characterized by a spread of electronic transactions and Internet commerce, inflation …
Persistent link: https://www.econbiz.de/10005412616
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EMU enlargement and convergence of price levels: Lessons from the German reunification
Maier, Philipp; Cavelaars, Paul - EconWPA - 2003
We analyse the possible impact of EMU enlargement on inflation rates in the accession countries. Using a simple … applied to the enlargement EMU: our findings indicate that (trend) inflation rates in the EMU candidate countries are likely …
Persistent link: https://www.econbiz.de/10005412769
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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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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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Learning, Monetary Policy Rules, and Macroeconomic Stability
Milani, Fabio - EconWPA - 2005
find that the feedback coefficient to inflation was well above 1 also in the 1960s and 1970s and therefore policy was not …
Persistent link: https://www.econbiz.de/10005126467
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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
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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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Implications of EMU enlargement for European monetary policy: A political economy view
Maier, Philipp; Hendrikx, Maarten - EconWPA - 2002
Persistent link: https://www.econbiz.de/10005076692
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The role of national central banks within the European System of Central Banks: The example of De Nederlandsche Bank
Wellink, Nout; Chapple, Bryan; Maier, Philipp - EconWPA - 2002
This paper considers the position of national central banks within the ESCB. The funda-mental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out vari-ous tasks. Within this framework,...
Persistent link: https://www.econbiz.de/10005076804
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The role of regional information in the optimal composition of a committee
Maier, Philipp; Bierut, Beata K.; Berben, Robert-Paul - EconWPA - 2003
In this paper we present a model for the optimal composition of a federal or supra-national committee. The involvement of regional (national) entities in federal committees is typically motivated by their knowledge of regional information about the state of the economy. Using this argument we...
Persistent link: https://www.econbiz.de/10005126323