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Limited Commitment, Inaction and Optimal Monetary Policy
Mirzoev, Tokhir - EconWPA - 2004
-announced schedule de facto acts as a commitment not to adjust in intermediate periods. We find that at short horizons gains from such … commitment outweigh welfare costs of central bank's inaction. Second, we solve for the optimal frequency of policy adjustment and …
Persistent link: https://www.econbiz.de/10005076774
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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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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … from commitment accrue at relatively low levels of credibility. In our benchmark calibration, a commitment expected to last … policy authority is assumed to formulate optimal commitment plans, to be tempted to renege on them, and to succumb to this …
Persistent link: https://www.econbiz.de/10005076809
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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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Do Flexible Durable Goods Prices Undermine Sticky Price Models?
Barsky, Robert; House, Christopher; Kimball, Miles - EconWPA - 2003
The “neoclassical synthesis” sticky price model exhibits strange behavior when augmented with markets for durable goods with flexible prices. While in the data the output of durable goods responds strongly and positively to a loosening of monetary policy, in dynamic general equilibrium...
Persistent link: https://www.econbiz.de/10005076698
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THE ROLES OF MONEY IN AN ECONOMY AND THE OPTIMUM QUANTITY OF MONEY
Feige, Edgar L.; Parkin, M.; Avery, R; Stones, C. - EconWPA - 2005
What is the optimum quantity of money in a society? This paper answers this question both from the perspective of a utility maximizing model with real balances in the utility function, and employing an inventory theoretic model which focuses attention on the costs of transacting in different...
Persistent link: https://www.econbiz.de/10005076699
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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
Macroeconomic Policies of the Economic and Monetary Union: Theoretical Underpinnings and Challenges Philip Arestis and Malcolm Sawyer, The Levy Economics Institute and Leeds University Abstract This paper presents two issues: first, an effort to decipher the type of economic analysis and...
Persistent link: https://www.econbiz.de/10005076715
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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
ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for … within Europe and the devel- opment of supranational institutions in other policy areas. …
Persistent link: https://www.econbiz.de/10005076804
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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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Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets
Zbaracki, Mark; Ritson, Mark; Levy, Daniel; Dutta, Shantanu - EconWPA - 2004
We study the price adjustment practices and provide quantitative measurement of the managerial and customer costs of price adjustment using data from a large U.S. industrial manufacturer and its customers. We find that price adjustment costs are a much more complex construct than the existing...
Persistent link: https://www.econbiz.de/10005076839