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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

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

CPI Inflation Targeting and Exchange Rate Pass-through

Flamini, Alessandro - EconWPA - 2003

This paper analyzes how imperfect exchange rate pass-through affects the transmission of the CPI inflation targeting optimal monetary policy. In the short run, delayed pass-through constraints monetary policy more than incomplete pass-through and interest rate smoothing amplifies this effect. In...

Persistent link: https://www.econbiz.de/10005126184

Optimal Monetary Policy under Heterogeneous Expectations

Gomes, Orlando - EconWPA - 2004

Monetary policy has an important role in the determination of the inflation rate and the output gap time trajectories. Monetary authorities should choose the nominal interest rate time path that best serves the goals of price stability (primarily) and output growth (as a consequence of the...

Persistent link: https://www.econbiz.de/10005126273

Monetary Policy with a Wider Information Set: a Bayesian Model Averaging Approach

Milani, Fabio - EconWPA - 2004

Monetary policy has been usually analyzed in the context of small macroeconomic models where central banks are allowed to exploit a limited amount of information. Under these frameworks, researchers typically derive the optimality of aggressive monetary rules, contrasting with the observed...

Persistent link: https://www.econbiz.de/10005412848

Should we be afraid of Friedman's rule?

Uhlig, Harald - EconWPA - 2000

Should one think of zero nominal interest rates as an undesirable liquidity trap or as the desirable Friedman rule? I use three different frameworks to discuss this issue. First, I restate Cole and Kocherlakota's (1998) analysis of Friedman's rule: short run increases in the money stock -...

Persistent link: https://www.econbiz.de/10005561156

Interest, debt and capital accumulation - a Kaleckian approach

Hein, Eckhard - EconWPA - 2005

In the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki’s original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation,...

Persistent link: https://www.econbiz.de/10005126210

THE PRINCIPIUM OF PRICE SYSTEM

Zhai, Xiaozhong - EconWPA - 2005

This book focuses on general theory of price. Price, wage, interest rate, GNP and exchange rate, five factors, are very … macroeconomics theory. This book is also a concise outline of a part of macroeconomics and a good reading and educating material for …,GENERAL THEORY OF INTEREST RATE 12,PHILOSOPHICAL DEFINATION OF PRICE 13,TRADE EFFECT 14,EXCHANGE- RATE FORMULA 15,SINGLE …

Persistent link: https://www.econbiz.de/10005126369

The Potential Approach to Bond and Currency Pricing

Leippold, Markus; Wu, Liuren - EconWPA - 1999

In this paper, we begin the modeling of bond and currency prices from the modeling of the state-price density satisfying basic properties of a potential. We provide extensive examples and show their implications on bond and currency pricing. Most classic short rate models are special cases of...

Persistent link: https://www.econbiz.de/10005134792

INTERACTIONS BETWEEN TWO INFORMAL SECTOR LENDERS AND INTEREST RATE DETERMINATION IN THE INFORMAL CREDIT MARKET: A THEORETICAL ANALYSIS

Chaudhuri, Sarbajit - EconWPA - 2005

The paper provides a theory of interest rates determination in the informal credit market in backward agriculture …

Persistent link: https://www.econbiz.de/10005407518

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