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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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The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003
Salas, John Michael Ian S. - EconWPA - 2004
stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior … inflation by and large through its key policy rate, though it appears to be accommodative with respect to the output gap. In …
Persistent link: https://www.econbiz.de/10005561255
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The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy
Schnabl, Gunther; Danne, Christian - EconWPA - 2005
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....
Persistent link: https://www.econbiz.de/10005119427
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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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Monetary policy and learning in an open economy
Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - EconWPA - 2004
In this paper, we examine the incentives for central bank activism and caution in a two-country open-economy model with uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates an additional motivation for caution in...
Persistent link: https://www.econbiz.de/10005561306
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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
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Central Banks and Information Provided to the Private Sector
Marchetti, Enrico; Bartolomeo, Giovanni Di - EconWPA - 2003
This paper examines the information provided to the private sector by central banks. By using the principal component analysis, we investigated the variance of the procedural rules followed by nine major central banks about information treatments. We investigate problems related to the...
Persistent link: https://www.econbiz.de/10005126385