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Money as an indicator variable for monetary policy when money demand is forward looking

Kajanoja, Lauri - EconWPA - 2004

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the state of the economy. Money reveals some of the private...

Persistent link: https://www.econbiz.de/10005126466

Exchange Rate Risk and Convergence to the Euro

Orlowski, Lucjan T - EconWPA - 2005

This paper proposes a new monetary policy framework for effectively navigating the path to adopting the euro. The proposed policy is based on relative inflation forecast targeting and incorporates an ancillary target of declining exchange rate risk, which is suggested as a key criterion for...

Persistent link: https://www.econbiz.de/10005412757

Money Rules For The Eurozone Candidate Countries

Orlowski, Lucjan T - EconWPA - 2005

converging to a common currency system, in particular, by the eurozone candidate countries. The analytical framework assumes an …, in this case, is the eurozone’s inflation forecast. The study advances a forward-looking money growth model that might be … applied to aid monetary convergence to the eurozone. However, feasibility of adopting money growth rules depends on stable …

Persistent link: https://www.econbiz.de/10005076831

National Appointments to Multinational Monetary Policy Making: A Role Conflict?

Ripoll, Jose - EconWPA - 2003

Territorial appointees to an independent central bank (e.g. District Federal Reserve Banks’ presidents, Governors of national central banks at the ECB’s Governing Council) are liable to confront a “role conflict” stemming from a duality of loyalties and allegiances - to the home regional...

Persistent link: https://www.econbiz.de/10005076671

A calibrated structural model of the Czech economy

Hlédik, Tibor - EconWPA - 2004

The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...

Persistent link: https://www.econbiz.de/10005076689

Monetary Policy in the Euro Area - Lessons from the First Years

Clausen, Volker; Hayo, Bernd - EconWPA - 2002

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...

Persistent link: https://www.econbiz.de/10005076690

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

Estimating the Natural Rate of Interest: A SVAR Approach

Brzoza-Brzezina, Michal - EconWPA - 2003

For the successful conduct of monetary policy the central bank needs reliable indicators of the monetary policy stance. A recently often advocated one is the gap between the real, market and the natural rate of interest. In this article we estimate the historical time series of the natural rate...

Persistent link: https://www.econbiz.de/10005076765

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

Monetary Policy Transparency in the Inflation Targeting

Jarmuzek, Mariusz; Orlowski, Lucjan T.; Radziwill, Artur - EconWPA - 2005

This paper quantifies transparency of monetary policy in the three EU New Member States that have adopted direct inflation targeting strategy. Two measures of transparency are applied. The institutional measure reflects the extent to which a central bank discloses information that is related to...

Persistent link: https://www.econbiz.de/10005076775

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