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Exchange Rate Floating and Inflation Targeting Implementing - Lessons from a succesful transition - The Brazilian Case
Deheza, Juan Carlos Soldano - EconWPA - 2003
El objetivo de este paper es realizar una descripción del caso brasileño, en lo que hace a la salida de un sistema en el cual el ancla nominal de la economía era un tipo de cambio semi-fijo, hacia un régimen de flotación “cuasi” limpia de la moneda, en el que el ancla de la economía...
Persistent link: https://www.econbiz.de/10005076607
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Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?
Bibow, Joreg - EconWPA - 2005
Challenging the conventional wisdom that structural problems are to blame for the euro area’s protracted domestic demand stagnation, this paper sets out to shed some fresh light on the role of the ECB in the ongoing EMU crisis. Contrary to the widely held interpretation of the ECB as an...
Persistent link: https://www.econbiz.de/10005412615
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Policy Makers Priors and Inflation Density Forecasts
Vega, Marco - EconWPA - 2004
This paper models an inflation forecast density framework that closely resembles actual policy makers behaviour regarding the determination of the modal point, the uncertainty and asymmetry in the inflation forecasts. The framework combines policy makers prior information about these parameters...
Persistent link: https://www.econbiz.de/10005556367
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EXCHANGE RATE AND INFLATION TARGETING IN MOROCCO AND TUNISIA
Nathalie, Grand; Vincent, Dropsy - EconWPA - 2005
investment and growth. These liberalization programs require important adjustments in their economic policies, in particular …
Persistent link: https://www.econbiz.de/10005561228
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The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003
Salas, John Michael Ian S. - EconWPA - 2004
This paper attempts to provide an empirical determination of the Philippine central bank's (BSP) recent monetary policy stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior. Employing Clarida, Gali, and Gertler's (1998,...
Persistent link: https://www.econbiz.de/10005561255
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Completing Markets in a One-Good, Pure Exchange Economy Without State-Contingent Securities
Eagle, David - EconWPA - 2005
Pareto-efficient consumption in a pure-exchange, one good economy varies over states of nature with respect to only two factors: real aggregate supply and individual utility shocks. One’s optimal contract receipts vary with respect to only these two factors and the ratio of one’s endowment...
Persistent link: https://www.econbiz.de/10005561612
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Monetary policy, credit and aggregate supply: the evidence from Italy
Fiorentini, R.; Tamborini, R. - EconWPA - 2000
This paper relates to the macroeconomic and monetary policy aspects of the so-called "credit channel" of monetary … financed by bank credit, and then we use it to identify the credit transmission mechanism in data drawn from the Italian … economy. We find evidence that the "credit variables" identified by the model, the overnight rate and a measure of credit risk …
Persistent link: https://www.econbiz.de/10005119371
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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
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Money Rules For The Eurozone Candidate Countries
Orlowski, Lucjan T - EconWPA - 2005
This study proposes the adoption of money growth rules as indicator variables of monetary policies by the countries converging to a common currency system, in particular, by the eurozone candidate countries. The analytical framework assumes an inflation target as the ultimate policy goal. The...
Persistent link: https://www.econbiz.de/10005076831
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Monetary Convergence of the EU Candidates to the Euro: A Theoretical Framework and Policy Implications
Orlowski, Lucjan T - EconWPA - 2005
A flexible approach to direct inflation targeting is a viable monetary policy choice for transition economies that is believed to facilitate both the economic transition and the monetary convergence to the euro. Following this assumption, an analytical model investigating the link between the...
Persistent link: https://www.econbiz.de/10005076837