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Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries
Barnett, William A. - EconWPA - 2004
We derive fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union. We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...
Persistent link: https://www.econbiz.de/10005412714
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EMU enlargement and convergence of price levels: Lessons from the German reunification
Maier, Philipp; Cavelaars, Paul - EconWPA - 2003
We analyse the possible impact of EMU enlargement on inflation rates in the accession countries. Using a simple theoretical model we show that the optimal path price adjustments should be asymmetric, i.e. occuring mostly in the candidate countries. Using data from the German reunification we...
Persistent link: https://www.econbiz.de/10005412769
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Aggregation-Theoretic Monetary Aggregation over the Euro Area, when Countries are Heterogeneous
Barnett, William A. - EconWPA - 2003
We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...
Persistent link: https://www.econbiz.de/10005412834
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Monetary Policy Reaction Functions: ECB versus Bundesbank
Hayo, Bernd; Hofmann, Boris - EconWPA - 2003
an output weight of 0.4. The estimates for the ECB are 1.2, and 1, respectively. Thus, the ECB, while reacting similarly …
Persistent link: https://www.econbiz.de/10005126198
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Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank
Hayo, Bernd; Hofmann, Boris - EconWPA - 2005
This paper compares the ECB’s conduct of monetary policy with that of the Bundesbank. Estimated monetary policy … reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1- 2004:5) show that, while the ECB … and the Bundesbank react similarly to expected inflation, the ECB reacts significantly stronger to the output gap …
Persistent link: https://www.econbiz.de/10005126232
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Industry Effects of Monetary Policy in Germany
Hayo, Bernd - EconWPA - 1999
This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of...
Persistent link: https://www.econbiz.de/10005561233
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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 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
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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
carrying out vari-ous tasks. Within this framework, we evaluate the current division of labour between the ECB and NCBs using …
Persistent link: https://www.econbiz.de/10005076804
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Bad for Euroland, Worse for Germany-The ECB's Record
Bibow, Jorg - EconWPA - 2005
This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious … circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the … especially the ECB are firmly geared against it. The ECB’s monetary policies have been biased against growth and have thus proved …
Persistent link: https://www.econbiz.de/10005412611