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Latin American Central Bank Reform: Progress and Challenges

Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005

This study takes stock of the institutional reform of monetary policy in Latin America since the early 1990s. It argues that strengthening the legal independence of central banks, together with macroeconomic policies, was instrumental in reducing inflation from three-digit annual rates in the...

Persistent link: https://www.econbiz.de/10005126474

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

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

Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.

Wray, L. Randall; Sardoni, C. - EconWPA - 2005

In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former’s flexibility and capacity to adjust rigidity, and the latter’s extreme caution, and obsession with low inflation. In looking...

Persistent link: https://www.econbiz.de/10005076846

Europe’s Quest for Monetary Stability: Central Banking Gone Astray

Bibow, Jorg - EconWPA - 2005

This paper provides an overview of central banking arrangements in those European countries that have adopted the euro. Issues addressed include the structure of the “Eurosystem” and its central banking functions, the kind of independence granted to the system and the role of monetary policy...

Persistent link: https://www.econbiz.de/10005126453

Monetary Transmission Mechanism in Estonia - Some Theoretical Considerations and Stylized Aspects

Lättemäe, Raoul - EconWPA - 2002

The monetary system in Estonia is based on the currency board arrangement with German Mark. The strong commitments and rule-based features of currency board imply that there is no active monetary policy in Estonia – all necessarily monetary djustments are left to the market forces. Under fixed...

Persistent link: https://www.econbiz.de/10005076744

Multiple Critiques of Woodford’s Model of a Cashless Economy

Eagle, David - EconWPA - 2005

Woodford’s (2003) model of a cashless economy is the basis for his book Interest and Prices. Since Woodford assumes complete markets, this paper explicitly includes state-contingent securities with either temporary money or a cash-in-advance constraint to analyze Woodford’s logic. This...

Persistent link: https://www.econbiz.de/10005561359

The Portuguese Disinflation Process: Analysis of Some Costs and Benefits

Duarte, António Portugal - EconWPA - 2005

This study aims to analyse the Portuguese economic policy of disinflation through a nominal stabilization policy of the Portuguese escudo. We study the pegging of the Portuguese escudo (PTE) to the Deutsch mark (DM) knowing the reputation of the Bundesbank for its anti- inflationary record and...

Persistent link: https://www.econbiz.de/10005556600

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 empirical results suggest that the difference...

Persistent link: https://www.econbiz.de/10005561182

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