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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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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 … loyalties and allegiances - to the home regional territory to which they owe the appointment and to the central bank to which …, cultural factors, and other determinants. Local preferences may conflict with the central bank’s mandated objectives, its …
Persistent link: https://www.econbiz.de/10005076671
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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
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Limited Commitment, Inaction and Optimal Monetary Policy
Mirzoev, Tokhir - EconWPA - 2004
commitment outweigh welfare costs of central bank's inaction. Second, we solve for the optimal frequency of policy adjustment and …
Persistent link: https://www.econbiz.de/10005076774
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Monetary Policy Transparency in the Inflation Targeting
Jarmuzek, Mariusz; Orlowski, Lucjan T.; Radziwill, Artur - EconWPA - 2005
central bank discloses information that is related to the policymaking process. The behavioural measure reflects the clarity …
Persistent link: https://www.econbiz.de/10005076775
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Inflation Targeting and Nonlinear Policy Rules: the Case of Asymmetric Preferences
Surico, Paolo - EconWPA - 2002
. Reduced-form and structural estimates of the central bank first order condition indicate that the preferences of the Fed have …
Persistent link: https://www.econbiz.de/10005076793
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Monetary Transmission in the Euro Area: A Factor Model Approach
Sala, Luca - EconWPA - 2002
This paper studies the transmission of common monetary shocks across European countries by using a dynamic factor model (Forni-Reichlin (1998)). This technique allows to extract the common European monetary shock and to compute country-specific responses. Our identification employs rotations of...
Persistent link: https://www.econbiz.de/10005076808
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10005076809
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The Fed and the Stock Market
D'Agostino, Antonello; Sala, Luca; Surico, Paolo - EconWPA - 2005
The Fed closely monitors the stock market and the stock market continuously forms expectations about the Fed decisions. What does this imply for the relation between the fed funds rate and the S&P500? We find that the answer depends on the conditions prevailing on the financial market. During...
Persistent link: https://www.econbiz.de/10005076811
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Structural Factor-Augmented VAR (SFAVAR) and the Effects of Monetary Policy
Belviso, Francesco; Milani, Fabio - EconWPA - 2005
Factor-augmented VARs (FAVARs) have combined standard VARs with factor analysis to exploit large data sets in the study of monetary policy. FAVARs enjoy a number of advantages over VARs: they allow a better identification of the monetary policy shock; they can avoid the use of a single variable...
Persistent link: https://www.econbiz.de/10005076826