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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
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The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
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Monetary policy, asset prices and consumption in China
Koivu, Tuuli - European Central Bank - 2010
This paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a … loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption …. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still …
Persistent link: https://www.econbiz.de/10008642630
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The role of central bank capital revisited
Bindseil, Ulrich; Manzanares, Andrés; Weller, Benedict - European Central Bank - 2004
This paper explores the role of central bank capital in ensuring that central banks focus on price stability in monetary policy decisions. The paper goes beyond the existing literature on this topic by developing a simple, but comprehensive, model of the relationship between a central bank's...
Persistent link: https://www.econbiz.de/10005530849
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ECB - Working paper series
European Central Bank
The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...
Persistent link: https://www.econbiz.de/10009635880
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DISAGREEMENT AMONG FORECASTERS IN G7 COUNTRIES
Dovern, Jonas; Fritsche, Ulrich; Slacalek, Jirka - European Central Bank - 2009
Using the Consensus Economics dataset with individual expertforecasts from G7 countries we investigate determinants of disagreement (crosssectionaldispersion of forecasts) about six key economic indicators. Disagreementabout real variables (GDP, consumption, investment and unemployment)has a...
Persistent link: https://www.econbiz.de/10005866467
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Monetary Policy committees meetings and outcomes
Berk, Jan Marc; Bierut, Beata K. - European Central Bank - 2009
Monetary Policy Committees differ in the way the interest rate proposal is preparedand presented in the policy meeting. In this paper we show analytically how differentarrangements could affect the voting behaviour of individual MPC members andtherefore policy outcomes. We then apply our results...
Persistent link: https://www.econbiz.de/10005866511