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A speed limit monetary policy rule for the euro area

Stracca, Livio - European Central Bank - 2006

policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation … the performance of the optimal rule under commitment. The optimal speed limit rule is also characterised by super …

Persistent link: https://www.econbiz.de/10005530852

Quantifying and sustaining welfare gains from monetary commitment

Levine, Paul; McAdam, Peter; Pearlman, Joseph G. - European Central Bank - 2007

The objectives of this paper are: first, to quantify the stabilization welfare gains from commitment; second, to … examine how commitment to an optimal rule can be sustained as an equilibrium and third, to find a simple interest rate rule … that closely approximates the optimal commitment one. We utilize an influential empirical micro-founded DSGE model, the …

Persistent link: https://www.econbiz.de/10005222327

Optimal monetary policy under commitment with a zero bound on nominal interest rates

Adam, Klaus; Billi, Roberto M. - European Central Bank - 2004

We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest …

Persistent link: https://www.econbiz.de/10005227553

Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations

Rodriguez-Palenzuela, Diego; Castelnuovo, Efrem; … - European Central Bank - 2003

JEL Classification: E52, E61, E31, E42, E43

Persistent link: https://www.econbiz.de/10005530707

Convergence and anchoring of yield curves in the euro area

Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - European Central Bank - 2007

the credibility that financial markets attach to monetary policy in the euro area. JEL Classification: E52, E58 …

Persistent link: https://www.econbiz.de/10005530722

Forecasting the central bank’s inflation objective is a good rule of thumb

Diron, Marie; Mojon, Benoît - European Central Bank - 2005

This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows...

Persistent link: https://www.econbiz.de/10005222363

The credibility of the monetary policy "free lunch"

Yetman, James - European Central Bank - 2003

JEL Classification: E52

Persistent link: https://www.econbiz.de/10005222370

Alternatives for issuer-paid credit rating agencies

Bongaerts, Dion - European Central Bank - 2014

This paper investigates the economic viability and welfare contribution of alternatives to issuer-paid credit rating agencies (CRAs). To this end, it introduces a heterogeneous competition model for credit and ratings markets. Frictions among issuers or investors induce rating inflation from...

Persistent link: https://www.econbiz.de/10011067199

Reputational contagion and optimal regulatory forbearance

Morrison, Alan D.; White, Lucy - European Central Bank - 2010

This paper examines common regulation as cause of interbank contagion. Studies based on the correlation of bank assets and the extent of interbank lending may underestimate the likelihood of contagion because they do not incorporate the fact that banks have a common regulator. In our model, the...

Persistent link: https://www.econbiz.de/10008459127

Institutional features of wage bargaining in 23 European countries, the US and Japan

Du Caju, Philip; Gautier, Erwan; Momferatou, Daphne; … - European Central Bank - 2008

This paper presents information on wage bargaining institutions, collected using a standardised questionnaire. Our data …-setting institutions. JEL Classification: J31, J38, J51, J58 …

Persistent link: https://www.econbiz.de/10005344868