Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and … policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of … England. We find that the Bundesbank's policy reaction function was characterized by strong persistence of policy rates as …

affect the firms' demand on foreign markets to instrument yearly variations in exports. We use alternatively as instruments …

degree endogenous to the policy process itself. The findings indicate that the reputation and credibility of the G7, as well …

The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates …

substantially more effective if they deviate from the prevalent policy "mantra". They also tend to reduce market volatility whereas … the stance and direction of monetary policy as well as the occurrence of actual interventions. This suggests that oral … interventions might constitute, on a short-term basis, an effective and largely autonomous policy tool. JEL Classification: E61, E58 …

and found that the currency in which prices are set has significant macroeconomic and policy implications. In this paper … competition firms face in foreign markets, as reflected in market share and product differentiation, the more likely they will …

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and … public information, by testing whether and how thereaction of financial markets to public signals depends on the relative …

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy …, external habits) onoptimal policy. In this paper we consider the implications of external habits for optimalmonetary policy … distortion in the economy, which implies that the flex-price equilibrium willno longer be efficient and that policy... …