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

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 …

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 …

interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close … monetary policy would have helped to avoid the inflationary swings of the 1970s and reduce the severity of boom and bust cycles …

This paper is the first that applies a new measure of competition, the Boone indicator, to the banking industry. This … approach is able to measure competition of bank market segments, such as the loan market, whereas many well-known measures of … competition can consider the entire banking market only. A caveat of the Boone-indicator may be that it assumes that banks …

policy perspective, it highlights the importance of structural reforms that help enhance competition in this sector. This … economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual …

enhance competition in the European banking sector will tend to render the monetary policy transmission mechanism more …This paper analyses the impact of loan market competition on the interest rates applied by euro area banks to loans and … deposits during the 1994-2004 period, using a novel measure of competition called the Boone indicator. We find evidence that …

In this paper we explore the link between the intensity of product market competition and inflation rates across EU … over time and as alternative proxies of competition we use the level of mark-up, profit margin, the profit rate and a … survey based “intensity of competition” variable. Results for both aggregate and sectoral panels show that the extent of …

competition intensifies, prospecting for loans becomes more important and banks' internal agency problem worsens. In response to … more competition, banks lower lending standards, may choose to disregard soft and use only hard information in their credit …