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The role of central bank transparency for guiding private sector forecasts

Ehrmann, Michael; Eijffinger, Sylvester; Fratzscher, Marcel - European Central Bank - 2010

There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically...

Persistent link: https://www.econbiz.de/10008545908

What measure of inflation should a central bank target?

Mankiw, N. Gregory; Reis, Ricardo - European Central Bank - 2002

This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this problem and examines its microeconomic foundations. It...

Persistent link: https://www.econbiz.de/10005344841

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 European Monetary Union as a commitment device for new EU member states

Ravenna, Federico - European Central Bank - 2005

This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...

Persistent link: https://www.econbiz.de/10005222375

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10009002548

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010

real house price, residential investment and mortgage debt on the two sides of the Atlantic. Then, it presents evidence …, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …

Persistent link: https://www.econbiz.de/10008541287

Monetary Transmission in the Euro Area : Where Do We Stand?

Mojon, Benoît; Kashyap, Anil K.; Angeloni, Ignazio; … - European Central Bank - 2002

monetary policy responses for prices and output that are similar to those generally reported for the US. However, investment … according to whether they primarily relate to consumption or investment JEL Classification: E52, E58, E44 …

Persistent link: https://www.econbiz.de/10005070389

Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.

Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...

Persistent link: https://www.econbiz.de/10005641237

Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation

Chatelain, Jean-Bernard; Tiomo, André - European Central Bank - 2001

investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …

Persistent link: https://www.econbiz.de/10005344839

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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