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Does Inflation Targeting Improve Fiscal Discipline? An Empirical Investigation

Tapsoba, Rene - HAL - 2011

Based on panel data of 58 countries, of which 22 Inflation Targeters and 36 non Inflation Targeters, over the period 1980-2003, this paper highlights the effect of Inflation Targeting – IT- on Fiscal Discipline –FD-. We make four contributions to the literature. Firstly, by applying the 2SLS...

Persistent link: https://www.econbiz.de/10008794278

Quantitative easing works: Lessons from the unique experience in Japan 2001-2006

Girardin, Eric; Moussa, Zakaria - HAL - 2010

Japanese monetary policy during the "lost" decade and quantify the effect of quantitative easing on Japan's activity and prices …

Persistent link: https://www.econbiz.de/10008794832

The Treasury, Britain's post-war reconstruction and the industrial intervention of the Bank of England, 1921-1929

Cerretano, Valerio - HAL - 2007

This article describes how the Trade Facilities Act (TFA) and the liquidation of certain government-owned assets spurred the industrial intervention of the Bank of England in the 1920s. What emerges is a much greater role of the Treasury in the Bank of England's industrial intervention than has...

Persistent link: https://www.econbiz.de/10009001267

Debt-Deflation versus the Liquidity Trap : the Dilemma of Nonconventional Monetary Policy

Giraud, Gaël; Pottier, Antonin - HAL - 2012

This paper examines quantity-targeting monetary policy in a two-period economy with fiat money, endogenously incomplete markets of financial securities, durable goods and production. Short positions in financial assets and long-term loans are backed by collateral, the value of which depends on...

Persistent link: https://www.econbiz.de/10011025794

Thwarting systems and institutional dynamics or how to stabilize an unstable economy

Nasica, Eric - HAL - 1999

In this contribution, it is shown that the ambivalence of institutional factors relatively to financial instability appears early in Minsky's first works, more precisely in the late fifties. The argument is developed in two main steps. First, on the basis of Minsky's analysis, I investigate the...

Persistent link: https://www.econbiz.de/10008789491

Monetary policy under finite speed of trades and myopia

Giraud, Gaël; Orntangar, Nguenamadji - HAL - 2011

This paper provides a new framework for monetary macro-policy, where the Central Bank potentially intervenes both on short-term and long-term loans markets, and can do this alternatively by manipulating interest rates or money supply. Following Bonnisseau and Orntangar (2010) and Giraud and...

Persistent link: https://www.econbiz.de/10010635014

Financial crashes versus liquidity trap : the dilemma of monetary policy

Giraud, Gaël - HAL - 2010

This paper considers a two-period monetary double auction with incomplete markets of securities and derivatives. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements. A central Bank stands ready to lend money or engage in...

Persistent link: https://www.econbiz.de/10010635211

Central Bank Transparency and Shocks

Laskar, Daniel - HAL - 2010

According to the literature, in an expectations-augmented Phillips curve model, opacity is always preferred to transparency on central bank forecasts. By modelling the private sector's behavior explicitly, we show that transparency reduces the shocks. Consequently, transparency can be preferred.

Persistent link: https://www.econbiz.de/10008804708

How do Japanese and French firms in steel industry address the institutional change and the globalization? Employment adjustment and age management in a downsizing context

Lanciano, Emilie; Nitta, Michio - HAL - 2010

comparative analysis on two steel plants, localised in France and in Japan. We will examine changes that have occurred in labour … and industrial relations and human resource development in two steel industry plants after the 1980s, in Japan and in … in Japan . It has been led both by Japanese and French researchers which used statistical databases on Japanese and …

Persistent link: https://www.econbiz.de/10008788841

Why is the gender wage gap in Japan so large compared with France? : a comparison based on decomposition analysis

Hori, Haruhiko; Nohara, Hiroatsu - HAL - 2006

countries : France, an industrialized country where the disparities between sexes are outstandingly small, and Japan, where they … are particularly large. It is also proposed to explore the reasons why the male/female wage gap is so large in Japan in … markets in Japan and France. When it comes to the gender wage gaps, it is necessary to take the general structure of wages and …

Persistent link: https://www.econbiz.de/10008790464