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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

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

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

Monetary policy under finite speed of trades and myopia

Giraud, Gaël; Orntangar, Nguenamadji - HAL - 2011

; above it, the economy eventually converges towards a Pareto-optimal rest-point while inflation raises in an unbounded …

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

Financial crashes versus liquidity trap : the dilemma of monetary policy

Giraud, Gaël - HAL - 2010

fuels a financial inflation driven by "rational exuberance", whose burst leads to a global crash in the next period, 3) else … a significant inflation of commodity prices accompanies the functioning of markets. In particular, neither Friedman …

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

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

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 …

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

The Exchange Rate Pass-Through in a Cointegrated VAR Model

Cheikh, Nidhaleddine Ben; Louhichi, Waël - HAL - 2013

This paper analyzes the exchange rate pass-through (ERPT) into consumer prices for 12 euro area (EA) countries within a cointegrated VAR (CVAR) framework. Using the Johansen cointegration procedure, results indicate the existence of one cointegrating vectors at least for each EA country of our...

Persistent link: https://www.econbiz.de/10010821130

The Friedman's and Mishkin's Hypotheses (Re)Considered

Bordes, Christian; Maveyraud, Samuel - HAL - 2008

This paper o¤ers to investigate both the Friedman's and Mishkin's hypotheses on the consequences of inflation on output … countries, we distinguish between short-medium and long run and between headline and core inflation. We get two main results …. First, nominal uncertainty and inflation are positively linked. Second, headline inflation negatively Granger causes out …

Persistent link: https://www.econbiz.de/10010738523

(Note de Lecture) Liêm Hoang-Ngoc "Le fabuleux destin de la courbe de Phillips. Les théories de l'inflation et du chômage après Keynes"

Allain, Olivier - HAL - 2008

Book review: Liêm Hoang-Ngoc "Le fabuleux destin de la courbe de Phillips. Les théories de l'inflation et du chômage …

Persistent link: https://www.econbiz.de/10010738547