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The "eductive" viewpoint provides a theoretically sophisticated analysis as well as an intuitively plausible shortcut to the study of expectational coordination in economic models. From the review of expectational criteria in a class of dynamical models of macroeconomic theory, the paper shows...
Persistent link: https://www.econbiz.de/10010739013
central banks' monetary policy must be credible if the authorities want to curb inflation. A second view is that central banks … set their monetary policy by using all the information relevant for inflation and output projections. In Europe, a … controversy has emerged about the role of monetary aggregates as useful indicators of future inflation and output. On one hand …
Persistent link: https://www.econbiz.de/10008793951
This paper develops a theoretical model of financial intermediation with three original features: first, consideration of all sectors within total outstanding credits, including households; second, the possibility of a non monotic relationship between prices and funding supply volumes in periods...
Persistent link: https://www.econbiz.de/10010820919
inflation, both as an objective and as an intermediate instrument. We want to show that other variables like employment can be … that they can be function of employment only, which then dominates inflation for use in the policy rule. …
Persistent link: https://www.econbiz.de/10010929093
should respond more than one for one to inflation. This model yields explicit solutions for the optimal rule. We find that … underlying shocks, or which measure of inflation is used. In general the optimal elasticity of the interest rate with respect to … inflation needs not be greater than one. …
Persistent link: https://www.econbiz.de/10010930174
Le passage à l'Union économique et monétaire dans la mesure où chaque pays demeure souverain n'a pas d'équivalent dans l'histoire. La banque centrale européenne a donc dû mettre en place une coopération efficace avec les banques centrales nationales dans un contexte institutionnel et...
Persistent link: https://www.econbiz.de/10009645463
In the late 90's, after severe financial and economic crisis, accompanied by inflation and exchange rate instability …, Eastern Europe emerged into two groups of countries with radically contrasting monetary regimes (Currency Boards and Inflation … relationship between inflation, output growth, nominal and real uncertainties from 2000 till now. In other words, we test the …
Persistent link: https://www.econbiz.de/10010755512
a higher inflation target and correspondingly higher interest rates would offer larger wiggle room for Central Banks to …-Keynesian DSGE framework and including positive steady state inflation, we investigate if having a higher permanent inflation target … inflation targets and the effect this could have on economic fundamentals. Finally, we discuss whether simple inflation …
Persistent link: https://www.econbiz.de/10010898484
This paper examines the presence of nonlinear mechanism in the exchange rate pass-through (ERPT) to CPI inflation for … inflation in the EA context. …
Persistent link: https://www.econbiz.de/10010899330
; (iii) the frequencies of price increases and decreases contribute a lot to inflation variations, and price increases are … more frequent in January even when sales are excluded; (iv) sales contribute significantly to the volatility of inflation …
Persistent link: https://www.econbiz.de/10010899335