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National influences inside the ECB: an assessment from central bankers' statements
Bennani, Hamza - HAL - 2012
This paper aims at discovering the national influences inside the Governing Council of the ECB for setting interest rates. We use a textual analysis of national newspaper articles related to each European central banker to analyze their expressed preferences. We proceed to a cluster analysis...
Persistent link: https://www.econbiz.de/10010899489
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Monetary information arrivals and intraday exchange rate volatility : a comparison of the GARCH and the EGARCH models
Mokhtar, Darmoul; Harrathi, Nizar - HAL - 2007
In this article, we examine the intradaily Euro-dollar exchange rate volatility persistence result from the dissymmetric impact of monetary policy signals stemming from the ECB Council and the FOMC. A model is constructed by extending the AR(1)-GARCH (1,1) to an exponential process EGARCH (1,1),...
Persistent link: https://www.econbiz.de/10010750845
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Which predictor is the best to predict inflation in Europe: the real money-gap or a nominal money based indicator?
Dufrénot, Gilles; Joyeux, Roseline; Peguin-Feissolle, Anne - HAL - 2008
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
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The effects of technological innovations on employment : a new explanation
Boudaya, Chahnez - HAL - 2005
This paper investigates principally the effects of a technological innovation on hours worked in a sticky price model. Our challenge is to reproduce the short-run decline in employment supported by a large range of recent works, inspired by Gali (1999), regardless of any monetary policy...
Persistent link: https://www.econbiz.de/10010750542
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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
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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
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A simple Empirical Measure of Central Bank's Conservatism
Levieuge, Grégory; Lucotte, Yannick - HAL - 2012
In this paper we suggest a simple empirical and model independent measure of Central Banks' Conservatism, based on the Taylor curve. This new indicator can easily be extended in time and space, whatever the underlying monetary regime of the considered countries. We demonstrate that it evolves in...
Persistent link: https://www.econbiz.de/10010899874
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Inflation Targeting, Exchange Rate and Financial Globalization
Tahir, Muhammad Naveed - HAL - 2011
In this paper we investigate the impact of financial globalization on the behaviour of inflation targeting emerging … data for six emerging market inflation targeting economies from the date of their inflation targeting adoption to 2009 Q4 … should not be so as even under flexible inflation targeting central bank responds to inflation deviation and output gap; we …
Persistent link: https://www.econbiz.de/10009372685
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Exchange Rate Undervaluation and Manufactured Exports: A Deliberate Strategy?
Nouira, Ridha; Plane, Patrick; Sekkat, K. - HAL - 2011
Recent literature suggests that a proactive exchange rate policy in accordance with price incentives (i.e. undervaluation) can foster manufactured exports and growth. This paper is built on these recent developments and investigates, using a sample of 52 developing countries, whether such a...
Persistent link: https://www.econbiz.de/10009278330
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Is it possible to discriminate between different switching regressions models? An empirical investigation
Charfeddine, Lanouar; Guegan, Dominique - HAL - 2008
In this paper we study, using the sup LR test, the possibility of discrimination between two classes of models: the Markov switching models of Hamilton (1989) and the Threshold Auto-Regressive Models (TAR) of Lim and Tong (1980). This work is motivated by the fact that generally practicians use,...
Persistent link: https://www.econbiz.de/10010738508