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Announcements of ECB Unconventional Programs: Implications for the Sovereign Risk of Italy
Falagiarda, Matteo; Reitz, Stefan - Institut für Weltwirtschaft (IfW) - 2013
sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and … Markets Programme and the Outright Monetary Transactions are found to be effective in affecting the perceived sovereign risk …
Persistent link: https://www.econbiz.de/10010886951
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Shifts in the Inflation Target and Communication of Central Bank Forecasts
Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2007
In a model with forward-looking expectations, the paper examines communication of central bank forecasts when the inflation target is subject to unobserved changes. It characterizes the effect of disclosure of forecasts on inflation and output stabilization and the choice of an active versus...
Persistent link: https://www.econbiz.de/10005818864
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DSGE Models and Central Banks
Tovar, Camilo Ernesto - Institut für Weltwirtschaft (IfW) - 2008
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic …
Persistent link: https://www.econbiz.de/10005083409
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Debt and Interest Rates: The U.S. and the Euro Area
Frankel, Jeffrey; Chinn, Menzie D. - Institut für Weltwirtschaft (IfW) - 2007
We find that real interest rates paid on government debt depend significantly upon current and expected future levels of debt, in Europe as in the US. But this result only emerges when we condition on foreign interest rates, illustrating financial international integration. The previously strong...
Persistent link: https://www.econbiz.de/10005083400
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Circuit theory extended: The role of speculation in crises
Lancastle, Neil - Institut für Weltwirtschaft (IfW) - 2012
This paper asks why modern finance theory and the efficient market hypothesis have failed to explain long-term carry … Profits, 2010) and the Theory of the Monetary Circuit to give a mathematical representation of Minsky's Financial Instability …
Persistent link: https://www.econbiz.de/10010983167
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Estimating monetary policy rules when the zero lower bound on nominal interest rates is approached
Kiesel, Konstantin; Wolters, Maik - Institut für Weltwirtschaft (IfW) - 2014
Monetary policy rule parameters estimated with conventional estimation techniques can be severely biased if the … estimation sample includes periods of low interest rates. Nominal interest rates cannot be negative, so that censored regression … methods like Tobit estimation have to be used to achieve unbiased estimates. We use IV-Tobit regression to estimate monetary …
Persistent link: https://www.econbiz.de/10010886892
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - Institut für Weltwirtschaft (IfW) - 2007
Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...
Persistent link: https://www.econbiz.de/10005083332
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Is Old Money Better than New? Duration and Monetary Regimes
Rose, Andrew K.; Mihov, Ilian - Institut für Weltwirtschaft (IfW) - 2007
We compare the duration and performance of different monetary regimes, especially the contrast between countries those that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet been forced to abandon an inflation target, while many...
Persistent link: https://www.econbiz.de/10005083368
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The accuracy of a forecast targeting central bank
Falch, Nina Skrove; Nymoen, Ragnar - Institut für Weltwirtschaft (IfW) - 2011
This paper evaluates inflation forecasts made by Norges Bank which is recognized as a successful forecast targeting central bank. It is reasonable to expect that Norges Bank produces inflation forecasts that are on average better than other forecasts, both 'naïve' forecasts, and forecasts from...
Persistent link: https://www.econbiz.de/10009647561
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Implementing Inflation Targeting Regimes ; The Case of Poland
Gottschalk, Jan; Moore, David - Institut für Weltwirtschaft (IfW) - 1999
this uncertainty, modification of some details of the strategy — such as widening the target range or lengthening the …
Persistent link: https://www.econbiz.de/10005818837