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Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989

Eschweiler, Bernhard - 1993

best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical … authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard … in Germany was always geared toward maintaining price stability with the exception of the two world war periods. Germany …

Persistent link: https://www.econbiz.de/10012474395

The industrial organization and regulation of the securities industry

Lo, Andrew W. (ed.) - 1996

Persistent link: https://www.econbiz.de/10000937532

Global Monetary and Financial Spillovers : Evidence from a New Measure of Bundesbank Policy Shocks

Cloyne, James; Hürtgen, Patrick; Taylor, Alan M. - National Bureau of Economic Research - 2022

monetary contraction. But given Germany's central role in the European Monetary System (EMS), we can also shed light on debates …

Persistent link: https://www.econbiz.de/10013388841

The Conduct of Domestic Monetary Policy

Gordon, Robert J. - 1983

This paper develops the view that monetary policy operates within a set of basic constraints that limit the set of outcomes that it can achieve.These include constraints on aggregate supply behavior that determine how a given path of nominal income growth will be divided between inflation and...

Persistent link: https://www.econbiz.de/10012477878

Threats to Central Bank Independence : High-Frequency Identification with Twitter

Bianchi, Francesco - 2019

This paper presents market-based evidence that President Trump influences expectations about monetary policy. We use tick-by-tick fed funds futures data and a collection of Trump tweets criticizing the conduct of monetary policy and consistently advocating that the Fed lower interest rates....

Persistent link: https://www.econbiz.de/10012480253

The Transformation and Performance of Emerging Market Economies Across the Great Divide of the Global Financial Crisis

Bordo, Michael D. - 2019

The process of central bank (CB) evolution by emerging market economies (EMEs), including central bank independence (CBI) and transparency (CBT), converged towards that of the advanced economies (AEs) before the Global Financial Crisis (GFC) of 2007-2008. It was greatly aided by the adoption of...

Persistent link: https://www.econbiz.de/10012480286

Monetary Independence and Rollover Crises

Bianchi, Javier - 2018

This paper shows that the inability to use monetary policy for macroeconomic stabilization leaves a government more vulnerable to a rollover crisis. We study a sovereign default model with self-fulfilling rollover crises, foreign currency debt, and nominal rigidities. When the government lacks...

Persistent link: https://www.econbiz.de/10012480991

Shotgun Wedding : Fiscal and Monetary Policy

Bassetto, Marco - 2020

This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the...

Persistent link: https://www.econbiz.de/10012481961

The Politics of Monetary Policy

Alesina, Alberto F. - 2010

In this paper we critically review the literature on the political economy of monetary policy, with an eye on the questions raised by the recent financial crisis. We begin with a discussion of rules versus discretion. We then examine the issue of Central Banks independence both in normal times,...

Persistent link: https://www.econbiz.de/10012462794

Great Inflation and Central Bank Independence in Japan

Ito, Takatoshi - 2010

Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate in the postwar Japanese history after the chaotic hyperinflation following the end of the Second World War. Traditionally, the oil crisis is blamed for the 1973-74 high...

Persistent link: https://www.econbiz.de/10012462925

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