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

Bordo, Michael D. - 2019

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs … credibility in EMEs was more fragile than was the case for the AEs in the face of the global shocks (from the US) than was the …

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

Credible Commitment to Optimal Escape from a Liquidity Trap : The Role of the Balance Sheet of an Independent Central Bank

Jeanne, Olivier - 2004

An independent central bank can manage its balance sheet and its capital so as to commit itself to a depreciation of its currency and an exchange-rate peg. This way, the central bank can implement the optimal escape from a liquidity trap, which involves a commitment to higher future inflation....

Persistent link: https://www.econbiz.de/10012468011

Establishing Credibility : Evolving Perceptions of the European Central Bank

Goldberg, Linda S. - 2005

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...

Persistent link: https://www.econbiz.de/10012466879

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

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

Assessing the Sources of Changes in the Volatility of Real Growth

Cecchetti, Stephen G. - 2006

In much of the world, growth is more stable than it once was. Looking at a sample of twentyfive countries, we find that in sixteen, real GDP growth is less volatile today than it was twenty years ago. And these declines are large, averaging more than fifty per cent. What accounts for the fact...

Persistent link: https://www.econbiz.de/10012466725

Crucial Issues Concerning Central Bank Independence

McCallum, Bennett T. - 1996

This paper argues, first, that it is inappropriate to presume that central banks will, in the absence of any tangible precommitment technology, inevitably behave in a `discretionary' fashion that implies an inflationary bias. Furthermore, there is no necessary tradeoff between `flexibility and...

Persistent link: https://www.econbiz.de/10012473251

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