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Changing Central Bank Pressures and Inflation

Afrouzi, Hassan; Halac, Marina; Rogoff, Kenneth S.; … - National Bureau of Economic Research - 2024

We present a simple long-run aggregate demand and supply framework for evaluating long-run inflation. The framework illustrates how exogenous economic and political economy factors generate central bank pressures that can impact long-run inflation as well as transitions between steady states. We...

Persistent link: https://www.econbiz.de/10014528348

Modern Approaches to Central Banking

Fischer, Stanley - 1995

Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for …

Persistent link: https://www.econbiz.de/10012473825

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

Monetary Contracting Between Central Banks and the Design of SustainableExchange-Rate Zones

Delgado, Francisco - 1990

An exchange-rate system is a set of contracts which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the "crisis scenario" which describes possible transitions to new...

Persistent link: https://www.econbiz.de/10012475590

Central bank Credibility Before and After the Crisis

Bordo, Michael D. - 2015

A new measure of credibility is constructed as a function of the differential between observed inflation and some … estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is … credibility and central banks with strong institutional feaures tend to do better when hit by a shock of the magnitude of the 2007 …

Persistent link: https://www.econbiz.de/10012456960

NBER macroeconomics annual

National Bureau of Economic Research - 1986-: Chicago, Ill. : Univ. of Chicago Press; … - 1.1986 -

Persistent link: https://www.econbiz.de/10000368249

Tax policy and the economy

National Bureau of Economic Research - Chicago, Ill. : University of Chicago Press; 1987-2007: … - 1.1987 -

Persistent link: https://www.econbiz.de/10000370609

Tax policy and the economy

National Bureau of Economic Research - Chicago, Ill. : University of Chicago Press; anfangs: … - 1.1987 -

Persistent link: https://www.econbiz.de/10001611436

NBER macroeconomics annual

National Bureau of Economic Research - Chicago, Ill. : Univ. of Chicago Press; 1986-2007: … - 1.1986 -

Persistent link: https://www.econbiz.de/10001621004