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Inflation targets and contracts with uncertain central banker preferences
Beetsma, R.M.W.J.; Jensen, H. - Tilburg University, Center for Economic Research - 1996
Persistent link: https://www.econbiz.de/10011091003
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Incentive Contracts for Central Bankers under Uncertainty : Walsh-Svensson Non-Equivalence Revisited
Eijffinger, Sylvester; Schaling, E.; Hoeberichts, M.M. - Tilburg University, Center for Economic Research - 1998
(1995) performs better in terms of social welfare than an explicit inflation target as proposed by Svensson (1997). The … variance of inflation will be considerably higher with an inflation target. We also find that on top of an optimal linear … outcome. In the case of an inflation target, a more conservative banker is needed than with a Walsh contract. …
Persistent link: https://www.econbiz.de/10011090529
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The Nonlinear Phillips Curve and Inflation Forecast Targeting - Symmetric Versus Asymmetric Monetary Policy Rules
Schaling, E. - Tilburg University, Center for Economic Research - 1998
We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an …
Persistent link: https://www.econbiz.de/10011091859
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Monetary and fiscal policy interaction and government debt stabilization
Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1995
models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who …
Persistent link: https://www.econbiz.de/10011092845
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Can the Fed talk the Hind Legs off the Stock Market? (replaces CentER DP 2011-072)
Eijffinger, Sylvester; Mahieu, Ronald; Raes, Louis - Tilburg University, Center for Economic Research - 2012
Abstract: Central banks in fluence financial markets' expectations of its future policy. By providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks affect financial markets' forecasts. In bad times monetary policy...
Persistent link: https://www.econbiz.de/10011090377
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The Effect of Monetary Policy on Exchange Rates During Currency Crises : The Role of Debt, Institutions and Financial Openness
Eijffinger, Sylvester; Goderis, Benedikt - Tilburg University, Center for Economic Research - 2007
This paper examines the effect of monetary policy on the exchange rate during currency crises. Using data for a number of crisis episodes between 1986 and 2004, we find strong evidence that raising the interest rate: (i) has larger adverse balance sheet effects and is therefore less effective in...
Persistent link: https://www.econbiz.de/10011090390
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The Economic Impact of Central Bank Transparency : A Survey
Eijffinger, Sylvester; van der Cruijsen, C.A.B. - Tilburg University, Center for Economic Research - 2007
We provide an up-to-date overview of the literature on the desirabil- ity of central bank transparency from an economic viewpoint. Since the move towards more transparency, a lot of research on its e¤ects has been carried out. First, we show how the theoretical literature has evolved, by...
Persistent link: https://www.econbiz.de/10011090505
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Does monetary unification lead to excessive debt accumulation
Bovenberg, A.L.Bovenberg; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1995
If discretionary monetary policy implies an inflation bias, monetary unification boosts the accumulation of public debt …
Persistent link: https://www.econbiz.de/10011090557
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Accountability of Central Banks : Aspects and Quantification
Eijffinger, Sylvester; de Haan, J.; Amtenbrink, F. - Tilburg University, Center for Economic Research - 1998
This paper starts with a discussion of the various aspects of accountability of central banks. On the basis of this discussion we construct an indicator for accountability for 16 central banks, including the European Central Bank. It is shown that the degree of accountability differs...
Persistent link: https://www.econbiz.de/10011090566
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Actual versus Perceived Central Bank Transparency : The Case of the European Central Bank
Eijffinger, Sylvester; van der Cruijsen, C.A.B. - Tilburg University, Center for Economic Research - 2007
Central banks have become more and more transparent about their monetary policy making process. In the central bank transparency lit- erature the distinction between actual and perceived central bank trans- parency is often lacking. However, as perceptions are crucial for the ac- tions of...
Persistent link: https://www.econbiz.de/10011090597