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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

We look at the implications of uncertain monetary policy preferences for the targeting and contracting approach to monetary stability. It turns out that in presence of uncertain preferences a linear incentive contract in the sense of Walsh (1995) performs better in terms of social welfare than...

Persistent link: https://www.econbiz.de/10011090529

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

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 asymmetric target rule, that implies a higher level of nominal interest rates than the Svensson (1997a) forward looking version of the reaction function popularised by Taylor (1993)....

Persistent link: https://www.econbiz.de/10011091859

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

In many developing and developed countries, government debt stabilization is an important policy issue. This paper models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who control primary fiscal deficits. Government debt dynamics...

Persistent link: https://www.econbiz.de/10011092845

Does Monetary Policy Affect the Central Bank's Role in Bank Supervision?

Ioannidou, Vasso - Tilburg University, Center for Economic Research - 2002

Persistent link: https://www.econbiz.de/10011092048

Regional Inflation, Financial Integration and Dollarization (This is a revision of CentER DP 2013-073)

de Haas, R.; Brown, M.; Sokolov, V. - Tilburg University, Center for Economic Research - 2015

We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the domestic currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...

Persistent link: https://www.econbiz.de/10011199227

Capital Controls, Two-tiered Exchange Rate Systems and the Exchange Rate Policy : The South African Experience

Schaling, E. - Tilburg University, Center for Economic Research - 2005

South Africa's 40 years of experience with capital controls on residents and non-residents (1961-2001) reads like a collection of examples of perverse unanticipated effects of legislation and regulation.We show that the presence of capital controls on residents and non-residents, enabled the...

Persistent link: https://www.econbiz.de/10011091128

Regional Inflation and Financial Dollarization

Brown, M.; de Haas, R.; Sokolov, V. - Tilburg University, Center for Economic Research - 2013

Abstract: We exploit variation in consumer price inflation across 71 Russian regions to examine the relationship between the perceived stability of the local currency and financial dollarization. Our results show that regions with higher inflation experience an increase in the dollarization of...

Persistent link: https://www.econbiz.de/10011092469

The Impact of the LCR on the Interbank Money Market

Eijffinger, Sylvester; Bonner, C. - Tilburg University, Center for Economic Research - 2012

Abstract: This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory...

Persistent link: https://www.econbiz.de/10011092711

Has the Euro Affected the Choice of Invoicing Currency?

Ligthart, J.E.; Werner, S.E.V. - Tilburg University, Center for Economic Research - 2010

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the … role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above …

Persistent link: https://www.econbiz.de/10011090527

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