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Pricing-to-market, sectoral shocks and gains from monetary cooperation
Verhoef, Bastiaan - de Nederlandsche Bank - 2006
Recent literature states that international monetary cooperation results in substantial welfare gains in an environment with imperfectly correlated sectoral shocks and with prices only set in firms (domestic) currency. However, empirical studies provide evidence that firms not only set their...
Persistent link: https://www.econbiz.de/10005030197
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An Independent Central Bank faced with Elected Government: A Political Economy Conflict
Demertzis, M.; Hallett, A. Hughes; Viegi, N. - de Nederlandsche Bank - 2002
The literature argues that the benefits of an independent Central Bank accrue at no cost to the real side. In this paper, we argue that the lack of correlation between monetary autonomy and output variability, is due to the proactive role of fiscal policy when faced with rigid monetary...
Persistent link: https://www.econbiz.de/10005021867
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Inside the Impossible Triangle:Monetary Policy Autonomy in a Credible Target Zone
Jansen, W. Jos - de Nederlandsche Bank - 2003
This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded...
Persistent link: https://www.econbiz.de/10005106747
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The fiscal dimension of a common monetary policy: results with a non-Ricardian global model
Sgherri, S. - de Nederlandsche Bank - 2000
This paper studies the interaction of fiscal and monetary policy within an Economic and Monetary Union (EMU). Results suggest that, in a model in which bonds and money are counted as net wealth, the primary source of cross-country heterogeneity in response to a common monetary shock is the...
Persistent link: https://www.econbiz.de/10005030229
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Note on zero lower bound worries
Ullersma, Cees; Hieminga, Gerben - de Nederlandsche Bank - 2006
Although some authors have suggested that monetary expansion is still possible when the monetary policy interest rate cannot be reduced further, central banks tend to avoid interest rates close to the zero lower bound. Taking into account central banks.aversion to very low interest rates, we...
Persistent link: https://www.econbiz.de/10005021839
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Liquidity effects and the welfare costs of inflation in an endogenous growth model
Folkertsma, C. K. - de Nederlandsche Bank - 2000
The paper has two subjects. The first subject is the development of a monetary general equilibrium model with endogenous growth. By combining the two-sector endogenous growth model and the limited participation approach, the model is able to explain the empirically observed liquidity effect of...
Persistent link: https://www.econbiz.de/10005021865
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Liquidity Effects and Welfare Costs of Inflation in an EndogenousGrowth Model
Folkertsma, C.K. - de Nederlandsche Bank - 2000
The paper has two subjects. The first subject is the development of a monetary general equilibrium model with en- dogenous growth. By combining the two-sector endogenous growth model and the limited participation approach, the model is able to explain the empirically observed liquidity effect of...
Persistent link: https://www.econbiz.de/10005021894
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Trading off monetary and financial stability: a balance of risk framework
End, Jan Willem van den - de Nederlandsche Bank - 2010
This paper presents a framework that quantifies the trade-offs for a central bank that includes financial stability in its strategy and uses macroprudential instruments next to the interest rate. It is an innovative application of the Kaminsky and Reinhart early warning method, by assuming that...
Persistent link: https://www.econbiz.de/10008468098
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Did the crisis affect inflation expectations?
Galati, Gabriele; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2009
We investigate whether the anchoring properties of long-run inflation expectations in the United States, the euro area … economies, expectations measures extracted from inflation-indexed bonds and inflation swaps became much more volatile in 2007 … macroeconomic news and financial market-based inflation expectations at the daily frequency. By testing for structural breaks we …
Persistent link: https://www.econbiz.de/10008482047
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The use of Robust Estimators as Measures of Core Inflation
Aucremanne, L. - de Nederlandsche Bank - 2001
This paper examines robust estimators of core inflation for Belgian historical CPI data, and for euro area Harmonised Indices of Consumer Prices. Evidence of fat tails in the cross-sections of price changes is provided by traditional measures, as well as by a robust measure of the tail weights...
Persistent link: https://www.econbiz.de/10004970717