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Central Bank accountability and transparency: theory and some evidence
Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000
Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …
Persistent link: https://www.econbiz.de/10010295694
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Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central bank's interest rate rule is based on a standard model...
Persistent link: https://www.econbiz.de/10010295857
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Real-time Data for Norway: Challenges for Monetary Policy
Bernhardsen, Tom; Eitrheim, Øyvind; Jore, Anne Sofie; … - 2004
National accounts data are always revised. Not only recent data, but also figures dating many years back can be revised substantially. This means that there is a danger that an important part of the central bank's information set is flawed for a long period of time. In this paper we present a...
Persistent link: https://www.econbiz.de/10010295653
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Spill-over effects of monetary policy: a progress report on interest rate convergence in Europe
Fladung, Michael - 2007
This study examines differences in the interest rate response to an ECB policy impulse in the euro area, the new EU-member states, and in the other non-eurozone EU countries in order to gauge the degree of interest rate alignment in Europe. To this end, PANIC, a Panel Analysis of...
Persistent link: https://www.econbiz.de/10010295864
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Forecast quality and simple instrument rules: a real-time data approach
Glück, Heinz; Schleicher, Stefan P. - 2004
We start from the assertion that a useful monetary policy design should be founded on more realistic assumptions about what policymakers can know at the time when policy decisions have to be made. Since the Taylor rule - if used as an operational device - implies a forward looking behaviour, we...
Persistent link: https://www.econbiz.de/10010295657
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Interest rate reaction functions for the euro area Evidence from panel data analysis
Ruth, Karsten - 2004
As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel...
Persistent link: https://www.econbiz.de/10010295660
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Policy instrument choice and non-coordinated monetary in interdependent economies
Lombardo, Giovanni; Sutherland, Alan - 2004
Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal...
Persistent link: https://www.econbiz.de/10010295630
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How the Bundesbank really conducted monetary policy: An analysis based on real-time data
Gerberding, Christina; Worms, Andreas; Seitz, Franz - 2004
Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary...
Persistent link: https://www.econbiz.de/10010295652
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - 2001
Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …
Persistent link: https://www.econbiz.de/10010295702
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Interbank lending and monetary policy transmission: evidence for Germany
Ehrmann, Michael; Worms, Andreas - 2001
This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from foreign banks. Whereas small cooperative and savings...
Persistent link: https://www.econbiz.de/10010295709