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Federal monetary policy
Hefeker, Carsten - 2001
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10011398004
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Central bank independence and conservatism under uncertainty : substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …
Persistent link: https://www.econbiz.de/10009010174
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Inflation targets versus international monetary integration : a Canadian perspective
Laidler, David E. W. - 2002
The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada's recent economic performance under inflation targets, and arguments...
Persistent link: https://www.econbiz.de/10011541166
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Monetary policy in EMU when the transmission is asymmetric and uncertain
De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003
In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data.We find that the uncertainty about the transmission process increases the need to take into account information about...
Persistent link: https://www.econbiz.de/10011506467
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Equilibrium contracts for the central bank of a monetary union
Dixit, Avinash K.; Jensen, Henrik - 2000
We consider the political economy of a monetary union wheremember governments attempt to influence the policy of the commoncentral bank. Modeling this as a common agency with incentivecontracts, we show that if incentives are all that matters for the bank,the equilibrium implements a weighted...
Persistent link: https://www.econbiz.de/10011397656
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International inflation spillovers through input linkages
Auer, Raphael A.; Levchenko, Andrei A.; Sauré, Philip - 2017
We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...
Persistent link: https://www.econbiz.de/10011619669
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Optimal conservatism and collective monetary policymaking under uncertainty
Hefeker, Carsten; Zimmer, Blandine - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee … (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … by the presence of uncertainty about the committee member' output objective. We show how this need for conservatism …
Persistent link: https://www.econbiz.de/10010391838
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Stable money and central bank independence : implementing monetary institutions in postwar Germany
Hefeker, Carsten - 2019
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...
Persistent link: https://www.econbiz.de/10012119851
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Connected lending of last resort
Mitchener, Kris; Monnet, Eric - 2023
Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal connections matter for lending of last resort, highlighting the importance of governance for...
Persistent link: https://www.econbiz.de/10013494187
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Fiscal aspects of central bank independence
Sims, Christopher A. - 2001
Most macroeconomic models treat the central bank and the trea-sury as a unified entity. The balance sheet of the central bank is therefore implicitly treated as an accounting fiction. While this is often realistic, the central bank balance sheet has implications for central bank independence....
Persistent link: https://www.econbiz.de/10011399700