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Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An … increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and … reform. In combination, the two effects produce a u-shaped relation between conservatism and labor market reform. An …

Persistent link: https://www.econbiz.de/10010321824

One Money, One Cycle? The EMU Experience

Gächter, Martin; Riedl, Aleksandra - 2013

We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary policy shocks in the euro area. Empirical evidence on...

Persistent link: https://www.econbiz.de/10013370103

Greenspan and the Greenbook

Tchaidze, Robert R. - 2002

A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...

Persistent link: https://www.econbiz.de/10010293458

Supply shocks and the persistence of inflation

Sommer, Martin - 2002

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...

Persistent link: https://www.econbiz.de/10010293489

Noisy Information, Interest Rate Shocks and the Great Moderation

Mayer, Eric; Scharler, Johann - 2010

In this paper we quantitatively evaluate the hypothesis that the Great Moderation is partly the result of a less activist monetary policy. We simulate a New Keynesian model where the central bank can only observe a noisy estimate of the output gap and fnd that the less pronounced reaction of the...

Persistent link: https://www.econbiz.de/10010294868

Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik

Hoffmann, Andreas; Schnabl, Gunther - 2011

Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt...

Persistent link: https://www.econbiz.de/10010305985

Optimal Monetary Policy under Downward Nominal Wage Rigidity

Carlsson, Mikael; Westermark, Andreas - 2007

We develop a New Keynesian model with staggered price and wage setting where downward nominal wage rigidity (DNWR) arises endogenously through the wage bargaining institutions. It is shown that the optimal (discretionary) monetary policy response to changing economic conditions then becomes...

Persistent link: https://www.econbiz.de/10010321528

The Rise and Fall of U.S. Inflation Persistence

Beechey, Meredith; Österholm, Pär - 2007

This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...

Persistent link: https://www.econbiz.de/10010321537

Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs

Berger, Helge; Österholm, Pär - 2007

We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...

Persistent link: https://www.econbiz.de/10010321554

Imperfect Central Bank Communication: Information versus Distraction

Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008

Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....

Persistent link: https://www.econbiz.de/10010321593

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