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Monetarism rides again? US monetary policy in a world of Quantitative Easing
Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick - C.E.P.R. Discussion Papers - 2014
This paper gives money a role in providing cheap collateral in a model of banking; this means that, besides the Taylor Rule, monetary policy can affect the risk-premium on bank lending to firms by varying the supply of M0 in open market operations, so that even when the zero bound prevails...
Persistent link: https://www.econbiz.de/10011084208
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Does a 'Two-Pillar Phillips Curve' Justify a Two-Pillar Monetary Policy Strategy?
Woodford, Michael - C.E.P.R. Discussion Papers - 2007
Arguments for a prominent role for attention to the growth rate of monetary aggregates in the conduct of monetary policy are often based on references to low-frequency reduced-form relationships between money growth and inflation. The 'two-pillar Phillips curve' proposed by Gerlach (2004) has...
Persistent link: https://www.econbiz.de/10005067484
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How Important is Money in the Conduct of Monetary Policy?
Woodford, Michael - C.E.P.R. Discussion Papers - 2007
I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation of the 1970s....
Persistent link: https://www.econbiz.de/10005504293
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The Determinants of the Money Multiplier in the United Kingdom
Beenstock, Michael; Chan, Kam-Fai - C.E.P.R. Discussion Papers - 1986
We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...
Persistent link: https://www.econbiz.de/10005497753
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Determinacy in New Keynesian Models: a role for money after all?
Minford, Patrick; Srinivasan, Naveen - C.E.P.R. Discussion Papers - 2010
The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a, b) argues, it has no credible mechanism for ruling out bubbles (or deal with the non-uniqueness problem that arises when the Taylor principle is violated) and as a result...
Persistent link: https://www.econbiz.de/10008466336
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Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?
Eichengreen, Barry; Steiner, Katharina - C.E.P.R. Discussion Papers - 2008
We ask whether Poland is at risk of the boom-bust problem that has afflicted economies around the time of euro adoption …. Our answer, inevitably, is mixed. On the one hand the fact that Poland is an outlier, credit-growth wise, accentuates the … Poland. And it is certainly conceivable that the same policies and country characteristics (not always visible to the …
Persistent link: https://www.econbiz.de/10005124037
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Wage and Pension Pressure on the Polish Budget
Crombrugghe, Alain L de - C.E.P.R. Discussion Papers - 1997
This paper studies the role of wage and pension pressures in explaining the budget deficit crisis of 1991–2 after the remarkable 1990 Polish economic stabilization and liberalization. It also explains the persistence of the high tax wedge that later helped overcome the budget crisis. The...
Persistent link: https://www.econbiz.de/10005136543
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Problems of Post-CMEA Trade and Payments
Rosati MEP, Dariusz - C.E.P.R. Discussion Papers - 1992
The demise of the CMEA trading system in 1991 and the shift to convertible currency settlements and world market prices was expected to bring about a severe contraction of intra-group trade, coupled with large imbalances in trade between Eastern Europe and the former Soviet Union. The observed...
Persistent link: https://www.econbiz.de/10005136560
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Economic Change in Poland
Blanchard, Olivier J; Layard, Richard Grenville - C.E.P.R. Discussion Papers - 1990
Poland has tackled its economic problems with courage and, thus far, success. Hyperinflation has ceased, the well …
Persistent link: https://www.econbiz.de/10005281301
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Persistent effects of empires: Evidence from the partitions of Poland
Grosfeld, Irena; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2013
We use spatial regression discontinuity analysis to test whether the historical partition of Poland among three empires …—Russia, Austria-Hungary, and Prussia—has a persistent effect on political outcomes in contemporary Poland and to examine the channels …
Persistent link: https://www.econbiz.de/10011083639