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On the Equality of Real Interest Rates Across Borders in Integrated Capital Markets
Minford, Patrick; Peel, David - C.E.P.R. Discussion Papers - 2006
The purpose in this letter is first to review briefly the empirical results on the relationship between real interest rates and real exchange rates; this empirical literature provides little support for the hypothesis of Roll that expected real interest rates are equal in general. Our second aim...
Persistent link: https://www.econbiz.de/10005124145
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The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe
Bofinger, Peter - C.E.P.R. Discussion Papers - 1990
inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …
Persistent link: https://www.econbiz.de/10005123602
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The Effect of Monetary Unification on Public Debt and its Real Return
Beetsma, Roel; Vermeylen, Koen - C.E.P.R. Discussion Papers - 2002
We explore the implications of monetary unification for real interest rates and (relative) public debt levels. The adoption of a common monetary policy renders the risk-return characteristics of the participating countries more similar, so that the substitutability of their public debt increases...
Persistent link: https://www.econbiz.de/10005498174
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Relative Goods’ Prices and Pure Inflation
Reis, Ricardo; Watson, Mark W - C.E.P.R. Discussion Papers - 2007
. The model identifies a measure of “pure” inflation: the common component in goods’ inflation rates that has an … equiproportional effect on all prices and is uncorrelated with relative price changes at all dates. The estimates of pure inflation and … pure inflation accounts for 15-20% of the variability in overall inflation, so that most changes in inflation are …
Persistent link: https://www.econbiz.de/10005067604
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Counter-Inflationary Policy in the Framework of the EMS
Artis, Michael J - C.E.P.R. Discussion Papers - 1992
narrowed ahead of inflation divergence. Cross-country real interest rankings would then assume a negative correlation with the … corresponding inflation rankings. The paper argues that on theoretical grounds, a perverse correlation between real interest rates … and inflation can be predicted for `old EMS' conditions. Empirical evidence supports this prediction while failing to …
Persistent link: https://www.econbiz.de/10005662333
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Fiscal Stimulus with spending reversals
Corsetti, Giancarlo; Meier, André; Müller, Gernot - C.E.P.R. Discussion Papers - 2009
The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that systematically reduces...
Persistent link: https://www.econbiz.de/10004976796
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New-Keynesian Macroeconomics and the Term Structure
Bekaert, Geert; Cho, Seonghoon; Moreno Ibáñez, Antonio - C.E.P.R. Discussion Papers - 2006
. Whereas our methodology is general, we focus on an extended macro-model with unobservable processes for the inflation target … inflation target dominates the variation in the 'level factor' whereas monetary policy shocks dominate the variation in the …
Persistent link: https://www.econbiz.de/10005136692
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Inflation Targeting: What can the ECB Learn from the Recent Experience of the Bank of England
Artis, Michael J; Kontolemis, Zenon G; Mizen, Paul D - C.E.P.R. Discussion Papers - 1998
might be learnt from the recent experience of inflation targeting at the Bank of England. We consider whether there should … be single or multiple targets and which, if any, of the existing inflation measures should be used. If inflation is …
Persistent link: https://www.econbiz.de/10005136552
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Analysing the Impact of Consensual Incomes Policy on Aggregate Wage Outcome: The 1980s Australian Experiment.
Chapman, B.J.; Hanlan, A.; Lewis, P.E.T.; Mitchell, W.L.; … - Research School of Economics, College of Business and … - 1991
Persistent link: https://www.econbiz.de/10004977298
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Some Evolutionary Foundations for Price Level Rigidity
Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002
This Paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in the face of aggregate shocks. The payoff depends on the level of aggregate demand, as well as on their...
Persistent link: https://www.econbiz.de/10005661497