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Is Optimal Monetary Policy Always Optimal?
Davig, Troy; Gürkaynak, Refet S. - 2015
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central … terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the … other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank …
Persistent link: https://www.econbiz.de/10011307139
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Monetary Policy in Turkey after Central Bank Independence
Gürkaynak, Refet S.; Kantur, Zeynep; Tas, M. Anil; … - 2015
developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong … post-2009 period the Central Bank was able to stabilize expectations and asset prices when it chose to do so, but this was …
Persistent link: https://www.econbiz.de/10011388254
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Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...
Persistent link: https://www.econbiz.de/10010264571
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Secular Stagnation: Insights from a New Keynesian Model with Hysteresis Effects
van Aarle, Bas - 2016
To analyse the most important aspects of the Secular Stagnation hypothesis, this paper considers the effects of hysteresis in potential output in a New-Keynesian model that is extended with endogenous potential output. To do so, a number of simulations of relevant scenarios is undertaken. It is...
Persistent link: https://www.econbiz.de/10011451403
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Designing the Policy Mix in a Monetary Union
Kempf, Hubert - 2020
This paper studies the design of the policy mix in a monetary union, that is, the institutional arrangement specifying the relationships between the various policymakers present in the union and the extent of their capacity of action. It is assumed that policymakers do not cooperate. Detailing...
Persistent link: https://www.econbiz.de/10012227661
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Does Policy Communication During Covid Work?
Coibion, Olivier; Gorodnichenko, Yuriy; Weber, Michael - 2020
Using a large-scale survey of U.S. households during the Covid-19 pandemic, we study how new information about fiscal and monetary policy responses to the crisis affects households’ expectations. We provide random subsets of participants in the Nielsen Homescan panel with different...
Persistent link: https://www.econbiz.de/10012269439
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Sustainability and Solvency of Government Finances under the Euro: Illustrations and Policy Options
Oksanen, Heikki - 2020
sustainability and the Eurosystem can take its proper role as a central bank. …
Persistent link: https://www.econbiz.de/10012269466
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Japan's Low Inflation Conundrum
Mayer, Thomas; Schnabl, Gunther - 2022
, central bank-backed debt-financed price controls and net capital outflows. …
Persistent link: https://www.econbiz.de/10013353433
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Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets
Duarte, Pablo; Schnabl, Gunther - 2014
Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...
Persistent link: https://www.econbiz.de/10010435788
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Transatlantic Monetary and Fiscal Policy Interaction
van Aarle, Bas; Garretsen, Harry; Huart, Florence - 2003
This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
Persistent link: https://www.econbiz.de/10010316007