the variability of common shocks is large relative to the inflation bias. For a single country, welfare is lower in this … decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national rates … of inflation and growth? We find that a central bank that minimises the national welfare losses reacts less to common …

common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector are not … decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national …

This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European … exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For … the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as …

independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …

given the conventional view about the effect of monetary policy shocks. New econometric techniques turn out to be … September 2001. Monetary policy shocks are identified, using the new sign restriction methodology of Uhlig (1999), imposing the … conventional view that contractionary policy shocks lead to a rise in interest rates and declines in nonborrowed reserves, prices …

holdings in response to non-standard monetary policy shocks, thereby possibly promoting the sovereign-bank nexus, i.e. the …

known past policy shocks, which are uncovered from high-frequency data, and does not rely on any theoretical a …

This paper revisits the well-known VAR evidence on the real effects of uncertainty shocks by Bloom (Econometrica 2009 …

restriction that economic theory is not violated, while the shocks are still recursively identified. We solve this optimization …