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The role of political institutions for the effectiveness of central bank independence
Hielscher, Kai; Markwardt, Gunther - 2011
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 …
Persistent link: https://www.econbiz.de/10009012047
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Central banking and financial stability in the long run
Cao, Jin; Chollete, Lorán - 2013
central banks cannot attain both low inflation and financial stability. …
Persistent link: https://www.econbiz.de/10009753000
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Stable money and central bank independence : implementing monetary institutions in postwar Germany
Hefeker, Carsten - 2019
Germany prides itself in having one of the most successful central banks and currencies with respect to independence and stability. I show that not only were both imposed on the country after 1945 but that there was also initial resistance to both among German experts and officials. This is a...
Persistent link: https://www.econbiz.de/10012119851
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Does high inflation cause central bankers to lose their job? : evidence based on a new data set
Dreher, Axel (contributor); Sturm, Jan-Egbert (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003499549
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Liquidity traps and large-scale financial crises
Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018
This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...
Persistent link: https://www.econbiz.de/10011863616
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Climate actions and stranded assets : the role of financial regulation and monetary policy
Diluiso, Francesca; Annicchiarico, Barbara; Kalkuhl, … - 2020
Limiting global warming to well below 20C may result in the stranding of carbon-sensitive assets. This could pose substantial threats to financial and macroeconomic stability. We use a dynamic stochastic general equilibrium model with financial frictions and climate policy to study the risks a...
Persistent link: https://www.econbiz.de/10012260638
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Fiscal sustainability in the EU after the global crisis : is there any progress?
Wysocki, Maciej; Wójcik, Cezary - 2018
In response to the global crisis a number of new institutional measures have been introduced in the fiscal framework, both on the UE and on the member states’ level, and the question is: have these measures provided better fiscal sustainability outcomes? We approach this question by looking at...
Persistent link: https://www.econbiz.de/10011900847
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Bank regulation and sovereign risk : a paradox
Afonso, António; Teixeira, André - 2023
This paper investigates the impact of banking prudential regulation on sovereign risk. We show that prudential regulation reduces sovereign risk and induces governments to spend more. As a result, countries with tight prudential regulation have lower primary budget balances and accumulate more...
Persistent link: https://www.econbiz.de/10014281475
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Sixty years of global inflation : a post-GFC update
Auer, Raphael A.; Pedemonte, Mathieu; Schoenle, Raphael - 2024
Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor … explains approximately 58% of the variation in headline inflation across all countries and over 72% in OECD economies. The … explanatory power of global inflation is equally high in a shorter sample spanning the time since 2000. Core inflation is also …
Persistent link: https://www.econbiz.de/10014551069
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Inflation in developing countries : does central bank independence matter?
Sturm, Jan-Egbert; Haan, Jakob de - 2001
We analyse whether central bank independence (CBI) affects inflation in developing countries. For this purpose we have … after high inflation countries are added to the sample. …
Persistent link: https://www.econbiz.de/10011399279