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Monetary policy committees : individual and collective reputations

Sibert, Anne C. - 1999

This paper looks at how the reputation of a monetary policy making committee is jointly determined with the reputations of its individual members. I ask whether individuals ha ve more or less incentive to gain a reputation for being tough on inflation when they are part of a group. I examine the...

Persistent link: https://www.econbiz.de/10009781721

The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10003813633

Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe

Leith, Campbell B.; Malley, James R. - 2002

A persistent criticism of general equilibrium models of monetary policy which incorporate nominal inertia in the form of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In this paper we derive a general equilibrium model based on...

Persistent link: https://www.econbiz.de/10011409738

Identifying monetary policy shocks via changes in volatility

Lanne, Markku (contributor); Lütkepohl, Helmut (contributor) - 2006

Persistent link: https://www.econbiz.de/10003364334

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 combinations...

Persistent link: https://www.econbiz.de/10012231514

Credibility and transparency of Central Banks : new results based on Ifo s world economicy survey

Hamella, Sandra; Haan, Jakob de - 2004

This paper reports the results of a survey among private sector economists about credibility and transparency of … Survey to answer questions on the importance and determinants of credibility. The results of both surveys are very comparable …. Credibility is considered to be important to attain price stability at low cost, while the best ways to earn credibility are a …

Persistent link: https://www.econbiz.de/10011399168

Subjective models of the macroeconomy : evidence from experts and a representative sample

Andre, Peter; Pizzinelli, Carlo; Roth, Christopher; … - 2019

We propose a method to measure people's subjective models of the macroeconomy. Using a sample of 2,200 households representative of the US population and a sample of more than 1,000 experts, we measure beliefs about how the unemployment rate and the inflation rate respond to four different...

Persistent link: https://www.econbiz.de/10012104048

The effects of monetary policy : theory with measured expectations

Roth, Christopher; Wiederholt, Mirko; Wohlfart, Johannes - 2023

We study the effects of monetary policy on aggregate consumption combining a heterogeneous agent model with measured expectations under different policy counterfactuals. We express the consumption of non-hand-to-mouth households as a function of expectations only and elicit all expectations...

Persistent link: https://www.econbiz.de/10013489702

What matters in households' inflation expectations?

Andrade, Philippe; Gautier, Erwan; Mengus, Eric - 2021

We provide survey evidence on how households’ inflation expectations matter for their spending highlighting a behavioral distortion compared to the New Keynesian setup. A large share of households expects prices to remain stable instead of increasing. Such a belief is linked to individual...

Persistent link: https://www.econbiz.de/10012499658

Optimal central bank conservatism and monopoly trade unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001

OPTIMThe conservative central banker has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union has an...

Persistent link: https://www.econbiz.de/10011397779

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