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The effective rate of interest on target balances
Sinn, Hans-Werner - 2019
While the formal decision of the ECB Council to impose interest on Target claims and liabilities is meaningless, this … paper shows that the pooling of primary interest income among national central banks in the Eurozone implies that Target and … cash balances do, in fact, bear an effective rate of interest. The magnitude of this effective rate of interest is given by …
Persistent link: https://www.econbiz.de/10012110196
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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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Federal monetary policy
Hefeker, Carsten - 2001
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10011398004
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Financial fragility, bubbles and monetary policy
Illing, Gerhard - 2001
The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank's concern about the cost of financial disruption generates an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...
Persistent link: https://www.econbiz.de/10011398119
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Monetary policy and nominal rigidities under low inflation
Holden, Steinar - 2001
In most European countries, money wages are given in collective agreements or individual employment contracts, and the employer cannot unilaterally cut wages, even after the expiration of a collective agreement. Ceteris paribus, workers have a stronger bargaining position when they try to...
Persistent link: https://www.econbiz.de/10011398859
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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 central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic Survey to answer questions on the importance and...
Persistent link: https://www.econbiz.de/10011399168
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short … to capture foreign effects. An impulse response analysis highlights the effects of changes in the short-term interest …
Persistent link: https://www.econbiz.de/10011400913
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Monetary policy and the relative price of durable goods
Cantelmo, Alessandro; Melina, Giovanni - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10010515460
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Monetary policy in Turkey after Central Bank independence
Gürkaynak, Refet S.; Kantur, Zeynep; Taş, M. Anil; … - 2015
We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...
Persistent link: https://www.econbiz.de/10011375680
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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 bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy...
Persistent link: https://www.econbiz.de/10011306110