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Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

Persistent link: https://www.econbiz.de/10010298367

Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …

Persistent link: https://www.econbiz.de/10010298366

Dauerkritik an der Europäischen Zentralbank: Falsch angewendete Theorie untergräbt Vertrauen in die Geldpolitik

Winkler, Adalbert - In: Wirtschaftsdienst 94 (2014) 7, pp. 479-486

Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie...

Persistent link: https://www.econbiz.de/10010471456

Insurance policies for monetary policy in the Euro area

Küster, Keith; Wieland, Volker - 2005

In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB.We find that maximal insurance across this model range in terms of aMinimax policy comes at moderate...

Persistent link: https://www.econbiz.de/10010298303

Stochastic optimization and worst-case analysis in monetary policy design

Rustem, Berc; Wieland, Volker; Zakovic, Stan - 2005

In this paper we compare expected loss minimization to worst-case or minimax analysis in the design of simple Taylor-style rules for monetary policy using a small model estimated for the euro area by Orphanides and Wieland (2000). We find that rules optimized under a minimax objective in the...

Persistent link: https://www.econbiz.de/10010298304

Regional inflation dynamics within and across euro area countries and a comparison with the US

Beck, Günter W.; Hubrich, Kirstin; Marcellino, Massimiliano - 2006

We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary Union. We employ a model where regional inflation...

Persistent link: https://www.econbiz.de/10010298350

The European Central Bank

Binder, Michael; Wieland, Volker - 2006

The establishment of the ECB and with it the launch of the euro has arguably been a unique endeavor in economic history, representing an important experiment in central banking. This note aims to summarize some of the main lessons learned from this experiment and sketch some of the prospects for...

Persistent link: https://www.econbiz.de/10010298352

Bundesverfassungsgericht und Krisenpolitik der EZB: Stellungnahmen der Ökonomen

Konrad, Kai A.; Fuest, Clemens; Uhlig, Harald; … - In: Wirtschaftsdienst 93 (2013) 7, pp. 431-454

Am 11. und 12. Juni 2013 hat das Bundesverfassungsgericht Experten zur Krisenpolitik der EZB angehört. Dabei ging es um die Frage, ob oder inwieweit die EZB durch das Outright-Monetary-Transactions-Programm (OMT) Kompetenzen beansprucht, die ihr nicht übertragen worden sind. Wir...

Persistent link: https://www.econbiz.de/10010327951

Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?

Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst 93 (2013) 9, pp. 607-615

Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...

Persistent link: https://www.econbiz.de/10010327962

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235