Narrow search
Showing 1 - 10 of 100
Cover Image
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
Cover Image
Central bank misperceptions and the role of money in interest rate rules
Beck, Günter W.; Wieland, Volker - 2008
modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …
Persistent link: https://www.econbiz.de/10010298408
Cover Image
Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Beck, Guenter W.; Wieland, Volker - 2009
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10010303717
Cover Image
Permanent and transitory policy shocks in an empirical macro model with asymmetric information
Kozicki, Sharon; Tinsley, P. A. - 2003
Despite a large literature documenting that the efficacy of monetary policy depends on how inflation expectations are anchored, many monetary policy models assume: (1) the inflation target of monetary policy is constant; and, (2) the inflation target is known by all economic agents. This paper...
Persistent link: https://www.econbiz.de/10010298277
Cover Image
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
Cover Image
Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean...
Persistent link: https://www.econbiz.de/10010298400
Cover Image
Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...
Persistent link: https://www.econbiz.de/10010303730
Cover Image
New evidence on the effectiveness of "Quantitative Easing" in Japan
Voutsinas, Konstantinos; Werner, Richard A. - 2011
Central banks have recently introduced new policy initiatives, including a policy called Quantitative Easing (QE). Since it has been argued by the Bank of England that 'Standard economic models are of limited use in these unusual circumstances, and the empirical evidence is extremely limited'...
Persistent link: https://www.econbiz.de/10010308562
Cover Image
The lessons from QE and other "unconventional" monetary policies: Evidence from the Bank of England
Lyonnet, Victor; Werner, Richard A. - 2011
This paper investigates the effectiveness of the quantitative easing policy, as implemented by the Bank of England in March 2009. Similar policies had been previously implemented in Japan, the U.S. and the Eurozone. The effectiveness is measured by the impact of Bank of England policies...
Persistent link: https://www.econbiz.de/10010308568
Cover Image
Central Bank Misperceptions and the Role of Money in Interest Rate Rules
Beck, Günter W. - 2008
modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …
Persistent link: https://www.econbiz.de/10012770488