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Issing, Otmar - 2012

Persistent link: https://www.econbiz.de/10009554282

Lessons for monetary policy : what should the consensus be?

Issing, Otmar - 2011

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

Persistent link: https://www.econbiz.de/10009127161

Policy instrument choice and non-coordinated monetary in interdependent economies

Lombardo, Giovanni; Sutherland, Alan - 2004

Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal...

Persistent link: https://www.econbiz.de/10010295630

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/10003864082

Opting out of the great inflation: German monetary policy after the breakdown of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

Persistent link: https://www.econbiz.de/10010298759

Monetary theory and monetary policy : reflections on the development over the last 150 years

Issing, Otmar; Wieland, Volker - 2012

In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the...

Persistent link: https://www.econbiz.de/10009699882

A new paradigm for monetary policy?

Issing, Otmar - 2013

Persistent link: https://www.econbiz.de/10009742300

Money in a New-Keynesian model estimated with German data

Werner, Thomas; Lombardo, Giovanni; Kremer, Jana - 2003

In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation...

Persistent link: https://www.econbiz.de/10010295763

Inflation targeting rules and welfare in an asymmetric currency area

Lombardo, Giovanni - 2004

This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....

Persistent link: https://www.econbiz.de/10010295631

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2002

intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …

Persistent link: https://www.econbiz.de/10010295738