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A case for money in the ECB monetary policy strategy

Löchel, Horst; Polleit, Thorsten - In: Zeitschrift für das gesamte Kreditwesen : Pflichtblatt … 56 (2003) 14, pp. 781-786

Persistent link: https://www.econbiz.de/10001775853

Welfare Implications of the Design of a Currency Union in Case of Member Countries of Different Sizes and Output Persistence

Frey, Rainer - 2004

In the study, the relevance of several optimum-currency-area (OCA) criteria is formally worked out in a welfare approach. The optimum monetary-policy rules of the supranational central bank are derived within the Barro-Gordon framework, and consideration is given to how the welfare of the member...

Persistent link: https://www.econbiz.de/10010295642

More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress

Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - 2009

This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the...

Persistent link: https://www.econbiz.de/10010298839

Optimal lender of last resort policy in different financial systems

Fecht, Falko; Tyrell, Marcel - 2004

In a framework closely related to Diamond and Rajan (2001) we characterize different financial systems and analyze the welfare implications of different LOLR-policies in these financial systems. We show that in a bank-dominated financial system it is less likely that a LOLR-policy that follows...

Persistent link: https://www.econbiz.de/10010295666

Real-Time Estimation of the Output Gap in Japan and its Usefulness for Inflation Forecasting and Policymaking

Kamada, Koichiro - 2004

This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to the real-time estimation problem. After reviewing the evolution of output gap estimation at the Bank, I discuss advantages and disadvantages of the various output gap measures....

Persistent link: https://www.econbiz.de/10010295641

Precommitment, Transparency and Monetary Policy

Geraats, Petra Maria - 2001

Üblicherweise wird angenommen, dass ein Inflationsbias verschwindet, wenn sich eine Zentralbank glaubwürdig im voraus … Modell dargestellt, in dem die Zentralbank im voraus ihre Instrumente festlegt und die anschließende Anpassung der … Zeitinkonsistenzproblem mehr auftritt. Ursache ist die Unsicherheit über die ökonomischen Störungen, auf die die Zentralbank reagiert. Nur …

Persistent link: https://www.econbiz.de/10010295710

Monetary policy with model uncertainty: distribution forecast targeting

Svensson, Lars E. O.; Williams, Noah - 2005

We examine optimal and other monetary policies in a linear-quadratic setup with a relatively general form of model uncertainty, so-called Markov jump-linear-quadratic systems extended to include forward-looking variables. The form of model uncertainty our framework encompasses includes : simple...

Persistent link: https://www.econbiz.de/10010295780

Monetary policy and core inflation

Lenza, Michele - 2007

This paper studies optimal monetary policy responses in an economy featuring sectorial heterogeneity in the frequency of price adjustments. It shows that a central bank facing heterogeneous nominal rigidities is more likely to behave less aggressively than in a fully sticky economy. Hence, the...

Persistent link: https://www.econbiz.de/10010295872

Communication, decision-making and the optimal degree of transparency of monetary policy committees

Weber, Anke - 2008

This paper develops a theoretical model of dynamic decision-making of a monetary policy committee with heterogeneous members. It investigates the optimal transparency, and the optimal way of transmitting information of committees, by analysing the effects different communication strategies have...

Persistent link: https://www.econbiz.de/10010295874

Financial globalization and monetary policy

Devereux, Michael B.; Sutherland, Alan - 2008

Recent data show substantial increases in the size of gross external asset and liability positions. The implications of these developments for optimal conduct of monetary policy are analyzed in a standard open economy model which is augmented to allow for endogenous portfolio choice. The model...

Persistent link: https://www.econbiz.de/10010298733