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Optimal monetary policy in a small open economy with financial frictions
Merola, Rossana - 2010
I analyze how the introduction of financial frictions can affect the trade-off between output stabilization and inflation stability and whether, in the presence of financial frictions, the optimal outcome can be realized or approached more closely if monetary policy is allowed to react to...
Persistent link: https://www.econbiz.de/10010299951
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Central Bank accountability and transparency: theory and some evidence
Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000
Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …
Persistent link: https://www.econbiz.de/10010295694
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Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2007
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 bank's interest rate rule is based on a standard model...
Persistent link: https://www.econbiz.de/10010295857
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10010300360
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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
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How the Bundesbank really conducted monetary policy: An analysis based on real-time data
Gerberding, Christina; Worms, Andreas; Seitz, Franz - 2004
Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary...
Persistent link: https://www.econbiz.de/10010295652
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - 2001
Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …
Persistent link: https://www.econbiz.de/10010295702
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Cost-Push Shocks and Monetary Policy and Monetary Policy in Open Economies
Sutherland, Alan - 2002
Geldpolitik in einem 2-Länder-Modell mit träger Preisanpassung. Neben einem Cost-Push-Schock erlebt jedes Land auch …
Persistent link: https://www.econbiz.de/10010295744
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Money-based interest rate rules: lessons from German data
Gerberding, Christina; Seitz, Franz; Worms, Andreas - 2007
The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...
Persistent link: https://www.econbiz.de/10010295843
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Uncertainty about perceived inflation target and monetary policy
Aoki, Kosuke; Kimura, Takeshi - 2007
We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation...
Persistent link: https://www.econbiz.de/10010295855