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Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - Deutsche Bundesbank - 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/10005083135

An affine macro-finance term structure model for the euro area

Lemke, Wolfgang - Deutsche Bundesbank - 2007

A joint model of macroeconomic and term structure dynamics is specified and estimated for the euro area. The model comprises a backward-looking Phillips curve, a dynamic IS equation, a monetary policy rule as well as a specification of the dynamics of trend growth and the natural real interest...

Persistent link: https://www.econbiz.de/10005083055

Money-based interest rate rules: lessons from German data

Gerberding, Christina; Seitz, Franz; Worms, Andreas - Deutsche Bundesbank - 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/10005083083

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - Deutsche Bundesbank - 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/10005083087

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai; Linzert, Tobias - Deutsche Bundesbank - 2006

In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...

Persistent link: https://www.econbiz.de/10005083106

The relationship between the federal funds rate and the Fed's federal funds rate target: is it open market or open mouth operations?

Thornton, Daniel L. - Deutsche Bundesbank - 2000

It is widely believed that the Fed controls the funds rate by altering the degree of pressure in the reserve market through open market operations when it changes its target for the federal funds rate. Recently, however, several economists have suggested that open market operations may not be...

Persistent link: https://www.econbiz.de/10005083145

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

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

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/10005083151

Active monetary policy, passive fiscal policy and the value of public debt: some further monetarist arithmetic

von Thadden, Leopold - Deutsche Bundesbank - 2003

?aktiven? Geldpolitik und einer ?passiven? Fiskalpolitik. Insbesondere wird davon ausgegangen, dass der Fiskalagent die …

Persistent link: https://www.econbiz.de/10005083165

Uncertainty about perceived inflation target and monetary policy

Aoki, Kosuke; Kimura, Takeshi - Deutsche Bundesbank - 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/10005083174

The reliability of Canadian output gap estimates

Cayen, Jean-Philippe; van Norden, Simon - Deutsche Bundesbank - 2004

Recent work on policy rules under uncertainty have highlighted the impact of output gap measurement errors on economic outcomes and their importance in the formulation of appropriate policy rules. This paper investigates the reliability of current estimates of the output gap in Canada. We begin...

Persistent link: https://www.econbiz.de/10005083193