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Does government ideology matter in monetary policy? : a panel data analysis for OECD countries

Belke, Ansgar; Potrafke, Niklas - 2011

This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1-2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with...

Persistent link: https://www.econbiz.de/10009580361

Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An … increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and … reform. In combination, the two effects produce a u-shaped relation between conservatism and labor market reform. An …

Persistent link: https://www.econbiz.de/10010321824

Driven by the markets? : ECB sovereign bond purchases and the securities market programme

Belke, Ansgar - 2010

After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an "orderly monetary policy transmission mechanism". Many observers argued that, by bond purchases, national fiscal policies could...

Persistent link: https://www.econbiz.de/10009261344

One Money, One Cycle? The EMU Experience

Gächter, Martin; Riedl, Aleksandra - 2013

We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary policy shocks in the euro area. Empirical evidence on...

Persistent link: https://www.econbiz.de/10013370103

When is foreign exchange intervention effective? : evidence from 33 Countries

Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - 2015

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and a highly effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works very well in terms...

Persistent link: https://www.econbiz.de/10011382669

When is foreign exchange intervention effective? : evidence from 33 countries

Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - 2017 - Revised version: April 2017

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...

Persistent link: https://www.econbiz.de/10011638977

Real and nominal wage adjustment in open economies

Forslund, Anders; Gottfries, Nils; Westermark, Andreas - 2005

How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the medium term evolution of real wages and competitiveness? To answer these...

Persistent link: https://www.econbiz.de/10010317904

Greenspan and the Greenbook

Tchaidze, Robert R. - 2002

A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...

Persistent link: https://www.econbiz.de/10010293458

Sacrifice ratios with long-lived effects

Zhang, Lawrence Huiyan - 2001

This paper contains a theoretical and empirical study of sacrifice ratios with long-lived effects including possible strong persistence effects or even hysteresis effects The empirical analysis is based on G-7 quarterly output data as well as unemployment data from 1960 to 1999 In this paper I...

Persistent link: https://www.econbiz.de/10010293484

Supply shocks and the persistence of inflation

Sommer, Martin - 2002

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My empirical results suggest that the difference between...

Persistent link: https://www.econbiz.de/10010293489

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