Similar Search Results

Implementing inflation targeting regimes: The case of Poland

Gottschalk, Jan; Moore, David - 1999

This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in reducing fiscal dominance and hardening budget...

Persistent link: https://www.econbiz.de/10010275417

Money demand stability and inflation prediction in the four largest EMU countries

Carstensen, Kai; Hagen, Jan; Hossfeld, Oliver; Salazar … - 2008

In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4 …) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 … aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …

Persistent link: https://www.econbiz.de/10010263515

A cointegration analysis of a money demand system in Europe

Gottschalk, Jan - 1999

This paper presents a multivariate analysis of a money demand system in Europe. The system comprises real broad money … identified: a money demand function and a long-run Fisher equation. Inflation does not play a role in the specification of the … European money demand function. Stability of money demand is generally seen as a precondition for monetary targeting. No …

Persistent link: https://www.econbiz.de/10010275451

The link of the monetary indicator to future inflation in the Euro Area - a simulation experiment

Stolz, Stéphanie; Gottschalk, Jan - 2001

We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows theoretically in a recent paper that the relationship between these two variables is rather tenuous. The present study employs empirical evidence on the relations in his model to quantify...

Persistent link: https://www.econbiz.de/10010332960

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266

The Stability and Growth Pact - crisis and reform

Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10011606281

Inflation Expectations, the Phillips Curve and Monetary Policy

Curto Millet, Fabien - 2007

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the real and monetary sides of the economy; yet, direct empirical research on the matter has been scarce at best. This paper therefore examines the empirical properties of inflation...

Persistent link: https://www.econbiz.de/10010271069

The role of labor markets for euro area monetary policy

Christoffel, Kai; Kuester, Keith; Linzert, Tobias - 2009

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior...

Persistent link: https://www.econbiz.de/10010265230

Banks' regulatory buffers, liquidity networks and monetary policy transmission

Merkl, Christian; Stolz, Stéphanie - 2006

Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks' regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favor of the bank capital...

Persistent link: https://www.econbiz.de/10010277973