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Do old habits die hard? : central banks and the Bretton Woods gold puzzle
Monnet, Eric; Puy, Damien - 2019
Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
Persistent link: https://www.econbiz.de/10012102163
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Destabilizing the global monetary system : Germany's adoption of the gold standard in the early 1870s
Wiegand, Johannes - 2019
bimetallism, id est, a near-universal fixed exchange rate system in which (mostly) France stabilized the exchange value between … gold and silver currencies. As a result, silver currencies depreciated sharply, and severe deflation ensued in the gold … France, which would have severed the link between gold and silver currencies. Without reform, Germany would thus have risked …
Persistent link: https://www.econbiz.de/10012009318
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Measuring U.S. core inflation : the stress test of COVID-19
Ball, Laurence M.; Leigh, Daniel; Mishra, Prachi; … - 2021
Large price changes in industries affected by the COVID-19 pandemic have caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level...
Persistent link: https://www.econbiz.de/10012795049
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Countercyclical Macro Prudential Policies in a Supporting Role to Monetary Policy
N'Diaye, Papa M'B. P. - 2009
This paper explores how prudential regulations can support monetary policy in reducing output fluctuations while maintaining financial stability. It uses a new framework that blends a standard model for monetary policy analysis with a contingent claims model of financial sector vulnerabilities....
Persistent link: https://www.econbiz.de/10014402226
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Labor force participation and monetary policy in the wake of the Great Recession
Erceg, Christopher J.; Levin, Andrew T. - 2013
In this paper, we provide compelling evidence that cyclical factors account for the bulk of the post-2007 decline in the U.S. labor force participation rate. We then proceed to formulate a stylized New Keynesian model in which labor force participation is essentially acyclical during “normal...
Persistent link: https://www.econbiz.de/10012667415
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Hysteresis and business cycles
Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
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The Stability of the Gold Standard and the Evolution of the International Monetary System
Bayoumi, Tamim - 1995
This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this...
Persistent link: https://www.econbiz.de/10014398000
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The Two Monetary Approaches to the Balance of Payments : Keynesian and Johnsonian
Polak, J. J. - 2001
This paper emphasizes the distinction between two ‘monetary approaches to the balance of payments’, one developed in the IMF, the other under the leadership of Harry Johnson in Chicago. The IMF approach is presented as an evolutionary development of the Kahn/Keynes multiplier model in an...
Persistent link: https://www.econbiz.de/10014403615
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China's monetary policy communication : frameworks, impact, and recommendations
McMahon, Michael; Schipke, Alfred; Li, Xiang - 2018
Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique...
Persistent link: https://www.econbiz.de/10011978360
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Inflation reports and models : how well do central banks really write?
Bulíř, Aleš; Hurník, Jaromír; Šmídková, Kateřina - 2014
Persistent link: https://www.econbiz.de/10010388763