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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

Monetary aggregates to improve early output gap estimates in the euro area: An empirical assessment

Boysen-Hogrefe, Jens - 2014

Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...

Persistent link: https://www.econbiz.de/10010332852

Monetary persistence, imperfect competition, and staggering complementarities

Merkl, Christian; Snower, Dennis J. - 2005

This paper explores the influence of wage and price staggering on monetary persistence. First, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the...

Persistent link: https://www.econbiz.de/10010277975

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

Euro area: Single currency - national money creation

Kooths, Stefan; van Roye, Björn - 2012

nationally segmented banking systems. As a side effect, the national central banks substitute money market operations for cross …

Persistent link: https://www.econbiz.de/10010288223

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

Announcements of ECB unconventional programs: Implications for the sovereign risk of Italy

Falagiarda, Matteo; Reitz, Stefan - 2013

This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and classified with respect to the specific ECB...

Persistent link: https://www.econbiz.de/10010319102

Comparing Monetary Policy Strategies: Towards a Generalized Reaction Function

Hammermann, Felix - 2003

There seems to be no consensus in the literature with respect to monetary policy strategies in combination with flexible exchange rate regimes. Therefore, this paper determines what the alternative strategies inflation targeting, Taylor rule, monetary conditions index, and managed floating have...

Persistent link: https://www.econbiz.de/10010260430

Monetary Policy Rules and Oil Price Shocks

Pierdzioch, Christian; Kamps, Christophe - 2002

This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...

Persistent link: https://www.econbiz.de/10010260484