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Central bank independence: monetary policies in selected jurisdictions (II)
Ayadi, Felix; Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2013
Through an investigation of selected jurisdictions, this paper aims to contribute to the extant literature in investigating the relationship between central bank independence and price stability, as well as how such a relationship varies between different jurisdictions – even though it is...
Persistent link: https://www.econbiz.de/10011259909
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Why should central banks be independent?
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2007
Most explanations for the necessity of an independent central bank rely on the time-inconsistency model and therefore assume that governments are weak, foolish, or untruthful and tend to cheat people. The model in this paper indicates, however, that an independent central bank is not necessary...
Persistent link: https://www.econbiz.de/10005790152
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A Model of Monetary Equilibrium with Random Output and Restricted Borrowing
Mierzejewski, Fernando - 2010
An alternative theoretical setting is presented to characterise the money demand and the monetary equilibrium. Two main hypotheses are stated that contradict the assumptions normally sustained by scholars and policy-makers: National output is assumed to be a random variable, and people are...
Persistent link: https://www.econbiz.de/10013148534
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Comparisons of different monetary policies in China with yield curve information
Pang, Iris Ai Jao - Volkswirtschaftliche Fakultät, … - 2010
This work compares the effectiveness of quantity-based and price-based monetary policies in China using FAVAR. This … information in the analysis. It is found that effects of tightening monetary policies in China follow largely the stylized facts …
Persistent link: https://www.econbiz.de/10009228920
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Overview of the Evolution of China's Central Bank and Monetary Policy: Correlation to the European Union
Skold, Alida S. - Volkswirtschaftliche Fakultät, … - 2011
As an innovator in the financial system, China was the first to use paper currency. Eventually the form of currency was … correlation between China’s structure and the European Union’s structure provides opportunities for further study to determine …
Persistent link: https://www.econbiz.de/10009323474
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Structure versus Agency in the Great Deprivation of 21st Century
Naqvi, Nadeem - Volkswirtschaftliche Fakultät, … - 2009
Agency-based explanations of the great deprivation, contrasted with structure-based explanations, suffer not merely from the criticism of relying on irrational and irresponsible behavior of millions, including that of the most astute financial experts, but are also at a loss to explain why such...
Persistent link: https://www.econbiz.de/10005619598
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New Approach to Analyzing Monetary Policy in China
Petreski, Marjan; Jovanovic, Branimir - Volkswirtschaftliche Fakultät, … - 2012
Any attempt to model monetary policy in China has to take into account two ‘specifics’ of the Chinese monetary policy … People’s Bank of China, i.e. the two intermediate targets - the exchange rate and the money growth. In this paper we analyze … monetary policy in China using a small, three-equation New Keynesian model, considering these issues as follows: first, the …
Persistent link: https://www.econbiz.de/10011258414
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The Phillips Curve and a Micro-foundation of Trend Inflation
Harashima, Taiji - Volkswirtschaftliche Fakultät, … - 2013
The hybrid New Keynesian Phillips curve has been criticized for lacking a micro-foundation. In this paper, an alternative purely forward-looking model of the Phillips curve is constructed on the basis of a micro-foundation of trend inflation. In addition, another source of output gaps other than...
Persistent link: https://www.econbiz.de/10011259424
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Анализ независимости центральных банков РФ, стран СНГ и Восточной Европы
Trunin, Pavel; Knyazev, Dmitriy; Satdarov, Aleksander - Volkswirtschaftliche Fakultät, … - 2010
On the basis of an overview of theoretical and empirical studies on central banks’ independence, the paper assesses the independence of the central banks of the former USSR republics including the RF, as well as those of East European countries. An analysis of the potential existence of a...
Persistent link: https://www.econbiz.de/10009325656
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Foreign exchange intervention and central bank independence: The Latin American experience
Nunes, Mauricio; Da Silva, Sergio - Volkswirtschaftliche Fakultät, … - 2007
Employing data from 13 Latin American countries, we find that greater central bank independence is associated with lesser intervention in the foreign exchange market, and also with leaning-against-the-wind intervention. We also find that the structural reforms that occurred in Latin America...
Persistent link: https://www.econbiz.de/10005836913