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Exchange rate stabilization under imperfect credibility
Calvo, Guillermo; Vegh, Carlos - Volkswirtschaftliche Fakultät, … - 1991
-prices model. Under full credibility, a reduction in the rate of devaluation results in an immediate and permanent reduction in the …
Persistent link: https://www.econbiz.de/10008596363
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The effects of a greater central bank credibility on interest rates level and volatility response to news in the U.K.
Tuysuz, Sukriye - Volkswirtschaftliche Fakultät, … - 2007
operational independence in May 1997. It also checks if this credibility measure has increased the predictability of BoE decisions … influence more English interest rate volatility after May 1997. This results suggests that the credibility and/or transparency … by the BoE and the evolution of the transparency and credibility index suggest that the BoE transparency and credibility …
Persistent link: https://www.econbiz.de/10005837520
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Out of reach? Convergence to an inflation target in the Central Bank of Iceland's macroeconomic model
Baldursson, Fridrik M.; Hall, Axel - Volkswirtschaftliche Fakultät, … - 2008
inflation expectations equation which assumes a high degree of credibility of the CBI. This equation, however, lacks empirical …
Persistent link: https://www.econbiz.de/10005619966
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Credibility and monetary policy under inflation targeting
mhamdi, ghrissi; aguir, abdelkader; farhani, ramzi - Volkswirtschaftliche Fakultät, … - 2015
known about the consequences of inflation targeting credibility on both monetary policy and monetary policy transmission … channels in developing countries that adopted inflation targeting. Emphasizing the role of transparency and the credibility of …
Persistent link: https://www.econbiz.de/10011271311
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The art of central banks' forward guidance at the zero lower bound
Bennani, Hamza - Volkswirtschaftliche Fakultät, … - 2014
This paper proposes to assess the usefulness of central banks forward guidance since the start of the global economic crisis. Using a novel approach, the Wordscores methodology, we reveal that since 2009, central banks do provide a temporal guidance of their accommodative policy that can be...
Persistent link: https://www.econbiz.de/10011107997
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Does one word fit all? The asymmetric effects of central banks' communication policy
Bennani, Hamza - Volkswirtschaftliche Fakultät, … - 2014
This paper provides an extension of Morris and Shin's (2002) model (Morris, S., Shin, H. S. (2002). Social value of public information. The American Economic Review, 92(5), 1521-1534.). It considers an "interpretation bias" of the public signal sent by central banks such as the ECB or the FED....
Persistent link: https://www.econbiz.de/10011109133
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Nonlinear inflation expectations and endogenous fluctuations
Gomes, Orlando - Volkswirtschaftliche Fakultät, … - 2006
The standard new Keynesian monetary policy problem is, in its original presentation, a linear model. As a result, only three possibilities are admissible in terms of long term dynamics: the equilibrium may be a stable node, an unstable node or a saddle point. Fixed point stability (a stable...
Persistent link: https://www.econbiz.de/10005837344
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Inflation and Policy Response - The Israeli Case: 1970-1989
Gottlieb, Daniel - Volkswirtschaftliche Fakultät, … - 1990
The Israeli Economy has served as a laboratory for the study of inflation and government policy reponse. In periods crucial for Israel's experience of inflation, finance ministers were replaced frequently, often changing their predecessors' policies, much to the detriment of inflation. Inflation...
Persistent link: https://www.econbiz.de/10005622172
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Decizii strategice ale politicii monetare
Dumitriu, Ramona; Stefanescu, Răzvan - Volkswirtschaftliche Fakultät, … - 2013
The conduct of the monetary policy could be view as a series of decisions in which the objectives and tools are chosen. This paper explores some aspects of the strategic decisions of the monetary policy such as the roles played by central banks and other public authorities, the main constraints...
Persistent link: https://www.econbiz.de/10011259520
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Graph representation of balance sheets: from exogenous to endogenous money
Pitrou, Cyril - Volkswirtschaftliche Fakultät, … - 2015
A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments...
Persistent link: https://www.econbiz.de/10011262872