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What Does Pakistan Have to Join Inflation Targeters Club, A Royal Flush or A Seven-Deuce Offsuit?
Naqvi, Bushra; Rizvi, Syed Kumail Abbas - Volkswirtschaftliche Fakultät, … - 2008
The economic and institutional structure required for successful adoption and implementation of Inflation Targeting (IT) framework is often lacking in Emerging economies. In this paper, we evaluate these structures for the economy of Pakistan both qualitatively and quantitatively. Although our...
Persistent link: https://www.econbiz.de/10008536062
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Is South Africa's inflation target too persistent for monetary policy conduct?
Faul, Joseph; Khumalo, Bridgette; Pashe, Mpho; … - Volkswirtschaftliche Fakultät, … - 2014
Can the South African Reserve Bank’s (SARB) substantially control inflation within their set target of 3-6 percent? We sought to investigate this phenomenon by examining multiple threshold effects in the persistence levels of quarterly aggregated inflation data collected between 2003 and 2014....
Persistent link: https://www.econbiz.de/10011113895
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Provocările politicii monetare
Dumitriu, Ramona; Stefanescu, Razvan - Volkswirtschaftliche Fakultät, … - 2013
During the last decades, the monetary policy had to face significant changes caused by various processes. This paper explores the challenges induced by the recent global crisis to the central banks policies. We approach some possible solutions to the dramatic consequences of the crisis: the...
Persistent link: https://www.econbiz.de/10011258846
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Central bank reaction to public deficit and sound public finance: the case of the European Monetary Union
Canale, Rosaria Rita - Volkswirtschaftliche Fakultät, … - 2008
The paper aims to shed light on the relation between monetary and fiscal policy in EMU, focusing on the interest rates and deficit dynamics. We present a theoretical model in which monetary and fiscal policy independently interact in a closed economic system through their own instrument, namely,...
Persistent link: https://www.econbiz.de/10005616617
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Did the Crisis Change it All? Evidence from Monetary and Fiscal Policy
Mitreska, Ana; Kadievska Vojnovic, Maja; Georgievska, Ljupka - Volkswirtschaftliche Fakultät, … - 2010
The recent financial and economic crisis has triggered bold and diverse policy responses to prevent further, sharper and prolonged adverse effects to the financial and the real sector. The measures for alleviating the cycle were a feature both of the advanced and the emerging and developing...
Persistent link: https://www.econbiz.de/10011111273
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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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Stability and Identification with Optimal Macroprudential Policy Rules
Chatelain, Jean-Bernard; Ralf, Kirsten - Volkswirtschaftliche Fakultät, … - 2014
This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...
Persistent link: https://www.econbiz.de/10011110286
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Discretionary Policy and Multiple Equilibria in LQ RE Models
Blake, Andrew P.; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2006
We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria by...
Persistent link: https://www.econbiz.de/10008543792
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Expectations Traps and Monetary Policy with Limited Commitment
Himmels, Christoph; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2011
We study the existence and uniqueness properties of monetary policy with limited commitment in LQ RE models. We use a New Keynesian model with debt accumulation in the spirit of Leeper (1991) as a `lab', because this model generates multiple equilibria under pure discretion, and under full...
Persistent link: https://www.econbiz.de/10008866115
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Economic policy and the financial and economic crisis
Kowalski, Tadeusz - Volkswirtschaftliche Fakultät, … - 2011
The aim of this paper is to present and evaluate the theory and principles of economic policy applied before the 2008 … economic policy theory which co-created the conditions for world economic growth and stabilization in recent decades. The third … provides an analysis of the 2008-2009 crisis implications for the theory and future practice of economic policy. The paper is …
Persistent link: https://www.econbiz.de/10009322890