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Inside the Impossible Triangle: Monetary Policy Autonomy in a Credible Target Zone
Jansen, W. Jos - EconWPA - 2003
This paper examines the trade-off between exchange rate stability and monetary autonomy for a target zone. Using the guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch central bank still enjoyed and how much had been ceded...
Persistent link: https://www.econbiz.de/10005126320
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Learning, inflation expectations and optimal monetary policy
Schaling, Eric - EconWPA - 2004
In this paper we analyse disinflation policy in two environments. In the first, the central bank has perfect knowledge, in the sense that it understands and observes the process by which private sector inflation expectations are generated; in the second, the central bank has to learn the private...
Persistent link: https://www.econbiz.de/10005561368
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An Investigation of the Gains from Commitment in Monetary Policy
Schaumburg, Ernst; Tambalotti, Andrea - EconWPA - 2003
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10005076809
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Labour market flexibility and policy coordination in a monetary union
Rantala, Anssi - EconWPA - 2004
Sufficiently flexible labour markets are considered an important precondition for countries to benefit from membership in the monetary union. Economic policy coordination within the European Community is extensive and includes issues related to labour market structures. In this paper we study...
Persistent link: https://www.econbiz.de/10005412650
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Against Rigid Rules - Keynes's Economic Theory
Muchlinski, Elke - EconWPA - 2005
This paper provides textual evidence of Keynes´s position on monetary policy and shaping international monetary relations. One result of my contribution is that the famous dichotomy 'rules versus discretion' is of no relevance to his economic theory, because he used the term 'rules' not in the...
Persistent link: https://www.econbiz.de/10005076842
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The role of regional information in the optimal composition of a committee
Maier, Philipp; Bierut, Beata K.; Berben, Robert-Paul - EconWPA - 2003
In this paper we present a model for the optimal composition of a federal or supra-national committee. The involvement of regional (national) entities in federal committees is typically motivated by their knowledge of regional information about the state of the economy. Using this argument we...
Persistent link: https://www.econbiz.de/10005126323
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Monetary Policy Adjustments on the Final Passage towards the Euro
Orlowski, Lucjan T - EconWPA - 2005
This study reviews monetary policy options that are seemingly viable for adopting the euro by the new Member States of the European Union. A fully autonomous direct inflation targeting is believed to be suboptimal for convergence to the euro as it does not incorporate convergence parameters into...
Persistent link: https://www.econbiz.de/10005126387
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FISCAL-MONETARY POLICY COORDINATION AND DEBT MANAGEMENT: A TWO STAGE DYNAMIC ANALYSIS
Bartolomeo, Giovanni Di; Gioacchino, Debora Di - EconWPA - 2005
This paper studies the interaction between two autonomous policymakers, the central bank and the government, in managing public debt as the result of a two-stage game. In the first stage the institutional regime is established. This determines the equilibrium solution to be applied in the second...
Persistent link: https://www.econbiz.de/10005412623
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Internal Versus External Convertibility and Developing-Country Financial
Paolera, Gerardo della; Taylor, Alan M. - EconWPA - 2000
Argentina’s money and banking system was hit hard by the Great Depression. The banking sector was awash with bad assets that built up in the 1920s. Gold convertibility was suspended in December 1929, even before the crisis seriously damaged the core economies. Commonly, these events are seen...
Persistent link: https://www.econbiz.de/10005561092
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A Preliminary Evaluation of Monetary Policy Rules for Russia
Souza, Lucio Vinhas de - EconWPA - 2004
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...
Persistent link: https://www.econbiz.de/10005076844