Narrow search
Showing 1 - 10 of 224
Cover Image
Latin American Central Bank Reform: Progress and Challenges
Carstens, Agustin; Luis I. Jacome H. - EconWPA - 2005
reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …
Persistent link: https://www.econbiz.de/10005126474
Cover Image
Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean
Jácome, Luis; Vázquez, Francisco - EconWPA - 2005
panel regressions, the paper finds a negative relationship between legal central bank independence (CBI) and inflation. This … result holds for three alternative measures of CBI, and after controlling for international inflation, banking crises, and … paper fails, however, to find a causal relationship running from CBI to inflation. …
Persistent link: https://www.econbiz.de/10005126338
Cover Image
Multiple Critiques of Woodford’s Model of a Cashless Economy
Eagle, David - EconWPA - 2005
Woodford’s (2003) model of a cashless economy is the basis for his book Interest and Prices. Since Woodford assumes complete markets, this paper explicitly includes state-contingent securities with either temporary money or a cash-in-advance constraint to analyze Woodford’s logic. This...
Persistent link: https://www.econbiz.de/10005561359
Cover Image
Monetary Transmission Mechanism in Estonia - Some Theoretical Considerations and Stylized Aspects
Lättemäe, Raoul - EconWPA - 2002
The monetary system in Estonia is based on the currency board arrangement with German Mark. The strong commitments and rule-based features of currency board imply that there is no active monetary policy in Estonia – all necessarily monetary djustments are left to the market forces. Under fixed...
Persistent link: https://www.econbiz.de/10005076744
Cover Image
Limited Commitment, Inaction and Optimal Monetary Policy
Mirzoev, Tokhir - EconWPA - 2004
This paper examines the optimal frequency of monetary policy meetings when their schedule is pre-announced. Our contribution is twofold. First, we show that in the standard New Keynesian framework infrequent but periodic revision of monetary policy may be desirable even when there are no...
Persistent link: https://www.econbiz.de/10005076774
Cover Image
Supply Shocks and the Persistence of Inflation
Sommer, Martin - EconWPA - 2004
This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker’s disinflation (1979-1982). My … the behavior of inflation expectations - agents expected shocks to persist in the pre-Volcker period, but not in the post …
Persistent link: https://www.econbiz.de/10005561182
Cover Image
The Philippine Central Bank's Monetary Policy Reaction Function from 1992 to 2003
Salas, John Michael Ian S. - EconWPA - 2004
stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior … inflation by and large through its key policy rate, though it appears to be accommodative with respect to the output gap. In …
Persistent link: https://www.econbiz.de/10005561255
Cover Image
Internal Versus External Convertibility and Developing-Country Financial
Paolera, Gerardo della; Taylor, Alan M. - EconWPA - 2000
device and no ceiling on lender-of-last-resort actionsinnovations with painful long-run consequences for inflation …
Persistent link: https://www.econbiz.de/10005561092
Cover Image
Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks (Currencies, Competition, and Clans)
Engelmann, Dirk; Hanousek, Jan; Kocenda, Evzen - EconWPA - 2004
We use a spatial competition based model in a two-stage game setup to assess whether equilibrium in exchange rates among the leading currencies is attainable. We show that a stable equilibrium can be reached in the case of two leading currencies, but not in the case of three. In our model,...
Persistent link: https://www.econbiz.de/10005561175
Cover Image
The History and Sustainability of the CBA in Estonia
Sepp, Urmas; Lättemäe, Raoul; Randveer, Martti - EconWPA - 2002
Estonia has had a currency board arrangement (CBA) for more than 10 years. Due to the successful performance of the Estonian economy under a CBA the current position of the Bank of Estonia is to maintain its exchange rate regime until full participation in the EMU, inter alia, during Estonia’s...
Persistent link: https://www.econbiz.de/10005561193