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Bad for Euroland, Worse for Germany-The ECB's Record

Bibow, Jorg - EconWPA - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the...

Persistent link: https://www.econbiz.de/10005412611

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

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

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

Lending Booms in Europe’s Periphery: South-Western Lessons for Central-Eastern Members

Brzoza-Brzezina, Michal - EconWPA - 2005

In this paper we analyse the potential for lending booms in three biggest new EU member states (Czech Republic, Hungary and Poland) during the process of Euro adoption. Experience of old members (Greece, Ireland and Portugal) as well as econometric evidence speak in favour of strong increases in...

Persistent link: https://www.econbiz.de/10005126434

Refocusing the ECB on Output Stabilization and Growth through Inflation Targeting?

Bibow, Joreg - EconWPA - 2005

the widely held interpretation of the ECB as an inflation targeter—and a rather soft one, too—it is argued that the key … and inflation persistence that owes to the ECB’s failure to internalize the euro area’s fiscal regime. This raises the … question as to whether inflation targeting would have led to better results, or could do so in future. …

Persistent link: https://www.econbiz.de/10005412615

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

Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of the U.S.

Wray, L. Randall; Sardoni, C. - EconWPA - 2005

caution, and obsession with low inflation. In looking at the foundations of the two banks’ strategies, however, we do not find …

Persistent link: https://www.econbiz.de/10005076846

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

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