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Expected and Predicted Realignments : The Ff/Dm Exchange Rate During the EMS

Rose, Andrew Kenan; Svensson, Lars E. O. - 2021

An empirical model of time-varying realignment risk in an exchange rate target zone is developed. Expected rates of devaluation are estimated as the difference between interest race differentials and estimated expected rates of depreciation within the exchange rate band, using French...

Persistent link: https://www.econbiz.de/10013217941

Young and Out in Germany : On the Youths' Chances of Labor Market Entrance in Germany

Franz, Wolfgang; Inkmann, Joachim; Pohlmeier, Winfried; … - 2021

This paper deals with the labor market entrance of young people in the Federal Republic" of Germany. The main focus is … on failures during this stage. First, an overview of the youth" labor market in Germany is given. Then, the transition …

Persistent link: https://www.econbiz.de/10013222219

German and American Wage and Price Dynamics : Differences and Common Thenes

Franz, Wolfgang; Gordon, Robert J. - 2021

The evolution of unemployment in West Germany and the U. S. stands in sharp contrast, with German unemployment much … big difference berween the two countries is that there is no feedback from wages to prices in Germany, and so high … unemployment does not put downward pressure on the inflation rate. During the 19705 and 19805 in Germany there emerged a growing …

Persistent link: https://www.econbiz.de/10013237265

The Duration of Youth Unemployment in West Germany : Some Theoretical Considerations

Franz, Wolfgang - 2021

This paper presents a theoretical model dealing with the duration of youth unemployment in West Germany. Duration can …

Persistent link: https://www.econbiz.de/10013249173

The Reservation Wage of Unemployed Persons in the Federal Republic of Germany : Theory and Empirical Tests

Franz, Wolfgang - 2021

This study examines the determinants of the reservation wage of unemployed persons in the Federal Republic of Germany …

Persistent link: https://www.econbiz.de/10013249255

Inflation Targeting

Svensson, Lars E. O. - 2011

-market economies. The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting …

Persistent link: https://www.econbiz.de/10013131986

Transparency and Credibility : Monetary Policy with Unobservable Goals

Faust, Jon - 2010

We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...

Persistent link: https://www.econbiz.de/10013137302

Inflation Forecast Targeting : Implementing and Monitoring Inflation Targets

Svensson, Lars E. O. - 2011

Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how...

Persistent link: https://www.econbiz.de/10013125561

Cost-Benefit Analysis of Leaning Against the Wind

Svensson, Lars E. O. - 2016

A simple and transparent framework for cost-benefit analysis of \leaning against the wind" (LAW), that is, tighter monetary policy for financial-stability purposes, is presented. LAW has obvious costs in the form of a weaker economy if no crisis occurs and possible benefits in the form of a...

Persistent link: https://www.econbiz.de/10013000534

Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models

Bertola, Giuseppe - 2008

This paper proposes a tractable and realistic nonlinear model of exchange rate dynamics, and argues that its predictions are consistent with available empirical evidence on exchange rate and interest differential behavior in real-life target zones. In our model, the exchange rate fluctuates...

Persistent link: https://www.econbiz.de/10012774856