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Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?
Estrella, Arturo - 2006
We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...
Persistent link: https://www.econbiz.de/10012783973
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Inflation and Activity – Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2015
We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and...
Persistent link: https://www.econbiz.de/10013011919
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Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective
Bordo, Michael D. - 2014
This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
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Exchange Rate Dynamics with Sticky Prices : the Deutsch Mark, 1974-1982
Giovannini, Alberto; Rotemberg, Julio J. - 2021
like those which appear to be typical in Germany …
Persistent link: https://www.econbiz.de/10013220974
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Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989
eschweiler, Bernard; Bordo, Michael D. - 2021
best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical … authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard … in Germany was always geared toward maintaining price stability with the exception of the two world war periods. Germany …
Persistent link: https://www.econbiz.de/10013224864
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Activist Monetary Policy and Exchange Rate Overshooting : the Deutsche Mark/Dollar Rate
Papell, David H. - 2021
exchange rate overshooting to undershooting. Using constrained maximum likelihood methods, the model is estimated for Germany …
Persistent link: https://www.econbiz.de/10013234404
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A.; Giavazzi, Francesco; Flabbi, Luca - 2021
implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …
Persistent link: https://www.econbiz.de/10013235277
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How the Bundesbank Conducts Monetary Policy
Clarida, Richard; Gertler, Mark - 2021
This paper analyzes German monetary policy in the post-Bretton Woods era. Despite the public focus on monetary targeting, in practice, German monetary policy involves the management of short term interest rates, as it does in the United States. Except during the mid to late 1970s, the Bundesbank...
Persistent link: https://www.econbiz.de/10013235581
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What Does the Bundesbank Target?
Bernanke, Ben; Mihov, Ilian - 2021
Although its primary ultimate objective is price stability, the Bundesbank has drawn a distinction between its money-focus strategy and the inflation targeting approach recently adopted by a number of central banks. We show that, holding constant the current forecast of inflation, German...
Persistent link: https://www.econbiz.de/10013235611
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Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Mark, Nelson C. - 2021
When central banks set nominal interest rates according to an interest rate reaction function, such as the Taylor rule, and the exchange rate is priced by uncovered interest parity, the real exchange rate is determined by expected inflation differentials and output gap differentials. In this...
Persistent link: https://www.econbiz.de/10013237961