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Living Up to Expectations : Central Bank Credibility, the Effectiveness of Forward Guidance, and Inflation Dynamics Post-Global Financial Crisis
Cole, Stephen J.; Martínez-García, Enrique; Sims, Eric R. - National Bureau of Economic Research - 2023
and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …
Persistent link: https://www.econbiz.de/10014421202
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The Inter-War Gold Exchange Standard : Credibility and Monetary Independence
Bordo, Michael D. - 2001
In this paper we analyze the operation of the inter-war gold exchange standard to see if the evident credibility of the system conferred on participating central banks the ability to pursue independent monetary policies. To answer this question we econometrically analyze two key parity, or...
Persistent link: https://www.econbiz.de/10012470290
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A. - 1999
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/10012471558
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Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
Bordo, Michael D. - 1997
This paper examines the recently noted finding that the Classical gold standard represented a credible, well-behaved target zone system from the perspective of the well-documented failure of countries to play by the rules of the game in the classical period. In particular, we test an hypothesis...
Persistent link: https://www.econbiz.de/10012472699
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie D. - 1997
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://www.econbiz.de/10012472722
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Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?
Estrella, Arturo - 1996
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/10012472983
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What Does the Bundesbank Target?
Bernanke, Ben - 1996
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/10012473070
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How the Bundesbank Conducts Monetary Policy
Clarida, Richard - 1996
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/10012473267
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Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989
Eschweiler, Bernhard - 1993
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/10012474395
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Exchange Rate Dynamics with Sticky Prices : The Deutsch Mark, 1974-1982
Giovannini, Alberto - 1984
like those which appear to be typical in Germany …
Persistent link: https://www.econbiz.de/10012477815