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Comin, Diego - 2003

Over the postwar, the U.S., Europe and Japan have experienced what may be thought of as medium frequency oscillations between persistent periods of robust growth and persistent periods of relative stagnation. These medium frequency movements, further, appear to bear some relation to the high...

Persistent link: https://www.econbiz.de/10012468709

The Role of Output Stabilization in the Conduct of Monetary Policy

Mishkin, Frederic S. - 2002

credibility of the central bank. In contrast, conducting monetary policy with a flexible inflation target rule is likely to …

Persistent link: https://www.econbiz.de/10012469417

Stochastic Regime Switching and Stabilizing Policies within Regimes

Lewis, Karen K. - 1995

This paper describes a class of stochastic stabilizing policies within asset price regimes that can be easily incorporated into the framework of regime switching recently proposed by Froot and Obstfeld (1991). In contrast to previous treatments of market-driven fundamentals within the regime,...

Persistent link: https://www.econbiz.de/10012473581

Establishing Credibility : Evolving Perceptions of the European Central Bank

Goldberg, Linda S. - 2005

The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high frequency data to test for persistent variation in market perceptions of...

Persistent link: https://www.econbiz.de/10012466879

Uncertain Duration of Reform : Dynamic Implications

Calvo, Guillermo A. - 1997

We develop a framework to study the effects of policies of uncertain duration on consumption dynamics under both complete and incomplete markets. We focus on the dynamic implications of market incompleteness, specifically on the lack of state-contingent bonds. Two policies are considered: pure...

Persistent link: https://www.econbiz.de/10012472899

The Business Cycles of Balance-of-Payment Crises : A Revision of Mundellan Framework

Mendoza, Enrique G. - 1999

In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...

Persistent link: https://www.econbiz.de/10012471756

Monnet's Error?

Guiso, Luigi - 2015

-Europe sentiment as does the 2010 Eurozone crisis. Yet, in spite of the worst recession in recent history, the Europeans still support …

Persistent link: https://www.econbiz.de/10012457545

Business Cycles in the Euro Area

Giannone, Domenico - 2008

This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant...

Persistent link: https://www.econbiz.de/10012464118

Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Christiano, Lawrence - 2007

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012465125

Credibility of Policies versus Credibility of Policymakers

Drazen, Allan - 1993

Standard models of policy credibility. defined as the expectation that an announced policy will be carried out … announced policy in adverse circumstances. We investigate this alternative notion of credibility, using an "escape clause" model … policy in a given period may lower rather than raise the credibility of a no-devaluation pledge in subsequent periods. in …

Persistent link: https://www.econbiz.de/10012474498

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