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Central Bank Conservatism and Labor Market Reform
Jordahl, Henrik; Laséen, Stefan - 1999
How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An … increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and … reform. In combination, the two effects produce a u-shaped relation between conservatism and labor market reform. An …
Persistent link: https://www.econbiz.de/10010321824
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One Money, One Cycle? The EMU Experience
Gächter, Martin; Riedl, Aleksandra - 2013
We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary policy shocks in the euro area. Empirical evidence on...
Persistent link: https://www.econbiz.de/10013370103
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The workings of the Eurosystem : monetary policy preparations and decision-making : selected issues
Moutot, Philippe Pierre; Jung, Alexander; Mongelli, … - 2008
The ECB's monetary policy has received considerable attention in recent years. This is less the case, however, for its regular monetary policy preparation and decision-making process. This paper reviews how the factors usually considered as critical for the success of a central banking system...
Persistent link: https://www.econbiz.de/10011641185
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Greenspan and the Greenbook
Tchaidze, Robert R. - 2002
A vast literature has emerged using Taylor rules to analyze monetary policy Although very attractive both theoretically and empirically such rules imply a mechanical response by the policy variable to fundamental ones This study looks for empirical evidence of a more sophisticated monetary...
Persistent link: https://www.econbiz.de/10010293458
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Noisy Information, Interest Rate Shocks and the Great Moderation
Mayer, Eric; Scharler, Johann - 2010
In this paper we quantitatively evaluate the hypothesis that the Great Moderation is partly the result of a less activist monetary policy. We simulate a New Keynesian model where the central bank can only observe a noisy estimate of the output gap and fnd that the less pronounced reaction of the...
Persistent link: https://www.econbiz.de/10010294868
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Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik
Hoffmann, Andreas; Schnabl, Gunther - 2011
Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt...
Persistent link: https://www.econbiz.de/10010305985
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Optimal Monetary Policy under Downward Nominal Wage Rigidity
Carlsson, Mikael; Westermark, Andreas - 2007
We develop a New Keynesian model with staggered price and wage setting where downward nominal wage rigidity (DNWR) arises endogenously through the wage bargaining institutions. It is shown that the optimal (discretionary) monetary policy response to changing economic conditions then becomes...
Persistent link: https://www.econbiz.de/10010321528
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The Rise and Fall of U.S. Inflation Persistence
Beechey, Meredith; Österholm, Pär - 2007
This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...
Persistent link: https://www.econbiz.de/10010321537
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...
Persistent link: https://www.econbiz.de/10010321554
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Imperfect Central Bank Communication: Information versus Distraction
Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....
Persistent link: https://www.econbiz.de/10010321593