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Monetary policy under alternative exchange rate regimes in Central and Eastern Europe

Ziegler, Christina - 2012

Monetary policy in CEE is an important determinant in the wage bargaining process, because trade unions have to predict inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an inflation target are tempted to act...

Persistent link: https://www.econbiz.de/10010308235

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

An inventory of simple monetary policy rules in a new Keynesian macroeconomic model

Lubik, Thomas A.; Marzo, Massimiliano - 2003

We derive necessary and suffcient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The...

Persistent link: https://www.econbiz.de/10010293494

Interest Rate Smoothing versus Serially Correlated Errors in Taylor Rules: Testing the Tests

Welz, Peter; Österholm, Pär - 2005

This paper contributes to the recent debate about the estimated high partial adjustment coefficient in dynamic Taylor rules, commonly interpreted as deliberate interest rate smoothing on the part of the monetary authority. We argue that a high coefficient on the lagged interest rate term may be...

Persistent link: https://www.econbiz.de/10010321535

The Taylor Rule: A Spurious Regression?

Österholm, Pär - 2003

This paper investigates the econometric properties of the Taylor (1993) rule applied to U.S., Australian and Swedish data to judge its empirical relevance. Little attention has been paid to the time series properties of the data underlying interest rate rules, nor the estimations themselves,...

Persistent link: https://www.econbiz.de/10010321545

Did the Fed and ECB react asymmetrically with respect to asset market developments?

Hoffmann, Andreas - 2012

This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...

Persistent link: https://www.econbiz.de/10010308139

Monetary policy and the dangers of deflation: Lessons from Japan

Leigh, Daniel - 2004

. First, I analyze how the Bank of Japan conducted interest rate policy over the 1990s as the economy entered a deflationary … provided little improvement in economic performance. The economy also still enters the trap under a nonlinear policy rule that … commits the central bank to keeping interest rates at zero even after the economy begins to recover. However, I find that a …

Persistent link: https://www.econbiz.de/10010293436

Do central banks respond to exchange rate movements? A structural investigation

Lubik, Thomas A.; Schorfheide, Frank - 2003

We estimate a small-scale, structural general equilibrium model of a small open economy using Bayesian methods. Our …

Persistent link: https://www.econbiz.de/10010293466

The Fed and the new economy

Ball, Laurence; Tchaidze, Robert R. - 2001

New Economy permitted an easing of policy We find that a Taylor rule based on inflation and unemployment does break down …

Persistent link: https://www.econbiz.de/10010293470

Investment and Uncertainty: A Theory-Based Empirical Approach

Carlsson, Mikael - 2004

This paper provides empirical evidence on the dynamic effects of uncertainty on firm-level capital accumulation. A novelty in this paper is that the firm-level uncertainty indicator is motivated and derived from a theoretical model, the neoclassical investment model with time to build. This...

Persistent link: https://www.econbiz.de/10010321549