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A post-Keynesian view of central bank independence, policy targets, and the rules-versus-discretion debate

Wray, L. Randall - 2007

inflation, and high employment. Thus, the paper returns to Keynes's call for low interest rates and euthanasia of the rentier. …

Persistent link: https://www.econbiz.de/10010266518

Bad for Euroland, worse for Germany: the ECB's record

Bibow, Jörg - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the Bundesbank tradition of asymmetric policymaking: the bank...

Persistent link: https://www.econbiz.de/10010266550

The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...

Persistent link: https://www.econbiz.de/10010286538

Monetary policy under discretion or commitment? An empirical study

Fromlet, Pia - 2013

In this paper, I investigate the monetary policy of five industrialized countries which have had explicit inflation … conditions. The results support the theory of flexible inflation targeting under discretion for the United Kingdom. For New … the wind. The central banks of Canada, Sweden, and Australia have behaved in line with the theory of flexible inflation …

Persistent link: https://www.econbiz.de/10010321392

MMT and policy assignment in an open economy context: Simplicity is useful, oversimpliflflication not so much

Razmi, Arslan - 2022

and the exchange rate and inflation, and (2) interactions between the current account, debt accumulation, and the goods … rates is likely to generate instability and make it hard to maintain full employ- ment with stable inflation. Importantly …

Persistent link: https://www.econbiz.de/10013467126

Inflation is always and everywhere … a conflict phenomenon: Post-Keynesian inflation theory and energy price driven conflict inflation

Hein, Eckhard - 2023

This paper reviews the post-Keynesian theory of inflation against the background of the simultaneous rise in inflation …-are discussed. The paper applies the latter to elucidate recent inflation trends propelled by increasing imported energy prices and … then rising mark-ups. The effects of inflation-targeting central bank interest policies versus a post-Keynesian alternative …

Persistent link: https://www.econbiz.de/10014438366

Managing Uncertainty Through Robust-Satisficing Monetary Policy

Akram, Q. Farooq; Ben-Haim, Yakov; Eitrheim, Øyvind - 2006

We employ information-gap decision theory to derive a robust monetary policy response to Knightian parameter uncertainty. This approach provides a quantitative answer to the question: For a specified policy, how much can our models and data err or vary, without rendering the outcome of that...

Persistent link: https://www.econbiz.de/10012143662

The Zero Lower Bound on the Interest Rate and a Neo-Classical Phillips Curve

Alstadheim, Ragna - 2010

With sticky prices, optimizing agents and money in the utility function, I derive the exact analytical solution for optimal monetary policy given a zero lower bound (ZLB) on the interest rate. The Phillips curve is Neo-Classical, and the ZLB is then not a constraint on optimal policy. Optimal...

Persistent link: https://www.econbiz.de/10012143747

Finance-dominated capitalism in Germany: Deep recession and quick recovery

Detzer, Daniel; Hein, Eckhard - 2014

Germany's recent export successes and the fast recovery from the 2007 -2009 crisis made it Europe's "economic superstar" in public opinion. This paper interprets the German performance against the background of financialisation. After an examination of the pre-crisis demand and growth regime,...

Persistent link: https://www.econbiz.de/10010397740

Financialisation and the financial and economic crises: The case of Germany

Detzer, Daniel; Hein, Eckhard - 2014

This study on Germany examines the long-run changes between the financial and the non-financial sectors of the economy, and in particular the effects of these changes on the macroeconomic developments that have led or contributed to the financial crisis starting in 2007 and the Great Recession...

Persistent link: https://www.econbiz.de/10010427810