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Monetary policy with imperfect signals: The target problem in a new monetarist approach

Draack, Hannes - 2018

The target problem considers the central bank's use of optimal tools and targets for purposes of stabilization and …

Persistent link: https://www.econbiz.de/10011969207

Fixed and flexible exchange rates and currency sovereignty

Sardoni, Claudio; Wray, L. Randall - 2007

This paper provides an analysis of Keynes's original Bancor proposal as well as more recent proposals for fixed exchange rates. We argue that these schemes fail to pay due attention to the importance of capital movements in today's economy, and that they implicitly adopt an unsatisfactory notion...

Persistent link: https://www.econbiz.de/10010266537

Foreign deficit and economic policy: The case of Mexico

Huerta González, Arturo - 2024

The article analyzes Mexico under globalization, particularly on the free mobility of capital. It argues that globalization has detrimentally impacted the productive and external sectors, causing the economy to become excessively reliant on volatile capital inflows from abroad. The Mexican...

Persistent link: https://www.econbiz.de/10014581887

The impact of Covid-19 related policy responses on municipal debt markets

Bernhardt, Robert; D'Amico, Stefania; Sordo Palacios, … - 2021

Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal...

Persistent link: https://www.econbiz.de/10012888648

Why does Brazil's banking sector need public banks? What should BNDES do?

Rezende, Felipe - 2015

The 2007-8 global financial crisis has shown the failure of private finance to efficiently allocate capital to finance real capital development. The resilience and stability of Brazil's financial system has received attention, since it navigated relatively smoothly through the Great Recession...

Persistent link: https://www.econbiz.de/10010513069

ECB worries/European woes: The economic consequences of parochial policy

Barbera, Robert J.; Holtham, Gerald - 2012

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Persistent link: https://www.econbiz.de/10010318632

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 hence the benefits of a reform. It also increases...

Persistent link: https://www.econbiz.de/10010321824

Liquidity preference theory revisited: to ditch or to build on it?

Bibow, Jörg - 2005

's analysis offers insights into practical issues, such as policy credibility and expectations management, that reach well beyond …

Persistent link: https://www.econbiz.de/10010266545

Breaking credibility in monetary policy: The role of politics in the stability of the central banker

Rueda R., Miguel Ricardo - 2008

of credibility in monetary policy. The expected hazard rate of exit is estimated as a function of legal and political … variables. The measure of credibility is the expected probability of a disinflation beginning when inflation is rising. For a … of credibility. This provides evidence of the expected relationship between independence and credibility not found in …

Persistent link: https://www.econbiz.de/10010278195

Political institutions, intertemporal cooperation, and the quality of policies

Scartascini, Carlos; Stein, Ernesto; Tommasi, Mariano - 2009

While economists have tended to focus on specific public policies when developing recommendations, the achievement of welfare objectives might depend more on the quality of policies than their content. This paper develops several measures of the qualities of policies across countries, arguing...

Persistent link: https://www.econbiz.de/10010278205