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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

Structural vector autoregressions: Theory of identification and algorithms for inference

Rubio-Ramírez, Juan F.; Waggoner, Daniel F.; Zha, Tao - 2008

Structural vector autoregressions (SVARs) are widely used for policy analysis and to provide stylized facts for dynamic general equilibrium models. Yet there have been no workable rank conditions to ascertain whether an SVAR is globally identified. When identifying restrictions such as long-run...

Persistent link: https://www.econbiz.de/10010292249

Some unpleasant properties of log-linearized solutions when the nominal rate is zero

Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2012

Does fiscal policy have qualitatively different effects on the economy in a liquidity trap? We analyze a nonlinear stochastic New Keynesian model and compare the true and loglinearized equilibria. Using the loglinearized equilibrium conditions, the answer to the above question is yes. However,...

Persistent link: https://www.econbiz.de/10010292261

Bank-Lending Standards, the Cost Channel and Inflation Dynamics

Kaufmann, Sylvia; Scharler, Johann - 2009

If firms borrow working capital to finance production, then nominal interest rates have a direct influence on inflation dynamics, which appears to be the case empirically. However, interest rates may only partly mirror the cost of working capital. In this paper we explore the role of bank...

Persistent link: https://www.econbiz.de/10010294872

Centralized trading of corporate bonds

Huber, Samuel; Kim, Jaehong - 2015

In the post-crisis period, increased regulation of financial intermediaries led to a significant decline in corporate bond market liquidity. In order to stabilize these markets, policy makers recently proposed that the trading of corporate bonds should be more centralized. In this paper, we show...

Persistent link: https://www.econbiz.de/10011420570

Central bank purchases of government bonds

Huber, Samuel; Kim, Jaehong - 2015

We develop a dynamic general equilibrium model to analyze the effects of central bank purchases of government bonds by investigating the following three questions: Under what conditions are these purchases socially desirable, what incentive problems do they mitigate, and how large are these...

Persistent link: https://www.econbiz.de/10011420573

Incorporating Judgement in Fan Charts

Österholm, Pär - 2006

Within a decision-making group, such as the monetary-policy committee of a central bank,group members often hold differing views about the future of key economic variables. Such differences of opinion can be thought of as reflecting differing sets of judgement. This paper suggests modelling each...

Persistent link: https://www.econbiz.de/10010321568

Relevancia del ajuste estacional en el análisis de corto plazo: Efectos del calendario doméstico sobre la serie de billetes y monedas en Argentina

Burdisso, Tamara; Blanco, Emilio; Sardi, Mariano - 2010

The presence of seasonal fluctuations (regular behavior along the year related to weather or institutional factors) invalidates monthly (quarterly) comparisons. In turn, since inter-annual variations depend on the comparison basis being used, they could provide very little information to the...

Persistent link: https://www.econbiz.de/10010325094

Price setting and price adjustment in some European Union countries: Introduction to the special issue

Levy, Daniel; Smets, Frank - 2010

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network.

Persistent link: https://www.econbiz.de/10010336066

Eurozone: The untold economics

Hatgioannides, John; Karanassou, Marika; Sala, Hector - 2013

This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful bust by unravelling (i) the supply-side structural imbalances that formed the core-periphery economic divide, and (ii) the necessity of the periphery's sovereign debt to finance...

Persistent link: https://www.econbiz.de/10010368157

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