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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
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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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Rational expectations and inflation targeting: An analysis for ten countries
Fromlet, Pia - 2010
In this paper I evaluate inflation targeting for ten countries. The evaluation is based on unconditional as well as conditional measures of the variance of inflation around target. With strict inflation targeting, expectations of the future deviation from target given information about the...
Persistent link: https://www.econbiz.de/10010321410
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A new application of Taylor rules: Model evaluation
Salyer, Kevin; Van Gaasbeck, Kristin - 2000
Taylor rules posit a linear relationship between the output gap, inflation, and short-term nominal interest rates. Previous work has shown that the relationship between these key economic variables as captured by the Taylor rule is quite robust both across countries and monetary policy regimes....
Persistent link: https://www.econbiz.de/10010318600
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The tradeoffs in leaning against the wind
Gourio, François; Kashyap, Anil K.; Sim, Jae W. - 2017
Credit booms sometimes lead to financial crises which are accompanied with severe and persistent economic slumps. Does this imply that monetary policy should "lean against the wind" and counteract excess credit growth, even at the cost of higher output and inflation volatility? We study this...
Persistent link: https://www.econbiz.de/10012030334
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Managing Beliefs about Monetary Policy under Discretion
Mertens, Elmar - 2008
Monetary policy is most effective when public beliefs about future policies are actively managed. This is the appeal of policy rules and commitment strategies, typically absent under discretion. But when a policymaker has some private information - as is the case in reality - belief management...
Persistent link: https://www.econbiz.de/10011430072
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Lessons for Iceland from the Monetary Policy of Sweden
Andersson, Fredrik N. G.; Jonung, Lars - 2018
The purpose of this report is to derive lessons from inflation targeting in Sweden for the choice of the future monetary policy regime of Iceland. Swedish inflation targeting has been a success in terms of reducing inflation and inflation volatility, but real economic volatility is not lower...
Persistent link: https://www.econbiz.de/10013208816
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Transparency, the opacity bias, and optimal flexible inflation targeting
Walsh, Carl E. - 2010
In this paper, I revisit an old question in the analysis of monetary policy that was first studied by Rogoff (1985) - should central banks pursue objectives that differ systematically from social welfare? I investigate how the answer to this question is affected by the degree of transparency...
Persistent link: https://www.econbiz.de/10010287771
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Imperfect Central Bank Communication: Information versus Distraction
Dale, Spencer; Orphanides, Athanasios; Österholm, Pär - 2008
imperfect information communicated by a central bank, such communication can inform and improve the public`s decisions and … expectations. But if not, communi-cating imperfect communication has the potential to mislead and distract. The risk that imperfect … communication may detract from the publics understanding should be considered in the context of a central banks communications …
Persistent link: https://www.econbiz.de/10010321593
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Narrative monetary policy surprises and the media
Larsen, Vegard Høghaug; Thorsrud, Leif Anders - 2019
communication accompanying interest rate meetings. Our proposed method is fast and simple, and relies on a Singular Value … surprises in central bank communication using this type of data and identification provides surprise measures that are … monetary policy literature associates with the information component of monetary policy communication. Our study highlights the …
Persistent link: https://www.econbiz.de/10012661551