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rule cannot be implemented when the central bank uses standing facilities, while it can be implemented with open market …
Persistent link: https://www.econbiz.de/10008627184
Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory … of central banks in achieving their objectives and ultimately yielding better economic outcomes. Although much has been … written pointing out the potential role institutional form can play in central bank performance, little empirical work has …
Persistent link: https://www.econbiz.de/10005389603
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applying these standard techniques to central banks, and reviews some of the literature that has attempted to apply these … techniques to central banking. The uniqueness of some of the activities of central banking, the difficulty in measuring some of … the central banking outputs, and the complicated and multiple objectives pursued by central banks makes application of the …
Persistent link: https://www.econbiz.de/10005512321
particular, we define an operational procedure for a central bank capable of ensuring the stability of the monetary system. …
Persistent link: https://www.econbiz.de/10010562441
The authors study credible information transmission by a benevolent central bank. They consider two possibilities … of transmitting information have very different consequences. Since the objectives of the central bank and those of … individual investors are not always aligned, private investors might rationally ignore announcements by the central bank. In …
Persistent link: https://www.econbiz.de/10004967540
This paper studies the steady state and dynamic consequences of inflation in an estimated dynamic stochastic general equilibrium model of the U.S. economy. It is found that 10 percentage points of inflation entails a steady state welfare cost as high as 13 percent of annual consumption. This...
Persistent link: https://www.econbiz.de/10008627175
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