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Import prices and pricing-to-market effects in the euro area

Warmedinger, Thomas - 2004

Pricing-to-market (PTM) behaviour implies that exporters adjust their prices to the prevailing prices in their export markets. For the importing country, PTM effects can be interpreted as a measure of the stability of domestic prices against foreign price and exchange rate developments. PTM...

Persistent link: https://www.econbiz.de/10009636522

Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the …

Persistent link: https://www.econbiz.de/10009635882

Eurozone Enlargement

Bolle, Michael - 2004

been, since 2001, conducted by leading research institutions from Estonia, Finland, Italy, Poland, Portugal and Slovenia … May 2004, ten countries joined the European Union. The new members are Cyprus, the Czech Republic, Estonia, Hungary …, Latvia, Lithuania, Malta, Poland, Slovakia and Slovenia. Enlargement increased the EU population to 450 million, making the …

Persistent link: https://www.econbiz.de/10009636792

Information acquisition and decision making in committees

Gerling, Kerstin; Grüner, Hans Peter; Kiel, Alexandra; … - 2003

This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...

Persistent link: https://www.econbiz.de/10009635876

Implementing optimal control in cointegrated I(1) structural VAR models

Monti, Francesca V. - 2003

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...

Persistent link: https://www.econbiz.de/10009635883

Monetary and fiscal interactions in open economies

Lombardo, Giovanni; Sutherland, Alan - 2003

A two-country sticky-price model is used to analyse the interactions between fiscal and monetary policy. The role of an u0091activistu0092 fiscal policy as a stabilisation tool is considered and a measure of the welfare gains from international fiscal policy cooperation is derived. It is found...

Persistent link: https://www.econbiz.de/10009635884

Inflation persistence and robust monetary policy design

Coenen, Günter - 2003

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inﬂation process. The paper focuses on the euro area and utilises two variants of...

Persistent link: https://www.econbiz.de/10009635885

The credibility of the monetary policy "free lunch"

Yetman, James - 2003

Price level targeting has been proposed as an alternative to inﬂation targeting that may confer beneﬁts if a central bank sets policy under discretion, even if societyu0092s loss function is speciﬁed in terms of inﬂation (instead of price level) volatility. This paper demonstrates the...

Persistent link: https://www.econbiz.de/10009635890

Inflation targets and the liquidity trap

Klaeffling, Matt; Perez, Victor Lopez - 2003

The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria....

Persistent link: https://www.econbiz.de/10009635903

Indeterminacy of rational expectations equilibria in sequential financial markets

Donati, Paola - 2003

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

Persistent link: https://www.econbiz.de/10009635915