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Forward guidance contracts
Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015
We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....
Persistent link: https://www.econbiz.de/10010528970
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The possible unemployment cost of average inflation below a credible target : a replication study of Svensson (American Economic Journal: Macroeconomics, 2015)
Oraby, Ramy - In: Journal of comments and replications in economics 1 (2022), pp. 1-21
long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below … its targeted level over the sample period. The deviation of inflation rate from its targeted level in Sweden resulted in …
Persistent link: https://www.econbiz.de/10013179358
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Effectiveness and Limitations of Monetary Policy Instruments in Romania and the European Union
Cioran, Zina - In: CES Working Papers 6 (2014) 4, pp. 43-56
The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in...
Persistent link: https://www.econbiz.de/10012017176
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The Possible Unemployment Cost of Average Inflation Below a Credible Target. A Replication Study of Svensson (American Economic Journal: Macroeconomics, 2015)
Oraby, Ramy - In: Journal of Comments and Replications in Economics (JCRE) 1 (2022) 2022-2, pp. 1-21
long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below … its targeted level over the sample period. The deviation of inflation rate from its targeted level in Sweden resulted in …
Persistent link: https://www.econbiz.de/10013190400
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Central banks and inflation : where do we stand and how did we get here?
Whelan, Karl - 2021
The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …
Persistent link: https://www.econbiz.de/10012615951
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Anticipation of central banks' adoption of inflation targeting and its effect on inflation
Dubey, Amlendu Kumar; Mishra, Akanksha - In: Central Bank review / Central Bank of the Republic of Turkey 23 (2023) 2, pp. 1-13
We construct an empirical test of whether the anticipation of adoption of inflation targeting affects the inflation … rate. We observe that most of the central banks adopt the regime after first achieving significant disinflation. With pre-inflation …-in-difference framework. We find that inflation targeting is successful in locking-in already low inflation rather than reducing high …
Persistent link: https://www.econbiz.de/10014364299
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Strict and Flexible Inflation Forecast Targets: An Empirical Investigation
Otto, Glenn; Voss, Graham - Department of Economics, University of Victoria - 2009
We examine whether models of inflation forecast targeting are consistent with the observed behaviour of the central … paths of variables targeted by the central bank, in particular inflation and the output gap. We estimate various moment … examine the extent to which and the manner in which these central banks successfully balance inflation and output objectives …
Persistent link: https://www.econbiz.de/10005012999
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An analytical framework for the Post-Keynesian macroeconomic paradigm
Herr, Hansjörg - 2013
The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...
Persistent link: https://www.econbiz.de/10009756278
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Economic policy in India : for economic stimulus, or for austerity and volatility?
Sen, Sunanda; DasGupta, Zico - 2014
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010385761
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Central Bank Independence and its Effect on Inflation in the ESCWA Countries
Abou Hamia, Mohamad A. - 2011
analysis proves that a higher degree of central bank independence would statistically improve the inflation performance in the … entire region and in the two subsamples, basically by lowering the inflation rates level and decreasing volatility. Finally …
Persistent link: https://www.econbiz.de/10011984912