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Monetary Union: The Ins and Outs of Strategic Delegation
Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1998
, equivalently, ‘conservatism’. This paper examines the outcome when these decisions are individually rational for governments and …
Persistent link: https://www.econbiz.de/10005661847
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A Time-varying Indicator of Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 2011
monetary policy conservatism can be uncovered by studying to what extent central banks react to real disturbances. By … logit approach in a panel setting we derive a time-varying indicator of effective monetary policy conservatism for Canada …, Sweden, the UK and the US. Employing this indicator we show that increasing effective conservatism tends to lower inflation …
Persistent link: https://www.econbiz.de/10009643244
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Measuring Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10005091365
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The Case for Central Bank Independence
Haan, Jakob De; Sturm, Jan Egbert - In: Banca Nazionale del Lavoro Quarterly Review 45 (1992) 182, pp. 305-327
This paper reviews arguments for central bank independence and presents new evidence on the impact of central bank (in)dependence on the level and variability of inflation, money growth, the level and financing of government budget deficits and economic growth, using three different measures of...
Persistent link: https://www.econbiz.de/10010854355
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The Case for Central Bank Independence
Haan, Jakob De; Sturm, Jan Egbert - In: BNL Quarterly Review 45 (1992) 182, pp. 305-327
This paper reviews arguments for central bank independence and presents new evidence on the impact of central bank (in)dependence on the level and variability of inflation, money growth, the level and financing of government budget deficits and economic growth, using three different measures of...
Persistent link: https://www.econbiz.de/10010772209
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Exchange rate regime preferences of the international sector. Firm-level evidence
Fernández-Albertos, José - In: Economics Letters 116 (2012) 1, pp. 26-30
This paper argues that fixed exchange rate regimes are preferred by the international sector only if they are adopted in economies endowed with anti-inflationary policy-making institutions (i.e., independent central banks). Cross-national firm-level data gives strong support to this claim.
Persistent link: https://www.econbiz.de/10011041753
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Why Inflation Targeting may Partly Substitute for Explicit Precommitment
Herrondorf, Berthold - Department of Economics, University of Warwick - 1996
This paper considers an institutional arrangement, in which the government assigns a publicly announced inflation target to an instrument independent central bank, but retains the discretion to revise the target after wages have been set. We argue that since this arrangement is perfectly...
Persistent link: https://www.econbiz.de/10005747067
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A simple empirical measure of central banks' conservatism
Levieuge, Grégory; Lucotte, Yannick - Volkswirtschaftliche Fakultät, … - 2012
In this paper we suggest a simple empirical and model-independent measure of Central Banks' Conservatism, based on the …
Persistent link: https://www.econbiz.de/10011107702
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A simple empirical measure of central banks' conservatism
Levieuge, Grégory; Lucotte, Yannick - Volkswirtschaftliche Fakultät, … - 2012
In this paper we suggest a simple empirical and model-independent measure of Central Banks' Conservatism, based on the …
Persistent link: https://www.econbiz.de/10011111955
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Property-rights, financial stabilization policies, and central bank independence
HUANG Shao¡äan; Kun, HE - In: Frontiers of Economics in China 3 (2008) 1, pp. 24-34
This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank¡¯s...
Persistent link: https://www.econbiz.de/10010934369