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The boundaries of central bank independence : lessons from unconventional times
Orphanides, Athanasios - 2018
What institutional arrangements for an independent central bank with a price stability mandate promote good policy outcomes when unconventional policies become necessary? Unconventional monetary policy poses challenges. The large scale asset purchases needed to counteract the zero lower bound on...
Persistent link: https://www.econbiz.de/10011901698
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Is monetary policy overburdened?
Orphanides, Athanasios - 2013
Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...
Persistent link: https://www.econbiz.de/10010400888
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Independent Central Banks and the interplay between monetary and fiscal policy
Orphanides, Athanasios - 2017
Monetary policy has fiscal implications that are especially pronounced at the zero lower bound. Independent central banks in advanced economies have considerable leeway to ease fiscal pressures faced by governments without compromising price stability. They also have the power to create...
Persistent link: https://www.econbiz.de/10011942211
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How should large and small countries be represented in a currency union?
Berger, Helge; Mueller, Till - 2004
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10010261091
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How should large and small countries be represented in a currency union?
Berger, Helge; Müller, Till - 2004
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10009303502
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How Should Large and Small Countries Be Represented in a Currency Union?
Berger, Helge; Mueller, Till - 2021
The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...
Persistent link: https://www.econbiz.de/10013318847
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Does conservatism matter? : A time series approach to central banking
Berger, Helge - 1998
Persistent link: https://www.econbiz.de/10013428231
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How to Reduce Inflation : An Independent Central Bank or a Currency Board? The Experience of the Baltic Countries
de Haan, Jakob; Berger, Helge; van Fraassen, Erik - 2011
Countries in transition often face high levels of inflation. This paper discusses two ways to reduce inflation: the creation of an independent central bank and the introduction of a currency board. It is shown that both options have advantages and disadvantages. This framework is used for a...
Persistent link: https://www.econbiz.de/10014130902
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Does Conservatism Matter? A Time Series Approach to Central Banking
Berger, Helge; Woitek, Ulrich - 2021
The empirical literature on central banking has found measures of central bank independence/conservatism to be … and conservatism. We present results from a single-country time series model for the German Bundesbank that avoids these … shortfalls. We find that an increase in central bank conservatism leads to higher short-term interest rates and a more activist …
Persistent link: https://www.econbiz.de/10013320935
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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
Persistent link: https://www.econbiz.de/10009635983