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Does money growth granger-cause inflation in the Euro Area? Evidence from output-of-sample forecasts using Bayesian VARs
Berger, Helge; Österholm, Pär - 2008
-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …
Persistent link: https://www.econbiz.de/10010299140
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How should large and small countries be represented in a currency union?
Berger, Helge; Müller, Till - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 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/10009323158
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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/10010306540
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Geography or skills : what explains Fed Wachters' forecast accuracy of US monetary policy?
Berger, Helge (contributor); Ehrmann, Michael (contributor);  … - 2008
The paper shows that there is a substantial degree of heterogeneity in the ability of Fed watchers to forecast US monetary policy decisions. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the...
Persistent link: https://www.econbiz.de/10003726321
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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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Central Bank boards around the world : why does membership size differ?
Berger, Helge (contributor); Nitsch, Volker (contributor);  … - 2008
This paper analyzes empirically differences in the size of central bank boards (or monetary policy committees) across countries. We discuss the possible determinants of a board’s size. The empirical relevance of these factors is examined using a new dataset that covers the de jure membership...
Persistent link: https://www.econbiz.de/10003726092
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Too many cooks? : committees in monetary policy
Berger, Helge (contributor); Nitsch, Volker (contributor) - 2008
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …. -- Central bank design ; monetary policy committee ; central bank board ; central bank council ; governance ; inflation. …
Persistent link: https://www.econbiz.de/10003726105
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Too many cooks? : committees in monetary policy
Berger, Helge (contributor); Nitsch, Volker (contributor) - 2008
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …. -- central bank design ; monetary policy committee ; central bank board ; central bank council ; governance ; inflation …
Persistent link: https://www.econbiz.de/10003767748
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Central Bank Boards Around the World : Why Does Membership Size Differ?
Berger, Helge - 2007
This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...
Persistent link: https://www.econbiz.de/10012777953