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Central bank independence: the key to price stability?

Carlstrom, Charles T.; Fuerst, Timothy S. - In: Economic Commentary (2006) Sep

Low inflation over long periods is the sign of an effective central bank. The authors suggest that a large fraction of … central banks. …

Persistent link: https://www.econbiz.de/10005512825

Does it matter (for equilibrium determinacy) what price index the central bank targets?

Carlstrom, Charles T.; Fuerst, Timothy S.; Ghironi, Fabio - Federal Reserve Bank of Cleveland - 2002

What inflation rate should the central bank target? The authors address determinacy issues related to this question in … principle holds in this environment. If the central bank elects to target sector A and responds to price movements in this …

Persistent link: https://www.econbiz.de/10005428237

Central bank independence and inflation: a note

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2006

We document increased central bank independence within the set of industrialized nations. This increased independence …

Persistent link: https://www.econbiz.de/10005428347

Monetary policy rules and stability: inflation targeting versus price-level targeting

Carlstrom, Charles T.; Fuerst, Timothy S. - In: Economic Commentary (2002) Feb

Monetary policy rules help central banks exercise the discipline necessary to achieve their long-term goals. The type …

Persistent link: https://www.econbiz.de/10005390458

Learning and the central bank

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2001

It is well known that sunspot equilibria may arise under an interest-rate operating procedure in which the central bank …

Persistent link: https://www.econbiz.de/10005526594

Investment and interest rate policy: a discrete time analysis

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2003

This paper analyzes the restrictions necessary to ensure that the interest rate policy rule used by the central bank …

Persistent link: https://www.econbiz.de/10005428330

Asset prices, nominal rigidities, and monetary policy

Carlstrom, Charles T.; Fuerst, Timothy S. - Federal Reserve Bank of Cleveland - 2004

Should monetary policy respond to asset prices? This paper analyzes this question from the vantage point of equilibrium determinacy.

Persistent link: https://www.econbiz.de/10005729091

The fiscal theory of the price level

Carlstrom, Charles T.; Fuerst, Timothy S. - In: Economic Review (2000) Q I, pp. 22-32

A traditional function of the central bank is to control the price level. The fiscal theory of the price level …

Persistent link: https://www.econbiz.de/10005360714

Explaining apparent changes in the Phillips curve: the Great Moderation and monetary policy

Carlstrom, Charles T.; Fuerst, Timothy S. - In: Economic Commentary (2008) Feb

Observations that the Phillips curve may be deviating from historical norms are important to policymakers because deviations would imply that more or less output has to be sacrificed to achieve a permanent reduction in long-term inflation. But we argue that recent economic shocks and a shift in...

Persistent link: https://www.econbiz.de/10005512900

Money growth and inflation: does fiscal policy matter?

Carlstrom, Charles T.; Fuerst, Timothy S. - In: Economic Commentary (1999) Apr

, arguing that inflation is controlled not only by the central bank but also by the fiscal authority. This Commentary authors …

Persistent link: https://www.econbiz.de/10005512942