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The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank … of Japan (BoJ) seit den späten 1990er Jahren und zeigt auf, worauf bei der Formulierung geachtet werden sollte. …

Persistent link: https://www.econbiz.de/10011901698

The boundaries of central bank independence: lessons from unconventional times

Orphanides, Athanasios - 2018

Persistent link: https://www.econbiz.de/10013447827

The decline of activist stabilization policy

Orphanides, Athanasios; Williams, John C. - 2004

We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s...

Persistent link: https://www.econbiz.de/10009639391

Monetary Policy Rules and the Great Inflation

Orphanides, Athanasios - 2002

The nature of monetary policy during the 1970s is evaluated through the lens of a forward-looking Taylor rule based on perceptions regarding the outlook for inflation and unemployment at the time policy decisions were made. The evidence suggests that policy during the 1970s was essentially...

Persistent link: https://www.econbiz.de/10014120487

Are Rules and Boundaries Sufficient to Limit Harmful Central Bank Discretion? Lessons from Europe

Orphanides, Athanasios - 2014

Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for...

Persistent link: https://www.econbiz.de/10013048467