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Systemstabilität für die Finanzmärkte
Donges, Juergen B.; Feld, Lars P.; Möschel, Wernhard; … - 2011
Die globale Finanzmarktkrise 2007-2009 hat gezeigt, wie stark ganze Volkswirtschaften von der Stabilität eines reibungslos funktionierenden Finanzsystems abhängen. Problematisch ist beispielsweise die Systemrelevanz einzelner Akteure, da diese im Notfall mit öffentlichen Mitteln gerettet...
Persistent link: https://www.econbiz.de/10010382318
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Europäische Bankenunion : vom Prinzip Hoffnung zum Prinzip Haftung
Feld, Lars P.; Fuest, Clemens; Haucap, Justus; … - 2014
Die globale Finanz- und Schuldenkrise hat zu hohen fiskalischen Kosten und erheblichen volkswirtschaftlichen Verwerfungen in Europa geführt. Zu instabil und komplex ist das international verwobene Finanzsystem, zu stark der finanzielle Nexus zwischen Staaten und Banken. Vor diesem Hintergrund...
Persistent link: https://www.econbiz.de/10010442650
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Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many … deviations of long-run money growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross …
Persistent link: https://www.econbiz.de/10010295857
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Insurance policies for monetary policy in the Euro area
Küster, Keith; Wieland, Volker - 2005
In this paper, we examine the cost of insurance against model uncertainty for the Euro area considering four alternative reference models, all of which are used for policy-analysis at the ECB.We find that maximal insurance across this model range in terms of aMinimax policy comes at moderate...
Persistent link: https://www.econbiz.de/10010298303
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Stochastic optimization and worst-case analysis in monetary policy design
Rustem, Berc; Wieland, Volker; Zakovic, Stan - 2005
In this paper we compare expected loss minimization to worst-case or minimax analysis in the design of simple Taylor-style rules for monetary policy using a small model estimated for the euro area by Orphanides and Wieland (2000). We find that rules optimized under a minimax objective in the...
Persistent link: https://www.econbiz.de/10010298304
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A quantitative exploration of the opportunistic approach to disinflation
Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - 2005
Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between … central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output …
Persistent link: https://www.econbiz.de/10010298307
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Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2006
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … bank's interest rate rule is based on a standard model of the monetary transmission process that underlies many … deviations of long-run money growth helps the central bank to overcome this bias. Our argument in favor of ECB-style cross …
Persistent link: https://www.econbiz.de/10010298366
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Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2006
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard …
Persistent link: https://www.econbiz.de/10010298367
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Economic projections and rules-of-thumb for monetary policy
Orphanides, Athanasios; Wieland, Volker - 2008
Monetary policy analysts often rely on rules-of-thumb, such as the Taylor rule, to describe historical monetary policy decisions and to compare current policy to historical norms. Analysis along these lines also permits evaluation of episodes where policy may have deviated from a simple rule and...
Persistent link: https://www.econbiz.de/10010298399
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - 2008
bank acts to bring inflation under control, price-setting firms revise their estimates of the degree of persistence. Such … is found to influence the likelihood that firms switch from backward-looking indexation to the central bank's targets. As …
Persistent link: https://www.econbiz.de/10010298400