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Measures of excess liquidity
Polleit, Thorsten; Gerdesmeier, Dieter - Frankfurt School of Finance & Management - 2005
pricepressures. In addition, excess liquidity measures consider inflation as a purely monetary phenomenon:neither the “output gap …
Persistent link: https://www.econbiz.de/10005865778
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Money and monetary policy transmissionin the euro area:evidence from FAVAR- and VAR approaches
Blaes, Barno - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009
This paper investigates the transmission of monetary policy in the euro area based onthe factor augmented vector autoregressive approach of Bernanke, Boivin and Eliasz(2005) as well as on a standard VAR model. We focus on the reaction of monetaryaggregates to a one-off monetary policy shock. We...
Persistent link: https://www.econbiz.de/10005866209
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Fiskalpolitischer Aktivismus auf internationaler Ebene - kostspielig und ineffizient
Hirszowicz, Christine - Institut für Schweizerisches Bankwesen <Zürich> - 2001
Die Globalisierung zeigt sowohl positive als auch negative Ausiwirkungen auf die Steuersysteme. Positive Effekte ergeben sich aus dem Wirtschaftswachstum und manifestieren sich in der erweiterten Fiskalbasis...
Persistent link: https://www.econbiz.de/10005857006
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Divorcing Money from Monetary Policy
Keister, Todd; Martin, Antoine; McAndrews, James - London School of Economics and Political Science - 2008
Monetary policy has traditionally been viewed as theprocess by which a central bank uses its influence overthe supply of money to promote its economic objectives. Forexample, Milton Friedman (1959, p. 24) defined the tools ofmonetary policy to be those “powers that enable the [FederalReserve]...
Persistent link: https://www.econbiz.de/10005869403
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Do Asymmetric Central Bank Preferences Help ExplainObserved Inflation Outcomes?
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in … propositionthat the volatility of unemployment helps explain inflation outcomes suffers from a spu-rious regression problem. Once this … problem is controlled for, the evidence suggeststhat the volatility of unemployment does not help explain inflation outcomes …
Persistent link: https://www.econbiz.de/10009360871
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Testing Commitment Models of Monetary Policy:Evidence from OECD Economies
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Inflation rates in a number of OECD follow a common trend over the past four decades: inflation starts out low in the … in the behavior of trend inflation suggests that any explanation of long run inflation trends ought to apply across OECD …-varying NAIRU, can explain long run trends in U.S. inflation. In this paper we show that this result cannot serve as an explanation …
Persistent link: https://www.econbiz.de/10009360915
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Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism
Cecchetti, Stephen G. - Federal Reserve Bank <New York, NY> - 1999
[...]The task facing the Eurosystem is even morecomplex than that facing countries with stable monetaryregimes, where the measurement of the national andregional impact of policy has already proved to be extremelydifficult. The creation of the Eurosystem constitutes aregime shift in virtually...
Persistent link: https://www.econbiz.de/10005870058
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Is There an Inflation Puzzle?
Lown, Cara S.; Rich, Robert W. - Federal Reserve Bank <New York, NY>; London School of … - 1997
[...]This article explores the inflation puzzle andinvestigates whether compensation has acted as either atemporary … restraint on inflation or as the underlying sourceof a new inflation regime.2 After reviewing the recent behavior of inflation …, we specify and estimate a traditionalprice-inflation Phillips curve model over the 1965-96period. Our results show that …
Persistent link: https://www.econbiz.de/10005870223
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A Framework for the Pursuit of Price Stability
McDonough, William J. - Federal Reserve Bank <New York, NY> - 1997
impact on inflation and the economy. Thisimmediate horizon is on the order of two to three years.This orientation properly … price stabilityarticulated by Chairman Greenspan: that price stabilityexists when inflation is not a consideration in …
Persistent link: https://www.econbiz.de/10005870224
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The Rationale for Inflation Targeting
Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997
[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...
Persistent link: https://www.econbiz.de/10005870226