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Opting out of the great inflation:German monetary policy afterthe breakdown of Bretton Woods
Beyer, Andreas; Gaspar, Vitor; Gerberding, Christina; … - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009
and foremost, as a commitment device. In our setting, a monetarytarget helps anchoring inflation and inflation … as a strong response to deviations of inflation from target and to theactivity growth gap. In contrast, the response to …
Persistent link: https://www.econbiz.de/10005866225
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Monetary policy implementation: Misconceptions and their consequences
Disyatat, Piti - Bank für Internationalen Zahlungsausgleich <Basel> - 2008
Despite constituting the very heart of the monetary transmission mechanism, widespreadmisconceptions still exist regarding how monetary policy is implemented. This paperhighlights the key misconceptions in this regard and shows how they have compromised theunderstanding of important aspects of...
Persistent link: https://www.econbiz.de/10009248817
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The Barnett Critique After Three Decades:A New Keynesian Analysis
Belongia, Michael T.; Ireland, Peter N. - Boston College / Department of Economics - 2010
This paper extends a New Keynesian model to include roles for currency and depositsas competing sources of liquidity services demanded by households. It showsthat, both qualitatively and quantitatively, the Barnett critique applies: While a Divisiaaggregate of monetary services tracks the true...
Persistent link: https://www.econbiz.de/10009302532
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Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models
Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2007
inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should …
Persistent link: https://www.econbiz.de/10005857755
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Real Balance Effects, Timing and Equilibrium Determination
Stoltenberg, Christian - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006
This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested byPatinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique price...
Persistent link: https://www.econbiz.de/10005861263
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Money Demand and Macroeconomic Stability Revisited
Schabert, Andreas; Stoltenberg, Christian - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005
This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent...
Persistent link: https://www.econbiz.de/10005862008
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Markets Do Not Select for a Liquidity Preference as Behavior Towards Risk
Hens, Thorsten; Schenk-Hoppe, Klaus Reiner - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash...
Persistent link: https://www.econbiz.de/10005859324
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Wie viele ausländische Euro-Münzenfließen nach Deutschland?
Seitz, Franz; Stoyan, Dietrich - Hochschule für Angewandte Wissenschaften <Amberg - 2008
Das vorliegende Papier beschäftigt sich mit der Frage, wie viele ausländische Euro-Münzenpro Tag in ein Euro-Land einströmen. Dafür formulieren wir ein kleines formalmathematischesModell, das wir für den Fall Deutschlands und 1-Euro-Münzen kalibrieren.Die Einführung der Euro-Münzen 2002...
Persistent link: https://www.econbiz.de/10005866103
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Expected Money Growth, Markov Trends and theInstability of Money Demand in the Euro Area
Kaufmann, Sylvia; Kugler, Peter - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007
This paper analyzes the recently documented instability of money demand in theeuro area in the framework of a Markov switching trend model. First, we consider astandard flexible price model with stable money demand, rational expectations, andan exogenous income-money ratio which follows a Markov...
Persistent link: https://www.econbiz.de/10005867935
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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