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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010271489
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-of between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010286421
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …
Persistent link: https://www.econbiz.de/10010274857
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Measuring effective monetary policy conservatism
Berlemann, Michael; Hielscher, Kai - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10010270388
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Does Government Ideology Matter in Monetary Policy? – A Panel Data Analysis for OECD Countries
Belke, Ansgar; Potrafke, Niklas - 2009
This paper examines the effect of government ideology on monetary policy in a quarterly data set of 15 OECD countries in the period 1980.1-2005.4. Our Taylor-rule specification focuses on the interactions of a new time-variant indicator for central bank independence and government ideology. The...
Persistent link: https://www.econbiz.de/10010265771
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States, Banks and the Financing of the Economy: Monetary Policy and Regulatory Perspectives
Balling, Morten; Jackson, Patricia; Gnan, Ernest; … - 2013
On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different...
Persistent link: https://www.econbiz.de/10011689959
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Monetary and fiscal policy in monetary union under the zero lower bound constraint
Flotho, Stefanie - 2012
This paper explicitly models strategic interaction between two independent national fiscal authorities and a single central bank in a simple New Keynesian model of a monetary union. Monetary policy is constrained by the zero lower bound on nominal interest rates. Coordination of fiscal policies...
Persistent link: https://www.econbiz.de/10010325141
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Welfare implications of joining a common currency
Ca' Zorzi, Michele; De Santis, Roberto A.; Zampolli, … - 2005
This paper examines the welfare implications of a country joining a currency union as opposed to operating in a flexible exchange rate regime. At the country level, the suboptimal response to domestic and foreign shocks and the inability of setting inflation at the desired level may be offset by...
Persistent link: https://www.econbiz.de/10011604491
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Is time ripe for a currency union in emerging East Asia? The role of monetary stabilisation
Sánchez, Marcelo - 2005
This paper assesses the prospects for monetary integration between Emerging East Asian (EEA) economies. Our empirical analysis is based on a simple analytical framework for currency unions of small open economies, with a focus on the conduct of monetary policy in the presence of different types...
Persistent link: https://www.econbiz.de/10011604613
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Zeitreihenanalyse zu den Target-Forderungen der Deutschen Bundesbank und mögliche Zusammenhänge mit der expansiven Geldpolitik der EZB
Storp, Nicole; Kordsmeyer, Tobias - In: ifo Schnelldienst 72 (2019) 06, pp. 26-28
Nicole Storp und Tobias Kordsmeyer, Universität Göttingen, beschäftigen sich mit der dynamischen Entwicklung von Target-Salden der Deutschen Bundesbank. Im Zeitraum vom 1. Januar 1999 bis 31. Dezember 2018 stellen die Autoren drei starke Anstiege in den Target-Forderungen der Deutschen...
Persistent link: https://www.econbiz.de/10012018069