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Monetary policy predictability in the euro area: an international comparison

Wilhelmsen, Bjørn-Roger; Zaghini, Andrea - 2005

The paper evaluates the ability of market participants to anticipate monetary policy decisions in the euro area and in 13 other countries. First, by looking at the magnitude and the volatility of the changes in the money market rates we show that the days of policy meetings are special days for...

Persistent link: https://www.econbiz.de/10011604550

Policy rate decisions and unbiased parameter estimation in typical monetary policy rules

Podpiera, Jirí - 2007

Policymakers do not always follow a simple rule for setting policy rates for various reasons and thus their choices are co-driven by a decision to follow a rule or not. Consequently, some observations are censored and cause bias in conventional estimators of typical Taylor rules. To account for...

Persistent link: https://www.econbiz.de/10011604817

Optimal monetary policy in an estimated DSGE for the euro area

Adjemian, Stéphane; Darracq Pariès, Matthieu; Moyen, … - 2007

The objective of this paper is to examine the main features of optimal monetary policy within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a medium scale closed economy DSGE for the euro area. Then, we study the properties of the Ramsey allocation...

Persistent link: https://www.econbiz.de/10011604849

Monetary policy and potential output uncertainty: a quantitative assessment

Delle Chiaie, Simona - 2009

I estimate a dynamic stochastic general equilibrium model where the policymaker and the private sector have imperfect knowledge about potential output. The estimation of the structural parameters and of the monetary authorities’objectives is key to assess the quantitative relevance of the...

Persistent link: https://www.econbiz.de/10011605176

An estimated dynamic stochastic general equilibrium model of the euro area

Smets, Frank; Wouters, Raf - 2002

This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...

Persistent link: https://www.econbiz.de/10011506557

Forecasting with a Bayesian DSGE Model: an application to the euro area

Smets, Frank; Wouters, Raf - 2004

In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...

Persistent link: https://www.econbiz.de/10011506582

Seigniorage

Buiter, Willem H. - In: Economics: The Open-Access, Open-Assessment E-Journal 1 (2007) 2007-10, pp. 1-49

Governments through the ages have appropriated real resources through the monopoly of the "coinage". In modern fiat money economies, the monopoly of the issue of legal tender is generally assigned to an agency of the state, the Central Bank, which may have varying degrees of operational and...

Persistent link: https://www.econbiz.de/10010295293

Evaluating the effect of the Bank of Canada's conditional commitment policy

He, Zhongfang - 2010

The author evaluates the effect of the Bank of Canada's conditional commitment regarding the target overnight rate on longer-term market interest rates by taking into account the relationship between interest rates, inflation, and unemployment rates. By using vector autoregressive models of...

Persistent link: https://www.econbiz.de/10010289681

Inflation targeting rules and welfare in an asymmetric currency area

Lombardo, Giovanni - 2004

This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....

Persistent link: https://www.econbiz.de/10010295631

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2002

intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …

Persistent link: https://www.econbiz.de/10010295738

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