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Optimal central bank conservatism and monopoly trade unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2000

The conservative central banker has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union has an...

Persistent link: https://www.econbiz.de/10010291983

Money and growth in a production economy with multiple assets

Kaas, Leo; Weinrich, Gerd - 2000

We consider a Diamond-type model of endogenous growth in which there are three assets: outside money, government bonds, and equity. Due to productivity shocks, the equity return is uncertain, and risk averse investors require a positive equity premium. Typically, there exist two steady states,...

Persistent link: https://www.econbiz.de/10010292751

An inventory of simple monetary policy rules in a new Keynesian macroeconomic model

Lubik, Thomas A.; Marzo, Massimiliano - 2003

We derive necessary and suffcient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The...

Persistent link: https://www.econbiz.de/10010293494

The yield curve slope and monetary policy innovations

Gamber, Edward N.; Joutz, Frederick L. - 2005

We separate changes of the federal funds rate into two components; one reflects the Fed's superior forecasts about the state of the economy and the other component reflects the Fed's reaction to the public's forecast about the state of the economy. Romer and Romer (2000) found that the Fed...

Persistent link: https://www.econbiz.de/10010293721

Endogenous Indexing and Monetary Policy Models

Mash, Richard - 2007

Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...

Persistent link: https://www.econbiz.de/10010295244

On the relevance of monetary aggregates in monetary policy models

Feldkord, Eva-Ulrike - 2005

This paper develops a business cycle model with a financial intermediation sector. Financial wealth is defined as a predetermined state variable. Both, the additional sector of financial intermediaries and predetermination of financial wealth, affect the demand for real financial wealth. If real...

Persistent link: https://www.econbiz.de/10010295450

Policy instrument choice and non-coordinated monetary in interdependent economies

Lombardo, Giovanni; Sutherland, Alan - 2004

Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal...

Persistent link: https://www.econbiz.de/10010295630

Real-time Data for Norway: Challenges for Monetary Policy

Bernhardsen, Tom; Eitrheim, Øyvind; Jore, Anne Sofie; … - 2004

National accounts data are always revised. Not only recent data, but also figures dating many years back can be revised substantially. This means that there is a danger that an important part of the central bank's information set is flawed for a long period of time. In this paper we present a...

Persistent link: https://www.econbiz.de/10010295653

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht … Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10010295694

Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert …. In diesem Fall kann Transparenz negative Folgen haben. Sie kann sich sogar als eine die Geldpolitik verzerrende …

Persistent link: https://www.econbiz.de/10010295702

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