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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
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Central banks: No reason to ignore money
Scheide, Joachim - 1998
the long run is caused by high money growth; the empirical evidence in favor of the quantity theory of money is … targeting or the main predictions of the quantity theory of money. The instability of money demand has led many central banks to … prevail among central bankers and economists alike. After all, the quantity theory of money holds well enough to stress the …
Persistent link: https://www.econbiz.de/10010295029
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Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - 2002
This paper studies the implication, in terms of welfare and monetary policy, of unequal degrees of competition across members of a currency area. We look at two ways in which the degree of competition in the market for goods can affect welfare in a currency area. One is through different average...
Persistent link: https://www.econbiz.de/10010295738
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The welfare effects of inflation: a cost-benefit perspective
Tödter, Karl-Heinz; Manzke, Bernhard - 2007
This paper reviews theory and evidence of the welfare effects of inflation from a costbenefit perspective. Basic models …
Persistent link: https://www.econbiz.de/10010295870
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Sticky Information vs. Sticky Prices : A Horse Race in a DSGE Framework
Trabandt, Mathias - 2003
Mankiw and Reis (2002) have proposed sticky information as an alternative to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually to a monetary policy shock, ii) announced and credible disinflations are contractionary and iii) inflation...
Persistent link: https://www.econbiz.de/10010296476
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The early years of inflation targeting: Review and outlook
Billmeier, Andreas - 1999
This paper deals with a 'new' type of monetary policy making: Inflation Targeting (IT). It attempts to identify reasons for which countries might be inclined to adopt this framework for monetary policy. By reviewing recent experience of inflation targeting countries, the paper outlines the major...
Persistent link: https://www.econbiz.de/10010301347
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Heterogeneous policy responses and the risk of monetary disintegration in Europe
Cornelius, Peter K.; Trimbur, Thomas - 2000
Leaving EMU would create great legal uncertainty and costly litigation and would hence involve extremely high costs for a country that has fully been euronized. Nevertheless, it is conceivable that these costs are not high enough to eliminate fully the risk of monetary disintegration in Europe....
Persistent link: https://www.econbiz.de/10010301755
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Central banks, trade unions and reputation - is there room for an expansionist manoeuvre in the European Union?
Pusch, Toralf; Heise, Arne - 2008
It is now a few years since the introduction of the common currency, and Europe is still experiencing high unemployment. The conventional logic attributes this problem to strong trade unions and other flaws in the labour market. This article takes a different approach. Using a game theoretic...
Persistent link: https://www.econbiz.de/10010302517
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Monetäre Ursachen der Arbeitslosigkeit in Currency Board-Systemen?
Janssen, Ole; Rohde, Armin - 2002
The rule bounded currency board-system is a contribution to a process of convergence between the price level of the currency board-country and the anchor currency-country. However this strategy includes the risk of an inadequate provision with liquidity in the currency board-country. In the long...
Persistent link: https://www.econbiz.de/10010306025
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The long-run optimal degree of indexation in the new Keynesian model
Ascari, Guido; Branzoli, Nicola - 2006
This note shows that full price indexation is not optimal in the long-run in the New Keynesian model. Moreover, we show that more price stickiness may increase steady state welfare, if price indexation is partial.
Persistent link: https://www.econbiz.de/10010326095