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Maintaining price stability under free-floating

Detken, Carsten; Gaspar, Vítor - 2003

The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg. We present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy...

Persistent link: https://www.econbiz.de/10009635960

Growth expectations, capital flows and international risk sharing

Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

Persistent link: https://www.econbiz.de/10009635970

International equity flows and returns

Albuquerque, Rui; Bauer, Gregory H.; Schneider, Martin - 2004

This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...

Persistent link: https://www.econbiz.de/10009636533

Government deficits, wealth effects and the price level in an optimizing model

Annicchiarico, Barbara - 2003

with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data …

Persistent link: https://www.econbiz.de/10009635879

The credibility of the monetary policy "free lunch"

Yetman, James - 2003

Price level targeting has been proposed as an alternative to inﬂation targeting that may confer beneﬁts if a central bank sets policy under discretion, even if societyu0092s loss function is speciﬁed in terms of inﬂation (instead of price level) volatility. This paper demonstrates the...

Persistent link: https://www.econbiz.de/10009635890

Definition of price stability, range and point inflation targets

Castelnuovo, Efrem; Nicoletti-Altimari, Sergio; … - 2003

Announcing a quantitative objective for price developments has become a common practice in modern monetary policy making. While the specific features of such announced objectives vary across countries, a common rationale for this is to help anchoring inflation expectations. We use survey data on...

Persistent link: https://www.econbiz.de/10009635904

Forecasting euro area inflation

Hubrich, Kirstin - 2003

Monitoring and forecasting price developments in the euro area is essential in the light of the second pillar of the … ECBu0092s monetary policy strategy. This study analyses whether the forecasting accuracy of forecasting aggregate euro area …

Persistent link: https://www.econbiz.de/10009635954

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10009635983

Why has broad money demand been more stable in the euro area than in other economies?

Calza, Alessandro; Sousa, João - 2003

more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for … this fact. First, in some countries outside the euro area the sources of instabilities in money demand were country …-specific. Second, financial innovation appears to have had a weaker impact on money demand in the euro area than in other economies. A …

Persistent link: https://www.econbiz.de/10009635916

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while … also monitoring the distribution effects of policy among the countries of the euro area. Our approach requires the … simultaneous use of two inflation indexes over the euro area. …

Persistent link: https://www.econbiz.de/10009635917

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