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The operational target of monetary policy and the rise and fall of reserve position doctrine

Bindseil, Ulrich - 2004

Before 1914, there was little doubt that central bank policy meant first of all control of short term interest rates. This changed dramatically in the early 1920s with the birth of “reserve position doctrine” (RPD) in the US, according to which a central bank should, via open market...

Persistent link: https://www.econbiz.de/10009639426

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

Time variation in U.S. wage dynamics

Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010

This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …

Persistent link: https://www.econbiz.de/10009640310

EMU and the adjustment to asymmetric shocks

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - 2009

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking at a time-varying VAR model of Italy’s relative performance compared with the rest of the euro area, spanning from 1976 to 2009. Our main result is that EMU does not appear...

Persistent link: https://www.econbiz.de/10009640451

Surprising comparative properties of monetary models

Taylor, John B.; Wieland, Volker - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new database of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10009640279

The role of central bank capital revisited

Bindseil, Ulrich; Manzanares, Andrés; Weller, Benedict - 2004

This paper explores the role of central bank capital in ensuring that central banks focus on price stability in monetary policy decisions. The paper goes beyond the existing literature on this topic by developing a simple, but comprehensive, model of the relationship between a central bank's...

Persistent link: https://www.econbiz.de/10009639452

Labour market reform and the sustainability of exchange rate pegs

Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey - 2004

It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...

Persistent link: https://www.econbiz.de/10009639466

Should larger reserve holdings be more diversified?

Beck, Roland; Weber, Sebastian - 2010

The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...

Persistent link: https://www.econbiz.de/10009640347

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

Inflation persistence and robust monetary policy design

Coenen, Günter - 2003

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inﬂation process. The paper focuses on the euro area and utilises two variants of...

Persistent link: https://www.econbiz.de/10009635885

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