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This paper proposes a simple ordered probit model to analyse the monetary policy reaction function of the Colombian Central Bank. There is evidence that the reaction function is asymmetric, in the sense that the Bank increases the Bank rate when the gap between observed inflation and the...
Persistent link: https://www.econbiz.de/10008464403
Colombia undertook reform of its central bank in 1991, pushing it in the direction of greater independence. We find … reveals that, in accordance with the Friedman-Ball hypothesis, higher inflation raises uncertainty in Colombia, but that …
Persistent link: https://www.econbiz.de/10004967054
This paper proposes a simple Ordered Probit model to analyse the monetary policy reactionfunction of the Colombian Central Bank. There is evidence that the reaction function isasymmetric, in the sense that the Bank increases the Bank rate when the gap between observedinflation and the inflation...
Persistent link: https://www.econbiz.de/10005466567
Persistent link: https://www.econbiz.de/10011019243
Die Politik billigen Geldes in den USA hat - verbunden mit anderen Versäumnissen, insbesondere im Bereich der Bankenregulierung, sowie einer daraus resultierenden Intransparenz auf den internationalen Finanzmärkten - zur aktuellen Finanz- und Wirtschaftskrise geführt. Dem FED ist daher der...
Persistent link: https://www.econbiz.de/10009646469
When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of...
Persistent link: https://www.econbiz.de/10010988327
The paper studies the relationship between two institutional innovations in monetary policy of the past few decades: central bank independence (CBI) and explicit inflation targeting (EIT). The aim is to make inferences about the optimal institutional design of monetary policy, and the right...
Persistent link: https://www.econbiz.de/10010988806
This paper focuses on the empirical link between monetary policy transparency and output volatility. Key questions addressed are: (i) Does transparency about policy processes stabilize output? (ii) Whether different aspects of transparency differ qualitatively or quantitatively in terms of their...
Persistent link: https://www.econbiz.de/10010991443
Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...
Persistent link: https://www.econbiz.de/10010849791
This paper reviews arguments for central bank independence and presents new evidence on the impact of central bank (in)dependence on the level and variability of inflation, money growth, the level and financing of government budget deficits and economic growth, using three different measures of...
Persistent link: https://www.econbiz.de/10010854355