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How avoiding overreaction to public information? : some insights on central bank communication practices
Trabelsi, Emna - 2012
It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the … precision of public information or withholding it. The latter seems to be unrealistic. Thus, the issue is not whether central … bank should disclose or not its information, but how the central bank should disclose it. We consider a static coordination …
Persistent link: https://www.econbiz.de/10011526649
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Optimal central bank conservatism and monopoly trade unions
Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001
OPTIMThe 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/10011397779
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Optimal central bank conservatism and monopoly trade unions
Berger, Helge (contributor); Hefeker, Carsten (contributor);  … - 2000 - [Elektronische Ressource]
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/10001598880
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Testing the monetary policy rule in the US : a reconsideration of the Fed's behaviour
Minford, Patrick; Ou, Zhirong - 2009
We calibrate a standard New Keynesian model with three alternative representations of monetary policy- an optimal timeless rule, a Taylor rule and another with interest rate smoothing- with the aim of testing which if any can match the data according to the method of indirect inference. We find...
Persistent link: https://www.econbiz.de/10003882196
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Monetary Policy, Financial Regulation and Financial Stability : A Comparison between the Fed and the ECB
Schnabl, Gunther - 2020
The paper analyses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It compares the financial market stabilization measures of the Federal Reserve System and the European System of Central Banks...
Persistent link: https://www.econbiz.de/10012837553
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Monetary Policy Strategies of the European Central Bank and the Federal Reserve Bank of U.S
Wray, L. Randall - 2005
In the debate on monetary policy strategies on both sides of the Atlantic, it is now almost a commonplace to contrast the Fed and the ECB by pointing out the former's flexibility and capacity to adjust rigidity, and the latter's extreme caution, and obsession with low inflation. In looking at...
Persistent link: https://www.econbiz.de/10012735914
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Non-State Actors and the International Institutional Order : Central Bank Capture and the Globalization of Monetary Amnesia
Canova, Timothy A. - 2008
greater pluralism, public participation and transparency in the formulation of legal norms. Often overlooked are the ways that …
Persistent link: https://www.econbiz.de/10012773528
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Forward Guidance and the Role of Central Bank Credibility under Heterogeneous Beliefs
Goy, Gavin - 2018
This paper studies the macroeconomic effects of central bank forward guidance when central bank credibility is endogenous. In particular, we take a stylized New Keynesian model with an occasionally binding zero lower bound constraint on nominal interest rates and heterogeneous and boundedly...
Persistent link: https://www.econbiz.de/10012907014
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The institutions of the people, by the people and for the people? : addressing central banks' power and social responsibility in a democracy
Rochon, Louis-Philippe; Vallet, Guillaume - In: PSL quarterly review 75 (2022) 301, pp. 83-102
This paper sheds light on an overlooked issue in economics, namely the social responsibility of central banks in a democracy. We consider central banks as institutions of power, and, as such, neither are they nor their policies neutral, in the sense that there are inevitable winners and losers....
Persistent link: https://www.econbiz.de/10013279761
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Central Banking and Sustainable Development
Aghdam, Ali Nassiri - 2020
Can we consider any role for central banks in sustainable development? From mainstream economics perspective, monetary policy should be neutral, and the central banks have no role to play beyond inflation targeting. In contrast, the present study argues that environmental risks and climate...
Persistent link: https://www.econbiz.de/10012829827