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The European Monetary Union as a Commitment Device for New EU Member States
Ravenna, Federico - 2021
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European … credibility a pegged exchange rate regime yields a lower loss compared to an inflation targeting policy, even if this policy … ranking would be reversed in a full-credibility environment. There exists an initial stock of credibility that must be …
Persistent link: https://www.econbiz.de/10013318342
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Monetary Policy Rules and Inflation Process in Open Emerging Economies : Evidence for 12 New EU Members
Vasicek, Borek - 2009
This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we...
Persistent link: https://www.econbiz.de/10014202611
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The ECB Governing Council in an Enlarged Euro Area
Bénassy-Quéré, Agnès; Turkisch, Edouard - 2008
We study the impact of rotating votes in the ECB Governing Council after EMU enlargement, based on national and euro-wide Taylor rules and on a convergence assumption. We find that the rotation system yields monetary policy decisions that are close both to full centralization and to a voting...
Persistent link: https://www.econbiz.de/10014212201
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Restructuring the ECB
Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003
Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
Persistent link: https://www.econbiz.de/10011511101
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Restructuring the ECB
Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003
Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
Persistent link: https://www.econbiz.de/10001913438
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Measuring nominal and real convergence of selected CEE countries by the Taylor rule
Böing, Tobias; Stadtmann, Georg; Sydykova, Meerim - In: International journal of management and economics 52 (2016) 1, pp. 9-22
We propose using a simple Taylor rule to evaluate business cycle convergence of the Czech Republic, Hungary, and Poland with the Eurozone. Our findings indicate an ongoing convergence of those CEE countries to the Eurozone, but with instabilities and heterogeneity between the countries....
Persistent link: https://www.econbiz.de/10012026337
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Is Monetary Policy in New Members States Asymmetric?
Vasicek, Borek - 2010
Estimated Taylor rules became popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rule nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union (EU)...
Persistent link: https://www.econbiz.de/10013135011
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Inflation Targeting in Romania in the Perspective of Joining the Exchange Rate Mechanism II
Apostoaie, Marius Constantin - 2010
Since the early 1990, when the Reserve Bank of New Zeeland instituted for the first time inflation targeting (IT) as its monetary policy framework, IT gained reputation, becoming the monetary regime of choice of many central banks around the world. Among them, the National Bank or Romania...
Persistent link: https://www.econbiz.de/10013137619
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Wandel in der Geldpolitik und Ausweitung der Europäiscjen Schuldekrise (Change in Monetary Policy and Enlarging Effects on the European Debt Crisis)
Rohde, Armin - 2012
In the present paper fundamental changes in monetary policy strategy, especially in leading industrialized countries, from concentrating on development of the quantity of money to focusing strictly on developments of interest rates and interest rate levels is analysed in the case of the European...
Persistent link: https://www.econbiz.de/10013096026
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Is Monetary Policy in the New EU Member States Asymmetric?
Vašíček, Bořek - 2012
Estimated Taylor rules have become popular as a description of monetary policy conduct. There are numerous reasons why real monetary policy can be asymmetric and estimated Taylor rules nonlinear. This paper tests whether monetary policy can be described as asymmetric in three new European Union...
Persistent link: https://www.econbiz.de/10013104168