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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-off between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010271489
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2010
This paper revisits the trade-of between central bank independence and conservatism using a New Keynesian model with … holds. In this case, the optimal combination between independence and conservatism is characterised by complementarity. …
Persistent link: https://www.econbiz.de/10010286421
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Central bank independence and conservatism under uncertainty: Substitutes or complements?
Hefeker, Carsten; Zimmer, Blandine - 2011
The paper examines the optimal combination of central bank independence and conservatism in the presence of uncertain … bank's degree of inde-pendence and conservatism so as to minimise society's loss function. We find that the optimal … combination between independence and conservatism is not necessarily characterised by substitutability. When uncertainty about the …
Persistent link: https://www.econbiz.de/10010274857
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What bird is that? : central banking and monetary policy in the last forty years
Masciandaro, Donato - 2020
The aim of this paper is to review the historical development of monetary policy theory since the 1980s using as focal point the nexus among central bank governance, central banker preferences and monetary policy effectiveness. Assuming a positive perspective the review highlights three...
Persistent link: https://www.econbiz.de/10012210748
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Measuring effective monetary policy conservatism
Berlemann, Michael; Hielscher, Kai - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10010270388
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Federal monetary policy
Hefeker, Carsten - 2001
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10011398004
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Is monetary policy overburdened?
Orphanides, Athanasios - 2013
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/10010400888
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Is monetary financing inflationary? : a case study of the Canadian economy, 1935 - 75
Ryan-Collins, Josh - 2015
Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...
Persistent link: https://www.econbiz.de/10011389179
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Ideology and monetary policy : the role of political parties' stances in the ECB's parliamentary hearings
Fraccaroli, Nicolò; Giovannini, Alessandro; Jamet, … - 2022
We investigate whether ideology drives the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the quarterly hearings of the ECB President before the European Parliament from 1999 to 2019. We apply sentiment analysis...
Persistent link: https://www.econbiz.de/10012939688
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The boundaries of central bank independence : lessons from unconventional times
Orphanides, Athanasios - 2018
What institutional arrangements for an independent central bank with a price stability mandate promote good policy outcomes when unconventional policies become necessary? Unconventional monetary policy poses challenges. The large scale asset purchases needed to counteract the zero lower bound on...
Persistent link: https://www.econbiz.de/10011901698