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Monetary policy after the crisis : a joint publication with the National Bank of Poland
Gnan, Ernest (ed.); Kokoszcynski, Ryszard (ed.);  … - Conference Monetary Policy after the Crisis <2011, Warschau>; … - 2011
On 4 March 2011, SUERF – The European Money and Finance Forum and the National Bank of Poland jointly organised a conference on the theme of: "Monetary Policy after the Crisis". Following a call for papers with a large number of submissions, the scientific committee selected 9 papers, which...
Persistent link: https://www.econbiz.de/10011710723
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Euro Area Monetary and Fiscal Policy Tracking Design in the Time-Frequency Domain
Crowley, Patrick M. - 2015
​This paper first applies the MODWT (Maximal Overlap Discrete Wavelet Transform) to Euro Area quarterly GDP data from 1995-2014 to obtain the underlying cyclical structure of the GDP components. We then design optimal fiscal and monetary policy within a large state-space LQ-tracking wavelet...
Persistent link: https://www.econbiz.de/10013017295
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Unsynchronised Monetary and Fiscal Policy Interactions
Bai, Yuting - 2015
activism not only results in social welfare gains, but also helps to avoid expectations traps and even non-existence of stable …
Persistent link: https://www.econbiz.de/10013036034
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Macroeconomic Volatility Trade-Off and Monetary Policy Regime in the Euro Area
Aguiar, Álvaro; Martins, Manuel M. F. - 2003
This research uncovers a well-defined monetary policy regime starting in 1986 in the aggregate Euro Area. Both alternative solution-estimation methods employed - optimal control cum GMM, and dynamic programming cum FIML - identify a regime of strict inflation targeting with interest rate...
Persistent link: https://www.econbiz.de/10014101172
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Fiscal Policy and Macroeconomic Stability within a Monetary Union
Kirsanova, Tatiana; Vines, David; Wren-Lewis, Simon - 2005
We analyse the stability of countries within a monetary union in the face of asymmetric shocks, using a simple but widely applicable model. We show that members of the union may be subject to severe cycles following asymmetric shocks if there is a significant backward looking element in...
Persistent link: https://www.econbiz.de/10014064465
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Inflation Persistence, Fiscal Constraints and Non-Cooperative Authorities : The Stabilisation Policy in a Monetary Union
Kirsanova, Tatiana; Satchi, Mathan; Vines, David; … - 2005
This paper investigates the importance of fiscal policy in providing macroeconomic stabilisation in a monetary union. We use a microfounded New Keynesian model of a monetary union which incorporates persistence in inflation, and examine non-cooperative interactions of fiscal and monetary...
Persistent link: https://www.econbiz.de/10014064473
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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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From Inflation Targeting to the Euro-Peg. A Model of Monetary Convergence for Transition Economies
Orlowski, Lucjan T. - 2005
the candidates' monetary authorities reach a certain degree of foundational credibility. The model of monetary convergence …
Persistent link: https://www.econbiz.de/10014066973
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Considerations on the monetary policy framework of the European Central Bank
Tosato, Andrea Giorgio - 2022
dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the …
Persistent link: https://www.econbiz.de/10012802090
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Disinflation and monetary independence in Romania
Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79
In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....
Persistent link: https://www.econbiz.de/10011890553