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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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Measuring Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 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/10005091365
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Bringing the Central Bank into the Study of Currency Internationalization : Monetary Policy, Independence, and Internationalization
Chey, Hyoung-kyu - 2016
Despite the central bank's crucial position in the economy, as the issuer of the currency and the body responsible for monetary policy, its preferences regarding currency internationalization and its roles in that process have rarely been analyzed in the literature. This study attempts to fill...
Persistent link: https://www.econbiz.de/10012998303
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The Currency Denomination of Public Debt and the Choice of the Monetary Regime
Falcetti, Elisabetta; Missale, Alessandro - 1999
This paper examines the interactions between monetary regimes and public debt management. The analysis shows that delegation of monetary policy to an independent central bank is more effective in containing inflationary expectations than the use of foreign currency or price-indexed debt. If...
Persistent link: https://www.econbiz.de/10014190379
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Beyond Bipolar : A Three-Dimensional Assessment of Monetary Frameworks
Posen, Adam S.; Kuttner, Kenneth N. - 2002
Recently, great attention has been focused on the impact of exchange rate regimes, just as previous empirical research examined central bank autonomy and announced targets for domestic monetary policy. To date, however, these three elements of monetary frameworks have been assessed in isolation...
Persistent link: https://www.econbiz.de/10014127477
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Inflation in developing countries : does central bank independence matter?
Sturm, Jan-Egbert; Haan, Jakob de - 2001
We analyse whether central bank independence (CBI) affects inflation in developing countries. For this purpose we have constructed a new data set for the turnover rate (TOR) of central bank governors for a very large sample of countries, which also covers the 1990s. We find that once various...
Persistent link: https://www.econbiz.de/10011399279
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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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Does low inflation pose a risk to economic growth and central banks reputation?
Dąbrowski, Marek - 2020
Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not...
Persistent link: https://www.econbiz.de/10012230450
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To what extent does central bank independence alleviate poverty in developing countries?
Rabhi, Ayoub - In: Journal of central banking theory and practice 13 (2024) 3, pp. 167-189
This paper investigates the nexus between poverty and central bank independence in developing countries. The study examines data from up to 35 developing countries from 2000 to 2018. Using the GMM dynamic panel data method, the study finds that de jure central bank independence is more robust...
Persistent link: https://www.econbiz.de/10015076448
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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/10011545308