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Optimal Conservatism and Collective Monetary Policymaking Under Uncertainty
Hefeker, Carsten - 2014
We study how the optimal degree of conservatism relates to decision-making procedures in a Monetary Policy Committee … (MPC). In our framework, central bank conservatism is required to attenuate the volatility of monetary decisions generated … by the presence of uncertainty about the committee members' output objective. We show how this need for conservatism …
Persistent link: https://www.econbiz.de/10013047346
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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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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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Monetary-Labor Interactions, International Monetary Regimes, and Central Bank Conservatism
Cuciniello, Vincenzo - 2011
central bank conservatism and centralized wage bargaining …
Persistent link: https://www.econbiz.de/10013134305
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Independence of the Central Bank, Growth and Coalitions in a Monetary Union
Hellier, Joël - 2012
Within a Monetary Union, we assume that the policy of a hard-nosed central bank results in a real appreciation of the Union currency, which is in contradiction with the growth targets of several countries. These countries may join together to question the policy of the bank. As a consequence,...
Persistent link: https://www.econbiz.de/10013101879
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Federal Monetary Policy
Hefeker, Carsten - 2021
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/10013321048
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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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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