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Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence
Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016
We implement a repeated version of the Barro-Gordon monetary policy game in the laboratory and ask whether reputation serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the inefficient, time-inconsistent one-shot Nash...
Persistent link: https://www.econbiz.de/10011572114
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - 2012
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …
Persistent link: https://www.econbiz.de/10010309122
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New instruments for banking regulation and monetary policy after the crisis
Detzer, Daniel - Fachbereich Wirtschaftswissenschaften, Hochschule für … - 2012
reduce excessive asset price inflation by reducing the amount of credit money and investment flowing from financial …
Persistent link: https://www.econbiz.de/10011104981
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On the differential impact of monetary policy across states/territories and its determinants in Australia: Evidence and new methodology from a small open economy
Vespignani, Joaquin L. - Volkswirtschaftliche Fakultät, … - 2011
Monetary shocks largely affect economic activity in Western Australia. In smaller proportion, those shocks generate contractions in New South Wales, Victoria and South Australia, while economic activity in Queensland is significantly less affected. Finally, we develop a new approach to uncover...
Persistent link: https://www.econbiz.de/10011109149
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The Conduct of Monetary Policy in Turkey in the Pre- and Post-crisis Period of 2001 in Comparative Perspective: a Case for Central Bank Independence
Alper, Emre; Hatipoglu, Ozan - Volkswirtschaftliche Fakultät, … - 2009
We document the role of independence for Central Bank of Republic of Turkey (CBRT) as it matters to successful implementation of monetary policy. We compare the implementation of monetary policy pre- and post-crisis periods within an empirical framework which allows us to measure the role of...
Persistent link: https://www.econbiz.de/10008559080
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Monetary Policy in a Channel System
Berentsen, Aleksander; Monet, Cyril - Institut für Volkswirtschaftslehre, … - 2006
equilibrium model. Agents are subject to liquidity shocks which can be partially insured in a secured money market, or at a … and that a shift of the corridor affects the money market rate one for one. Moreover, the central bank can tighten its …
Persistent link: https://www.econbiz.de/10005040818
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Equilibrium Price Dispersion and Rigidity: A New Monetarist Approach
Head, Allen; Liu, Lucy Qian; Menzio, Guido; Wright, Randall - Department of Economics, University of Pennsylvania - 2010
models, prices are sticky by assumption. Here it is a result. We use search theory, with two consequences: prices are set in … dollars since money is the medium of exchange; and equilibrium implies a nondegenerate price distribution. When money … model is consistent with the micro data. But, in contrast with other sticky-price models, money is neutral. …
Persistent link: https://www.econbiz.de/10008672485
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Monetary policy, indeterminacy and learning
Evans, George W.; McGough, Bruce - 2003
The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some specifications of the interest rate rule, raising the possibility of...
Persistent link: https://www.econbiz.de/10010298274
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Exchange rate dynamics, expectations, and monetary policy
Chen, Qianying - 2011
This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...
Persistent link: https://www.econbiz.de/10010305998
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Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations
Anufriev, Mikhail; Assenza, Tiziana; Hommes, Cars; … - 2009
The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a stylized macro model of Howitt (1992) to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous...
Persistent link: https://www.econbiz.de/10010325843