Narrow search
Showing 1 - 10 of 2,693
Cover Image
Does central bank communication really lead to better forecasts of policy decisions? : new evidence based on a Taylor rule model for the ECB
Sturm, Jan-Egbert; Haan, Jakob de - 2009
Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...
Persistent link: https://www.econbiz.de/10003919419
Cover Image
Does central bank communication really lead to better forecasts of policy decisions? New evidence based on a Taylor rule model for the ECB
Sturm, Jan-Egbert; Haan, Jakob de - 2009
Nowadays, it is widely believed that greater disclosure and clarity over policy may lead to greater predictability of central bank actions. We examine whether communication by the European Central Bank (ECB) adds information compared to the information provided by a Taylor rule model in which...
Persistent link: https://www.econbiz.de/10010285832
Cover Image
Trend Inflation, Wage Indexation, and Determinacy in the U.S.
Ascari, Guido; Branzoli, Nicola; Castelnuovo, Efrem - 2011
We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a medium scale New Keynesian framework calibrated on the U.S. economy. We find the impact of variations in trend inflation on the likelihood of equilibrium determinacy to be both...
Persistent link: https://www.econbiz.de/10010343856
Cover Image
Assessing the Welfare Cost of a Fixed Exchange-Rate Policy
Dam, Niels Arne; Gregers Linaa, Jesper - 2005
This paper performs a welfare analysis based on the hypothetical scenario that Denmark gave up its peg and started conducting monetary policy according to a Taylor rule. For this we rely on a dynamic stochastic general equilibrium model for a small open economy that was estimated on Danish data...
Persistent link: https://www.econbiz.de/10010320884
Cover Image
Imperfect competition, monetary policy and welfare in a currency area
Lombardo, Giovanni - 2002
intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …
Persistent link: https://www.econbiz.de/10011431763
Cover Image
Activist stabilization policy and inflation : the Taylor rule in the 1970s
Orphanides, Athanasios - 2002
A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The foremost example of such a strategy is the policy rule...
Persistent link: https://www.econbiz.de/10009767123
Cover Image
Monetary Policy, Trend Inflation, and the Great Moderation : An Alternative Interpretation
Gorodnichenko, Yuriy; Coibion, Olivier - 2009
With positive trend inflation, the Taylor principle is not enough to guarantee a determinate equilibrium. We provide new theoretical results on restoring determinacy in New Keynesian models with positive trend inflation and combine these with new empirical findings on the Federal Reserve’s...
Persistent link: https://www.econbiz.de/10014201193
Cover Image
Monetary Policy Reaction Function in China : Evolution Through Economic and Institutional Changes
Macaire, Camille - 2018
This paper investigates the reaction function of the Chinese central bank, focusing on the variation in money supply as the main instrument for monetary policy. Monthly series are used for the 01/2000-12/2016 timeframe. Results show that the Chinese monetary policy displayed countercyclical...
Persistent link: https://www.econbiz.de/10012927579
Cover Image
Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - 2016
Persistent link: https://www.econbiz.de/10012991267
Cover Image
Is the Taylor Rule Really Different from the Mccallum Rule?
Razzak, Weshah A. - 2002
When base velocity is a stable function of the Federal funds rate (FFR), the money base-nominal GDP targeting rule (McCallum rule) can be re-parameterised and presented in terms of FFR as the policy instrument. Comparison of this McCallum modified policy rule with the popular Taylor rule...
Persistent link: https://www.econbiz.de/10014113057