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Is monetary policy overburdened?
Orphanides, Athanasios - 2013
Following the experience of the global financial crisis, central banks have been asked to undertake unprecedented responsibilities. Governments and the public appear to have high expectations that monetary policy can provide solutions to problems that do not necessarily fit in the realm of...
Persistent link: https://www.econbiz.de/10010400888
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Does central bank transparency and communication affect financial and macroeconomic forecasts?
Lustenberger, Thomas; Rossi, Enzo - 2018
In a large sample of countries across different geographic regions and over a long period of time, we find limited country- and variable-specific effects of central bank transparency on forecast accuracy and their dispersion among a large set of professional forecasts of financial and...
Persistent link: https://www.econbiz.de/10011790688
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Central Banks and Climate Policy : Unpleasant Trade–Offs? A Principal–Agent Approach
Masciandaro, Donato; Russo, Riccardo - 2022
This paper focuses on the trade–offs that central banks would face if they were to start tackling climate change. Disruptive natural events can hamper growth and capital accumulation, thereby affecting price and financial stability – elements for which central banks are responsible. Yet, the...
Persistent link: https://www.econbiz.de/10013405241
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The macroeconomic effects of different CBDC regimes in an economy with a heterogeneous household sector
Magin, Jana Anjali; Neyer, Ulrike; Stempel, Daniel - 2023
Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...
Persistent link: https://www.econbiz.de/10014229087
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The Macroeconomic Effect of External Pressures on Monetary Policy
Debortoli, Davide - 2008
pressures. The possibility to adopt quot;more liberalquot; objectives in the future increases current inflation through an … accommodation effect. Simultaneously, the central bank tries to anchor inflation by promising to be even quot;more conservativequot …; in the future, which may be the relevant case for countries considering the adoption of inflation targeting …
Persistent link: https://www.econbiz.de/10012722750
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The Macroeconomic Effects of External Pressures on Monetary Policy
Debortoli, Davide - 2008
pressures. The possibility to adopt quot;more liberalquot; objectives in the future increases current inflation through an … accommodation effect. Simultaneously, the central bank tries to anchor inflation by promising to be even quot;more conservativequot …; in the future, which may be the relevant case for countries considering the adoption of inflation targeting …
Persistent link: https://www.econbiz.de/10012723474
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Maintaining Low Inflation : Money, Interest Rates, and Policy Stance
Reynard, Samuel - 2021
qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …
Persistent link: https://www.econbiz.de/10013317093
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Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach
Opatrny, Matej - 2016
appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic … connected to disturbances created by changes in excise taxes. The effect of the commitment on inflation is positive but not …
Persistent link: https://www.econbiz.de/10011515767
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History of Bank of Japan's more than two decades of unconventional monetary easing with special emphasis on the frameworks pursued in the last 10 years
Kowalewski, Pawel; Shirai, Sayuri - 2023
Low inflation hit the Japanese economy shortly after the burst of the bubble in stocks and real estate in 1991 and has … trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural … difficult to judge the effectiveness and efficiency of the BOJ's policy tools, as achievement of inflation beyond the 2% price …
Persistent link: https://www.econbiz.de/10014290883
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Maintaining low inflation: money, interest rates, and policy stance
Reynard, Samuel - 2007
qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …
Persistent link: https://www.econbiz.de/10011604802