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Does social trust speed up reforms? : the case of central-bank independence
Berggren, Niclas; Daunfeldt, Sven-Olov; Hellström, Jörgen - 2015
Many countries have undertaken central-bank independence reforms, but the years of implementation differ. What explains such differences in timing? This is of interest more broadly, as it sheds light on factors that matter for the speed at which economic reforms come about. We study a rich set...
Persistent link: https://www.econbiz.de/10010459611
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Central banks and inflation : where do we stand and how did we get here?
Whelan, Karl - 2021
The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …
Persistent link: https://www.econbiz.de/10012615951
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Anticipation of central banks' adoption of inflation targeting and its effect on inflation
Dubey, Amlendu Kumar; Mishra, Akanksha - In: Central Bank review / Central Bank of the Republic of Turkey 23 (2023) 2, pp. 1-13
We construct an empirical test of whether the anticipation of adoption of inflation targeting affects the inflation … rate. We observe that most of the central banks adopt the regime after first achieving significant disinflation. With pre-inflation …-in-difference framework. We find that inflation targeting is successful in locking-in already low inflation rather than reducing high …
Persistent link: https://www.econbiz.de/10014364299
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The quality of eligible collateral and monetary stability : an empirical analysis
Lehmbecker, Philipp - 2008
investigates to what extent the quality of eligible collateral is able to explain inflation employing the first comprehensive … statistically significant correlation between QEC and average inflation is found. This result is robust to the use of control …
Persistent link: https://www.econbiz.de/10010206377
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Can unconventional monetary policy contribute to climate action?
Eliet-Doillet, Alice; Maino, Andrea - 2022
This paper investigates the impact of central banks when supporting policies aiming at greening the financial system. The July 2021 Monetary Policy Strategy Review of the European Central Bank unexpectedly dedicated a whole workstream to climate change. The announcement had a significant effect...
Persistent link: https://www.econbiz.de/10013192095
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Inflation targeting as a shock absorber
Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of … natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It … lowers inflation, raises output growth, and reduces inflation and growth variability compared to alternative monetary regimes …
Persistent link: https://www.econbiz.de/10011790769
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Necessity as the mother of invention : monetary policy after the crisis
Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - 2017
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys - one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...
Persistent link: https://www.econbiz.de/10011635320
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Central Bank transparency and financial stability : measurement, determinants and effects
Horváth, Roman; Vasko, Dan - 2013
We develop a comprehensive index of the transparency of central banks regarding their policy framework to promote financial stability for 110 countries from 2000 to 2011 and examine the determinants and effects of this transparency. We find that the degree of transparency increased in the 2000s,...
Persistent link: https://www.econbiz.de/10011374311
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Great power, great responsibility : addressing the underestimated issue of central bank's social responsibility
Vallet, Guillaume - In: Journal of central banking theory and practice 10 (2021) 3, pp. 23-39
This paper deals with the neglected issue of central banks' social responsibility. Since central banks exert the "structural power" on economies as well as on societies, their power should be regulated and controlled by society through a reliable framework of social responsibility. To that aim,...
Persistent link: https://www.econbiz.de/10012650849
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CBDC : a systemic perspective
Bofinger, Peter; Haas, Thomas - 2020 - Preliminary version
In this study, we provide a systemic perspective on central bank digital currencies (CBDC). We separate existing proposals for CBDCs into the perspective of new payment objects, made available by central banks to a broader public, and new payment systems, operated by central banks. From a...
Persistent link: https://www.econbiz.de/10012257324