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Forecast quality and simple instrument rules: a real-time data approach

Glück, Heinz; Schleicher, Stefan P. - 2004

We start from the assertion that a useful monetary policy design should be founded on more realistic assumptions about what policymakers can know at the time when policy decisions have to be made. Since the Taylor rule - if used as an operational device - implies a forward looking behaviour, we...

Persistent link: https://www.econbiz.de/10010295657

Measurement errors in GDP and forward-looking monetary policy: The Swiss case

Kugler, Peter; Jordan, Thomas J.; Lenz, Carlos; Savioz, … - 2004

This paper analyzes forward-looking rules for Swiss monetary policy in a small structural VAR consisting of four variables. First, the paper looks at the ex ante inflation-output-growth volatility trade-off for a forward-looking policy aiming at a convex combination of a strict inflation and...

Persistent link: https://www.econbiz.de/10010295658

Interest rate reaction functions for the euro area Evidence from panel data analysis

Ruth, Karsten - 2004

As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel...

Persistent link: https://www.econbiz.de/10010295660

Fiscal rules and monetary policy in a dynamic stochastic general equilibrium model

Kremer, Jana - 2004

In this paper an anti-cyclical fiscal policy rule is introduced into a dynamic stochastic general equilibrium model with New-Keynesian features. The rule allows the deficit to deviate from target in proportion to the impact of automatic stabilisers while any additional impact on the deficit, for...

Persistent link: https://www.econbiz.de/10010295662

Taylor rules for the euro area: the issue of real-time data

Gerdesmeier, Dieter; Roffia, Barbara - 2004

Recently, a number of studies have made an attempt to deal with the key issue of the incompleteness of information available to the central bank when taking its monetary policy decisions. This study adds to this literature by tackling the problem with regard to the euro area. The analysis is...

Persistent link: https://www.econbiz.de/10010295664

Central Bank accountability and transparency: theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10010295694

Monetary policy transparency, public commentary, and market perceptions about monetary policy in Canada

Siklos, Pierre L. - 2000

Die Einführung von Inflationszielen in Kanada im Jahr 1991 verdeutlichte angeblich das Ziel der Geldpolitik, nämlich … Preisstabilität. Mit der neuen Politik sollte unter anderem die Öffentlichkeit fortan den Erfolg der Geldpolitik leichter daran messen … in der öffentlichen Kommentierung der Geldpolitik seit 1991 fairer beurteilt werden.' Anhand von Kommentaren in den …

Persistent link: https://www.econbiz.de/10010295696

Expectations and the stability problem for optimal monetary policies

Honkapohja, Seppo; Evans, George W. - 2000

Eine auf den Fundamentaldaten beruhende Regelbindung der Geldpolitik ohne Selbstverpflichtung, die bei vollkommen … geeigneter Weise in die optimale Geldpolitik einbezogen werden. Diese eindeutige Schlußfolgerung gilt auch dann, wenn sich der … wichtig es ist, die Geldpolitik angemessen zu gestalten und dabei nicht nur die Fundamentaldaten, sondern auch direkt die …

Persistent link: https://www.econbiz.de/10010295698

Should the Individual Voting Records of Central Bankers be Published?

Hahn, Volker; Gersbach, Hans - 2001

We examine whether it is socially beneficial for the individual voting records of central bank council members to be published when the general public is unsure about central bankers' efficiency and central bankers are aiming for re-election. We show that publication is initially harmful since...

Persistent link: https://www.econbiz.de/10010295700

Voting Transparency and Conflicting Interests in Central Bank Councils

Hahn, Volker; Gersbach, Hans - 2001

This paper examines whether it is socially desirable for the individual voting records of central bank council members to be published when central bankers' preferences differ. We show that the misrepresentation of their preferences is not advantageous for central bankers although central...

Persistent link: https://www.econbiz.de/10010295701