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Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility

Isard, Peter - 2001

Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated...

Persistent link: https://www.econbiz.de/10014403818

The ECB'S Inflation Objective

Kieler, Mads - 2003

The ECB''s objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric, and excessively stringent. This paper attempts a comprehensive evaluation of the trade-offs for the euro area and finds that: (1) in terms of guiding inflation expectations and...

Persistent link: https://www.econbiz.de/10014403825

The ECB'S Money Pillar : An Assessment

Jaeger, Albert - 2003

This paper discusses the case for a money pillar in the European Central Bank''s (ECB) monetary policy strategy. Time …

Persistent link: https://www.econbiz.de/10014403843

Availability of Financial Soundness Indicators

Slack, Graham L. - 2003

Because the wave of financial crises in recent years has spurred analysts'' and policymakers'' interest in monitoring the vulnerabilities of financial systems, the need for supporting data has increased. This paper presents survey results on the collection, compilation, and dissemination of data...

Persistent link: https://www.econbiz.de/10014403860

Inflation Performance and Constitutional Central Bank Independence : Evidence From Latin America and the Caribbean

Gutierrez, Eva - 2003

This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation performance. Empirical studies for developing countries have not found a relationship between central bank independence, proxied by the ""de jure"" independence established in...

Persistent link: https://www.econbiz.de/10014403862

Does Trade Credit Substitute Bank Credit? : Evidence From Firm-Level Data

De Blasio, Guido - 2003

The paper examines micro data on Italian manufacturing firms'' inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tightening. It finds that their inventory investment is constrained by the...

Persistent link: https://www.econbiz.de/10014403875

Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies

International Monetary Fund - 2003

In this paper we construct indices of transparency of monetary and financial policies, based on self-evaluations carried out by 135 IMF member countries in 1999, and use them to identify transparency patterns across different policies and country groups. We find that across all countries,...

Persistent link: https://www.econbiz.de/10014403895

Responsibility of Central Banks for Stability in Financial Markets

Schinasi, Garry J. - 2003

What is the role of central banks in ensuring financial stability? This paper addresses this controversial subject, in … by financial stability? Do central banks have a natural role in ensuring financial stability? What does a central bank … need to execute this role effectively? How far have central banks actually gone in safeguarding financial stability? The …

Persistent link: https://www.econbiz.de/10014403943

The Impact of Monetary Policyon the Bilateral Exchange Rate : Chile Versus the United States

Zettelmeyer, Jeromin - 2003

This paper examines the reaction of the bilateral Ch$/US$ exchange rate to monetary policy actions in Chile and the United States. The approach is to regress the change in the exchange rate following a policy announcement on changes in market interest rates in response to the same announcement....

Persistent link: https://www.econbiz.de/10014403954

Current Issues in the Design and Conduct of Monetary Policy

Khan, Mohsin S. - 2003

Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought...

Persistent link: https://www.econbiz.de/10014403961