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The Monetary Policy of the ECB: A Robin Hood Approach?

Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - CESifo - 2013

inverted with the onset of the financial crisis. To shed light on the underlying decision rule of the ECB, we rank different …

Persistent link: https://www.econbiz.de/10010670796

The rocky path to inflation reduction

Ferber, Markus - In: Intereconomics : review of European economic policy 58 (2023) 3, pp. 148-150

Persistent link: https://www.econbiz.de/10014289782

Bad for Euroland, worse for Germany: the ECB's record

Bibow, Jörg - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany's ongoing economic crisis, a vicious … circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the … Bundesbank tradition of asymmetric policymaking: the bank is quick to hike, but slow to ease. It thereby acts as a brake on …

Persistent link: https://www.econbiz.de/10010266550

Bad for Euroland, Worse for Germany-The ECB's Record

Bibow, Jorg - EconWPA - 2005

This paper assesses the contribution of the European Central Bank (ECB) to Germany’s ongoing economic crisis, a vicious … circle of decline in which the country has become stuck since the early 1990s. It is argued that the ECB continues the … Bundesbank tradition of asymmetric policymaking: the bank is quick to hike, but slow to ease. It thereby acts as a brake on …

Persistent link: https://www.econbiz.de/10005412611

Does government ideology matter in monetary policy? : a panel data analysis for OECD countries

Belke, Ansgar; Potrafke, Niklas - 2009

This paper examines the effect of government ideology on monetary policy in a quarterly data set of 15 OECD countries in the period 1980.1-2005.4. Our Taylor-rule specification focuses on the interactions of a new time-variant indicator for central bank independence and government ideology. The...

Persistent link: https://www.econbiz.de/10003824728

Revisiting the great moderation using the method of indirect inference

Minford, Patrick; Ou, Zhirong - 2012

We investigate the relative roles of monetary policy and shocks in causing the Great Moderation, using indirect inference where a DSGE model is tested for its ability to mimic a VAR describing the data. A New Keynesian model with a Taylor Rule and one with the Optimal Timeless Rule are both...

Persistent link: https://www.econbiz.de/10009532213

Forecast uncertainty and the taylor rule

Bauer, Christian; Neuenkirch, Matthias - 2015

In this paper, we derive a modification of a forward-looking Taylor rule, which integrates two variables measuring the uncertainty of inflation and GDP growth forecasts into an otherwise standard New Keynesian model. We show that certainty-equivalence in New Keynesian models is a consequence of...

Persistent link: https://www.econbiz.de/10010512077

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

Trilemma challenges for the People's Republic of China

Kawai, Masahiro; Liu, Li-gang - 2015

This paper first reviews recent developments in exchange rate regimes, capital account liberalization, interest rate liberalization, and monetary policymaking in the People's Republic of China (PRC). It then observes that the PRC's monetary policy autonomy may have been reduced with falling...

Persistent link: https://www.econbiz.de/10010477581

Hopf bifurcation from new-Keynesian Taylor rule to Ramsey optimal policy

Chatelain, Jean-Bernard; Ralf, Kirsten - 2017

This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based on a negative feedback mechanism) to a Taylor rule (based on a positive feedback mechanism) corresponds to a Hopf...

Persistent link: https://www.econbiz.de/10011695130