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Chapter 22 Political economics and macroeconomic policy
Persson, Torsten; Tabellini, Guido - In: Handbook of macroeconomics : volume 1, part C, (pp. 1397-1482). 1999
incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and …: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with … fiscal policy in a dynamic general equilibrium set up: the main topics here are credibility of tax policy, and political …
Persistent link: https://www.econbiz.de/10014024218
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Communicating uncertainty in monetary policy
Kozicki, Sharon; Vardy, Jill - 2017
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments,...
Persistent link: https://www.econbiz.de/10011747734
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Forecasting the central bank’s inflation objective is a good rule of thumb
Diron, Marie; Mojon, Benoît - 2005
This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows...
Persistent link: https://www.econbiz.de/10011604610
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Communicating uncertainty in monetary policy
Kozicki, Sharon; Vardy, Jill - 2017
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments,...
Persistent link: https://www.econbiz.de/10012029810
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Credibility, flexibility and renewal: The evolution of inflation targeting in Canada
Carter, Thomas J.; Mendes, Rhys R.; Schembri, Lawrence - 2018
In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy framework. The regime has proven much more successful than initially expected, both in achieving price stability and in stabilizing the real economy against a wide range of shocks....
Persistent link: https://www.econbiz.de/10012029831
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Monetary policy and inflationary shocks under imperfect credibility
Darracq Pariès, Matthieu; Moyen, Stéphane - 2009
imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a … credibility could amount to 0.25 pp of output gap standard deviation. -- Monetary policy ; Imperfect credibility ; Signal …
Persistent link: https://www.econbiz.de/10003867037
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Trust in the monetary authority
Bursian, Dirk; Faia, Ester - 2013 - This draft: February 2013
The efficacy of monetary authority actions depends primarily on the ability of the monetary authority to affect inflation expectations, which ultimately depend on agents' trust. We propose a model embedding trust cycles, as emerging from sequential coordination games betwen atomistic agents and...
Persistent link: https://www.econbiz.de/10010225972
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Reputational risk management in central banks
Vardy, Jill - 2015
This paper discusses reputational risk in the context of central banking and explains why it matters to central banks. It begins with a general discussion of reputational risk within the broader framework of risk management. It then outlines how central banks define, measure, monitor and manage...
Persistent link: https://www.econbiz.de/10011384150
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Monetary Policy and Inflationary Shocks under Imperfect Credibility
Darracq Paries, Matthieu - 2009
imperfect credibility and weak anchoring of long-term expectations. Within a medium-scale DSGE model, we introduce through a … credibility could amount to 0.25 pp of output gap standard deviation …
Persistent link: https://www.econbiz.de/10013158817
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The Design of Emu
Begg, David - 2006
Pursuit of price stability may, but need not, exacerbate output fluctuations. This paper discusses the monetary strategy of the European Central Bank, the intermediate targets that this should entail, and implications for accountability, transparency, and reputation. Country-specific shocks will...
Persistent link: https://www.econbiz.de/10012782216