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Why have some monetary reforms succeeded and others not? An empirical assessment
Freytag, Andreas - 2001
macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The … exogenous variables are the degree of legal commitment and the constraining influence of institutions. The paper allows for the … conclusion that monetary commitment, the consideration of institutional constraints and abstinence from the money press are …
Persistent link: https://www.econbiz.de/10010270683
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Why have some monetary reforms succeeded and others not? : An empirical assessment
Freytag, Andreas (contributor) - 2001
crucial for the success of a monetary reform. -- Monetary Reforms ; Credibility ; Commitment ; Institutions … macroeconomic model of commitment and credibility. As the dependent variable, we calculate a post-reform inflation rate. The … exogenous variables are the degree of legal commitment and the constraining influence of institutions. The paper allows for the …
Persistent link: https://www.econbiz.de/10001906719
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The credibility of monetary policy announcements : empirical evidence for OECD countries since the 1960s
Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2011
weak link and present the argument that monetary commitment is not credible in itself. It can grant price stability best if … decades and 22 OECD countries confirms the crucial role of a credibly backed monetary commitment to price stability. …
Persistent link: https://www.econbiz.de/10009569729
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Monetary policy regimes and the volatility of long-term interest rates
Queijo von Heideken, Virginia - 2008
This paper addresses two important questions that have, so far, been studied separately in the literature. First, the paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate using standard macro models. Building a small-scale...
Persistent link: https://www.econbiz.de/10010320772
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Limited Commitment, Inaction and Optimal Monetary Policy
Mirzoev, Tokhir - EconWPA - 2004
-announced schedule de facto acts as a commitment not to adjust in intermediate periods. We find that at short horizons gains from such … commitment outweigh welfare costs of central bank's inaction. Second, we solve for the optimal frequency of policy adjustment and …
Persistent link: https://www.econbiz.de/10005076774
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Signalling and Commitment: Monetary versus Inflation Targeting
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003
This Paper compares the social efficiency of monetary targeting and inflation targeting when central banks may have private information on shocks to money demand and, because of verifiability problems, the transparency solution is not feasible. Under inflation targeting and monetary targeting,...
Persistent link: https://www.econbiz.de/10005497735
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Monetary Policy Regimes and the Volatility of Long-Term Interest Rates
Queijo von Heideken, Virginia - Sveriges Riksbank - 2008
This paper addresses two important questions that have, so far, been studied separately in the literature. First, the paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate using standard macro models. Building a small-scale...
Persistent link: https://www.econbiz.de/10005423759
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Optimal Control and Filtering in Linear Forward-looking Economies: A Toolkit
Gerali, Andrea; Lippi, Francesco - C.E.P.R. Discussion Papers - 2003
We provide algorithms to solve a linear-quadratic optimal control problem with commitment. By extending to the case of … simulations, impulse response functions and other techniques, with both commitment and discretion. A monetary policy application …
Persistent link: https://www.econbiz.de/10005661950
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The credibility of monetary policy announcements: Empirical evidence for OECD countries since the 1960s
Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012
weak link and present the argument that monetary commitment is not credible in itself. It can grant price stability best if … decades and 22 OECD countries confirms the crucial role of a credibly backed monetary commitment for price stability. …
Persistent link: https://www.econbiz.de/10010327301
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The Credibility of Monetary Policy Announcements - Empirical Evidence for OECD Countries since the 1960s
Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - 2012
weak link and present the argument that monetary commitment is not credible in itself. It can grant price stability best if … decades and 22 OECD countries confirms the crucial role of a credibly backed monetary commitment to price stability. …
Persistent link: https://www.econbiz.de/10010334520