Data from a unique monetary 'experiment' conducted in the UK during the period 1994-97 are used to investigate the cost of political intervention in monetary policy. The paper finds that the difference between government bond yields in Germany (but not the US) and the UK was systematically...

This paper considers the implications of incomplete exchange rate pass-through for optimal monetary and exchange rate policy. A two-country model is presented which allows an explicit derivation of welfare functions in terms of a weighted sum of the second moments of producer prices and the...

This paper uses a VAR model to quantify the relative importance of external debt, exchange rates, monetary policy and other selected variables when explaining output fluctuations in Brazil. Using the money market rate as a policy instrument, impulse response functions indicate that shocks to the...

Central bank authorities base implementation of monetary policy on an analysis of multiple variables known as monetary policy indicators. In a small open economy such as Chile, these indicators may include inflation misalignments, unemployment, GDP growth, money growth, the current account...

This short paper looks at disagreement within the Federal Reserve's monetary policy committee, the Federal Open Market Committee or FOMC, following a change in transparency practices taken in 1993 to publish verbatim transcripts of FOMC meetings. Other literature has examined the effects of...

While central banks have existed since the seventeenth century, their purpose, functions, and operations have evolved over time. Over the past two decades, the pace of reforms in terms of institutional independence and transparency has been particularly brisk. This paper examines the current...

This paper examines the nature and effectiveness of rule based legal requirements and more informal measures for government cooperation in economic policy measures to coordinate monetary and fiscal policy. The analysis considers the objectives of EU economic policy, the Stability and Growth...

The membership of the Czech Republic in the European Union has a number of economic, institutional and law implication. All new EU members must undertake to introduce the euro once the conditins are right for doing so. To this end, convergence programes for member states have been put in place -...

The coordination of the economic policies of the EU Member countries started in the early 90´ s has become a permanent feature of the European integration process. Gradually a rather complicated mechanism has evolved aiming to combine and complement policies pursued at EU level with policies...