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Measuring effective monetary policy conservatism
Berlemann, Michael; Hielscher, Kai - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10010270388
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A Time-varying Indicator of Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 2011
monetary policy conservatism can be uncovered by studying to what extent central banks react to real disturbances. By … logit approach in a panel setting we derive a time-varying indicator of effective monetary policy conservatism for Canada …, Sweden, the UK and the US. Employing this indicator we show that increasing effective conservatism tends to lower inflation …
Persistent link: https://www.econbiz.de/10009643244
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Measuring Effective Monetary Policy Conservatism
Berlemann, Michael; Hielscher, Kai - Fächergruppe Volkswirtschaftslehre, Helmut Schmidt … - 2009
combinations of central bank independence and conservatism. Most of the existing empirical studies concentrate on measuring legal … or factual central bank independence thereby neglecting the degree of conservatism of the monetary authorities. In this … paper we show how a joint empirical measure of central bank independence and conservatism can be derived from factual …
Persistent link: https://www.econbiz.de/10005091365
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Independence Within Government. A Comparative Perspective on Central Banking in Norway 1945-1970
Venneslan, Christian; Trøite, Ragnar; Kleivset, Christoffer - 2011
This article surveys the degree of central bank independence in Norway between 1945 and 1970. By comparing the developments in Norway with those of Sweden and the United Kingdom, it is shown that the Norwegian central bank had less room for maneuver than in the other countries. In spite of a...
Persistent link: https://www.econbiz.de/10012143785
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Federal monetary policy
Hefeker, Carsten - 2001
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10011398004
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Monetary-Labor Interactions, International Monetary Regimes, and Central Bank Conservatism
Cuciniello, Vincenzo - 2011
central bank conservatism and centralized wage bargaining …
Persistent link: https://www.econbiz.de/10013134305
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Independence of the Central Bank, Growth and Coalitions in a Monetary Union
Hellier, Joël - 2012
Within a Monetary Union, we assume that the policy of a hard-nosed central bank results in a real appreciation of the Union currency, which is in contradiction with the growth targets of several countries. These countries may join together to question the policy of the bank. As a consequence,...
Persistent link: https://www.econbiz.de/10013101879
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Independence within Government - A Comparative Perspective on Central Banking in Norway 1945-1970
Venneslan, Christian - 2013
This article surveys the degree of central bank independence in Norway between 1945 and 1970. By comparing the developments in Norway with those of Sweden and the United Kingdom, it is shown that the Norwegian central bank had less room for maneuver than in the other countries. In spite of a...
Persistent link: https://www.econbiz.de/10013082906
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Federal Monetary Policy
Hefeker, Carsten - 2021
What is the optimal institutional structure for an independent central bank? The paper shows when it will be optimal for a country to have a central bank to be organized according to federal, purely national or a combination of both aspects. The analysis is then extended to a supranational...
Persistent link: https://www.econbiz.de/10013321048
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The Case for Central Bank Independence
Haan, Jakob De; Sturm, Jan Egbert - In: Banca Nazionale del Lavoro Quarterly Review 45 (1992) 182, pp. 305-327
This paper reviews arguments for central bank independence and presents new evidence on the impact of central bank (in)dependence on the level and variability of inflation, money growth, the level and financing of government budget deficits and economic growth, using three different measures of...
Persistent link: https://www.econbiz.de/10010854355