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whether this fact can explain the term structure of interest rates and yield spreads. The paper models banks' demand for … contractions raise nominal interest rates. …
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While monetary policy decisions are mainly taken by Committees (as is the case for the ECB, or for the Federal Reserve), the literature largely stands on the ...ction of a single central banker, be it (or not) a conservative one. The purpose here is to consider explicitly the plural dimension of...
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"counterfactual" ECB reaction function based on average interest rates prior to EMU with actual ECB policy. Furthermore, we compare … actual ECB policy with interest rate projections using Bundesbank reaction functions and euroland data. …
Persistent link: https://www.econbiz.de/10010515674
Building on a micro-founded model of a two region-world economy in the tradition of the new open economy literature, this paper analyses the strategic interaction of large wage-setters and the central bank when switching from a regime of uncoordinated national monetary policies to a monetary...
Persistent link: https://www.econbiz.de/10010515681
European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...
Persistent link: https://www.econbiz.de/10010515712
Based on its outward-oriented development strategy, respectable growth, increased integration into world trade and financial markets, and imperfect though vibrant and wide-based democracy, Turkey is often cited as a development model for other countries in the region and elsewhere. Countering...
Persistent link: https://www.econbiz.de/10010517439
This study examines the link between various monetary policy regimes and the ability to manage inflation and exchange rate risk premiums in the EU candidate countries as they undergo monetary convergence to the eurozone. The underlying hypothesis is that a system of 'flexible inflation...
Persistent link: https://www.econbiz.de/10010519049