Similar Search Results

Ecart de taux d'interet entre la France et l'Allemagne, Asymetrie du SME et anticipations de change.

Artus, P. - Caisse des Depots et Consignations - Cahiers de recherche - 1992

Persistent link: https://www.econbiz.de/10005661357

Review of Monetary Policy in South Africa: 1994-2004

Aron, Janine; Muellbauer, John - C.E.P.R. Discussion Papers - 2006

framework, the South African Reserve Bank’s (SARB) understanding of monetary policy transmission and the transparency … targeting. The forecasting performance of the SARB is evaluated, and monetary policy decisions taken in response to external and …

Persistent link: https://www.econbiz.de/10005661447

Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy

Flandreau, Marc; Komlos, John - C.E.P.R. Discussion Papers - 2005

A natural experiment with an exchange-rate band in Austria-Hungary in the early 20th century provides a rare opportunity to discuss critical aspects of the theory of target zones. Providing a new derivation of the target zone model as a set of nested hypotheses, the inference is drawn that...

Persistent link: https://www.econbiz.de/10005661480

Some Evolutionary Foundations for Price Level Rigidity

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002

This Paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in the face of aggregate shocks. The payoff depends on the level of aggregate demand, as well as on their...

Persistent link: https://www.econbiz.de/10005661497

Spain and the `EEC cum 1992' Shock

Viñals, José - C.E.P.R. Discussion Papers - 1990

This paper provides a conceptual framework to analyze the main economic issues raised by Spain's integration into the EEC and by the vast economic reforms associated with the 1992 European Internal Market. The "EEC cum 1992" event can be described as a major anticipated permanent shock with both...

Persistent link: https://www.econbiz.de/10005661542

Monetary and Fiscal policy Interaction in the Euro Area with Different Assumptions on the Phillips Curve

Bofinger, Peter; Mayer, Eric - C.E.P.R. Discussion Papers - 2004

In this Paper we carry over a static version of a New Keynesian Macromodel a la Clarida Gali Gertler (1999) to a monetary union. We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation of shocks that hit the currency area. Additionally a...

Persistent link: https://www.econbiz.de/10005661571

The Simplest Test of Inflation Target Credibility

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1994

A simple test of inflation target credibility is constructed by subtracting the maximum and minimum inflation rates consistent with the inflation targets from the yields to maturity on nominal bonds. This results in a target-consistent range of real yields on nominal bonds. If expected real...

Persistent link: https://www.econbiz.de/10005661572

Labour Market Asymmetries in a Monetary Union

Andersen, Torben M; Seneca, Martin - C.E.P.R. Discussion Papers - 2008

aggregate shocks. The implications of asymmetries for both the overall performance of the monetary union and the country …-specific situation are analysed. It is shown that asymmetries are not only critical for country-specific performance but also for the … overall performance of the monetary union. A striking finding is that aggregate output volatility is not strictly increasing …

Persistent link: https://www.econbiz.de/10005661593

Optimal Policy with Low-Probability Extreme Events

Svensson, Lars E O - C.E.P.R. Discussion Papers - 2004

The optimal policy response to a low-probability extreme event is examined. A simple policy problem is solved for a sequence of different loss functions: quadratic, combined quadratic/absolute-deviation, absolute-deviation, combined quadratic/constant, and perfectionist. The Paper shows that,...

Persistent link: https://www.econbiz.de/10005661622

Interest Rate Signals and Central Bank Transparency

Gosselin, Pierre; Lotz, Aileen; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2007

The present paper extends the literature on central bank transparency that relies on information heterogeneity among … private agents in four directions. First, it adds the interest rate to the list of signals that the central bank can reveal … depend on any particular social welfare criterion. Each extension sheds new light on the role of central bank transparency …

Persistent link: https://www.econbiz.de/10005661638