Similar Search Results

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 …, credibility and predictability of monetary policy. Quantitative indexes of transparency in 1994 and 2004 are compared and …

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

Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1996

Inflation targeting is shown to imply inflation forecast targeting; the central bank’s inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how...

Persistent link: https://www.econbiz.de/10005661537

A Multilateral Payments Union for the Commonwealth of Independent States: Why and How?

Bofinger, Peter; Gros, Daniel - C.E.P.R. Discussion Papers - 1992

The paper discusses the institutional arrangements of a multilateral payments union for the Commonwealth of Independent States. It starts with an analysis of the risks of a non-cooperative solution, which would lead to serious liquidity and solvency problems and thus curtail inter-republican...

Persistent link: https://www.econbiz.de/10005661562

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

Do Interventions Smooth Interest Rates?

Fischer, Andreas M - C.E.P.R. Discussion Papers - 2000

This paper argues that exchange rate tensions delay future changes in the Fed's policy instrument, the federal funds rate. A shift in emphasis towards the exchange rate may conflict with the longer-term policy goals for the domestic economy. The Paper's objective is to consider empirically the...

Persistent link: https://www.econbiz.de/10005661586

Options for a New Monetary Framework for the Area of the Soviet Union

Bofinger, Peter - C.E.P.R. Discussion Papers - 1991

The paper discusses alternative options for a future monetary order in the area of the Soviet Union. Its main focus is on two questions: Under what conditions would a common rouble currency area be compatible with fiscal discipline and effective financial control over the large numbers of...

Persistent link: https://www.econbiz.de/10005661619

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 … depend on any particular social welfare criterion. Each extension sheds new light on the role of central bank transparency …. Focusing on the signaling role of the interest rate, we consider various degrees of transparency, ranging from full opacity, to …

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

Monetary Policy with Single Instrument Feedback Rules

Adão, Bernardino; Correia, Isabel; Teles, Pedro - C.E.P.R. Discussion Papers - 2005

We consider standard cash-in-advance monetary models and show that there are interest rate or money supply rules such that equilibria are unique. The existence of these single instrument rules depends on whether the economy has an infinite horizon or an arbitrarily large but finite horizon.

Persistent link: https://www.econbiz.de/10005661665

The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market

Bhattacharya, Utpal; Weller, Paul - C.E.P.R. Discussion Papers - 1992

Using a portfolio balance model of exchange rate determination, this paper develops a theoretical explanation of why central banks do not make precise announcements of their exchange rate targets. In foreign exchange markets, where it is common knowledge that the central bank intervenes to...

Persistent link: https://www.econbiz.de/10005661690