Bundesbank Strategy for two Monetary Unions
Monetary and fiscal policies in interaction in monetary unions
... discretionary monetary policies, the natural solution should be the commitment of the monetary authority to a ...and monetary policies allows for three different possible ...Alternatively two ...
33
Monetary Policy Reaction Functions: ECB versus Bundesbank
... German Bundesbank in the Treaty of Maastricht. One may conjecture that if two institutions are based upon similar design features, in particular central bank independence and a policy focus on price ...
21
Monetary policy reaction functions: ECB versus Bundesbank
... German Bundesbank in the Treaty of Maastricht. One may conjecture that if two institutions are based upon similar design features, in particular central bank independence and a policy focus on price ...
18
The design of a ‘two pillar’ monetary policy strategy
... the monetary aggregates and repo interest rate as two independent monetary policy ...the monetary targeting nor against the inflation ...these two instruments can be considered a kind ...
38
The design of a ‘two-pillar’ monetary policy strategy
... are two independent monetary policy instruments when the effect of interest rate policy cannot be efficiently transmitted to the economy through the monetary and financial ...a two-pillar ...
38
Essays on fiscal and monetary unions
... These efforts translated in pay cuts or freezes for public employees all around Europe, but specially in the countries affected the most by the crisis or under aus- terity programs. For example, the Spanish government ...
132
Did the Bundesbank target monetary expansion or inflation? Evidence from monetary base growth
... the monetary strategy of the future European Central Bank ...to two per cent) but announced a “reference rate” for monetary expansion (M3) as a concession to the ...
9
Threshold effects in the monetary policy reaction function of the Deutsche Bundesbank
... the Bundesbank than for the Fed if inflation is above the ...the two reaction functions from the threshold model compare in terms of mon- etary policy tightness? Figure 3 presents the fitted interest rates ...
31
Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank
... the Bundesbank Taylor ...the Bundesbank did. Regarding the monetary policy reaction to the output gap, it is noteworthy that the output reaction coefficient estimated for the ECB is more than twice ...
23
Threshold effects in the monetary policy reaction function of the Deutsche Bundesbank
... the Bundesbank than for the Fed if inflation is above the ...the two reaction functions from the threshold model compare in terms of mon- etary policy tightness? Figure 3 presents the fitted interest rates ...
31
Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank
... the Bundesbank Taylor ...the Bundesbank did. Regarding the monetary policy reaction to the output gap, it is noteworthy that the output reaction coefficient estimated for the ECB is more than twice ...
23
Regional Debt in Monetary Unions: Is it Inflationary ?
... We informally consider the situation where each of the two regions makes a favorable transfer to its agents, hoping to shift the debt burden to the central bank. It might appear that the ex-post incentive for ...
27
Theoretical Issues Pertaining to Monetary Unions
... the two incompatible policy goals must eventually be given up, and the basic model just presumes that the other policy activity has precedence over keeping the exchange rate pegged at s ...
37
Sovereign Debt Booms in Monetary Unions
... Given this boundary condition, the value function satisfies the HJB such that ˙b > 0 for b < b max . Note that in this case, the country always borrows its way to the maximum debt possible. There is no savings region, ...
7
Regional Debt in Monetary Unions: Is it Inflationary?
... We informally consider the situation where each of the two regions makes a favorable transfer to its agents, hoping to shift the debt burden to the central bank. It might appear that the ex-post incentive for ...
35
Monetary and Fiscal Policies in Currency Board Systems and Monetary Unions
... performance of recent and present currency board systems by also taking fiscal aspects into account, i.e. the budget deficit and the development of debts. Within this section, we discuss also the main reasons for the ...
251
Monetary Policy Uncertainty: Is There a Difference Between Bank of England and the Bundesbank/ECB?
... use two measures of volatility: the standard deviation of the forecasts of the private agents as reported in Consensus Forecasts, and we calculated the range for the third highest and third lowest forecasts (which ...
17
Does a "two-pillar Phillips curve" justify a two-pillar monetary policy strategy?
... the two series are cointegrated, so that they have a common (Beveridge-Nelson) “stochastic trend”: changes in the predicted long-run path of one series are perfectly correlated with changes in the predicted ...
36
Monetary Policy Transparency and Uncertainty: A Comparison between the Bank of England and the Bundesbank/ECB
... of monetary policy have affected agents’ confidence over ...required two years (1997-99) to ‘learn’ about the reactions of the ...the monetary authority behaves, without any of the currently ...
22
Improving Policy Credibility: Is There a Case for African Monetary Unions?
... the monetary unions more closely linked to the EMU, an observer of the ECB with no voting power might sit on the ...sector, two key elements of the current relative success of the Cross-Border .... ...
31