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The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the … of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document … simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 …
Persistent link: https://www.econbiz.de/10011084255
ECB? How activist should a central bank be in tackling perceived asset price misalignments? Does the ECB's monetary …
Persistent link: https://www.econbiz.de/10008468693
Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...
Persistent link: https://www.econbiz.de/10008542499
Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...
Persistent link: https://www.econbiz.de/10012444285
We study the role of transparency in an environment of robust monetary policy under wage bargaining. The standard view from the game-theoretical literature is that, with unionised labour markets, monetary policy transparency is unambiguously “bad” (it induces increases in wage and price...
Persistent link: https://www.econbiz.de/10011048871
and points out that the ECB acted less unconventionally than other international central banks. Moreover, the ECB did some … tentative attempts to exit the expansionary monetary policy measures. Although the ECB operates at the zero lower bound of … helped to mitigate the negative effects of the crisis with positive effects on output and prices. However, the ECB has become …
Persistent link: https://www.econbiz.de/10011285704
Monetary shocks largely affect economic activity in Western Australia. In smaller proportion, those shocks generate contractions in New South Wales, Victoria and South Australia, while economic activity in Queensland is significantly less affected. Finally, we develop a new approach to uncover...
Persistent link: https://www.econbiz.de/10011189467
We study whether central bank independence (CBI) and monetary policy arrangements can jointly influence the likelihood of policymakers assigning banking supervision to central banks. Our empirical analysis shows that, assuming a benevolent government, a higher degree of central bank operational...
Persistent link: https://www.econbiz.de/10010735827
The premium on interbank money market rates arises over year-end periods as a result of the Japanese business practice of periodic settlement. This paper examines to what extent the Bank of Japan’s liquidity provision reduced the year-end premium in Japan. We find that the funds-supplying...
Persistent link: https://www.econbiz.de/10010869508
In this paper, we examine the inflation persistence puzzle by applying the robust control approach of Hansen and Sargent (2008). In line with the literature suggesting that inflation persistence may be affected by the monetary policy design and its institutional characteristics, we find that...
Persistent link: https://www.econbiz.de/10011048922