Similar Search Results

Euro Area monetary policy shocks: impact on financial asset prices during the crisis?

Jardet, C.; Monks, A. - Banque de France - 2014

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB …

Persistent link: https://www.econbiz.de/10010938544

A Two-Pillar DSGE Monetary Policy Model for the Euro Area.

Barthélemy, J.; Clerc L.; Marx, M. - Banque de France - 2008

inflation, eventually accounting for structural shifts in velocity; 4) we found some evidence that the ECB has reacted …

Persistent link: https://www.econbiz.de/10005036223

Rational Inattention to News: The Perils of Forward Guidance.

Gaballo, G. - Banque de France - 2013

This paper studies the social value of information about the future when agents are rationally inattentive. In a stylized OLG model of inflation the central bank (CB) can set money supply in response to the current price. The CB has perfect foresight about the future T shocks and releases this...

Persistent link: https://www.econbiz.de/10010815968

Banque centrale, taux de l'escompte et politique monétaire chez Henry Thornton (1760-1815).

Mésonnier, J-S. - Banque de France - 2002

Henry Thornton (1760-1815), whose major work - An Enquiry into the Nature and Effects of the Paper Credit of Great Britain - is celebrating its bicentennary in 2002, is considered today to be one of the most prominent classical monetary economist, in particular with regard to its seminal...

Persistent link: https://www.econbiz.de/10005056526

Price Stability and The ECB's Monetary Policy Strategy

Bordes, C.; Clerc, L. - Banque de France - 2004

the euro area seems to be in line with the theory and the ECB's action seems to be very effective. Thirdly, we will focus … reassuring picture of the effectiveness of the device used by the ECB. …

Persistent link: https://www.econbiz.de/10005056542

Evaluating Monetary Policy Rules in Estimated Forward-Looking Models: A Comparison of US and German Monetary Policies.

Jondeau, E.; Le Bihan, H. - Banque de France - 2000

In this paper, we estimate two small, forward-looking, macroeconomic models for the US and Germany and we compare the implied optimal monetary policy rules.

Persistent link: https://www.econbiz.de/10005781184

Estimation of a Time Varying NAIRU for France.

Irac, D. - Banque de France - 2000

Among several concepts encompassed by the idea of an equilibrium rate of unemployment (labour mismatch, unemployment trend, non inflationary unemployment, structural unemployment), the NAIRU appears as the most intereting one for a central bank since it focuses directly on inflation. Thus, the...

Persistent link: https://www.econbiz.de/10005646665

The art of central banking of the ECB and the separation principle.

Clerc, L.; Bordes, C. - Banque de France - 2010

This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of … event of temporary money demand shocks. During the first part of the crisis, the ECB acted in accordance with the separation … unconventional measures adopted by the ECB created interference between its monetary policy, its credit policy and its interest rate …

Persistent link: https://www.econbiz.de/10008548998

Reserve Requirements for Price and Financial Stability - When Are They Effective?

Glocker, C.; Towbin, P. - Banque de France - 2012

Reserve requirements are a prominent policy instrument in many emerging countries. The present study investigates the circumstances under which reserve requirements are an appropriate policy tool for price or financial stability. We consider a small open economy model with sticky prices,...

Persistent link: https://www.econbiz.de/10009651278

The Macroeconomic Effects of Reserve Requirements

Glocker, Ch.; Towbin P. - Banque de France - 2012

Monetary authorities in emerging markets are often reluctant to raise interest rates when dealing with credit booms driven by capital inflows, as they fear that an increase attracts even more capital and appreciates the currency. A number of countries therefore use reserve requirements as an...

Persistent link: https://www.econbiz.de/10010540385