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The Roles of Monetary Policy in the Process of Economic Reform in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1990

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

Persistent link: https://www.econbiz.de/10005123602

Unconventional Fiscal Policy at the Zero Bound

Correia, Isabel; Farhi, Emmanuel; Nicolini, Juan Pablo; … - C.E.P.R. Discussion Papers - 2011

When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as...

Persistent link: https://www.econbiz.de/10008854460

The Zero-Interest Rate Bound and the Role of the Exchange Rate for Monetary Policy in Japan

Coenen, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2003

impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …

Persistent link: https://www.econbiz.de/10005788995

Business Cycle Dynamics under Rational Inattention

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2010

This paper develops a dynamic stochastic general equilibrium model with rational inattention. Households and decision-makers in firms have limited attention and decide how to allocate their attention. The paper studies the implications of rational inattention for business cycle dynamics. Impulse...

Persistent link: https://www.econbiz.de/10008468587

Will EMU Increase Eurosclerosis?

Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000

nominal and real wage rigidity) and social preferences regarding inflation, employment, and real wages. We also calibrate our …

Persistent link: https://www.econbiz.de/10005124134

Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000

Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Persistent link: https://www.econbiz.de/10005124252

Monetary Policy and the Fisher Effect

Söderlind, Paul - C.E.P.R. Discussion Papers - 1997

how central bank preferences (and thereby monetary policy) affect the relation between nominal interest rates, inflation … estimated by maximum likelihood on quarterly US data. The policy experiments include stronger inflation targeting, more active …

Persistent link: https://www.econbiz.de/10005497757

Is the Price Level Determined by the Needs of Fiscal Solvency?

Canzoneri, Matthew B; Cumby, Robert; Diba, Behzad - C.E.P.R. Discussion Papers - 1998

A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price level has to ‘jump’ to assure fiscal solvency. In this regime (which we call fiscal dominant), monetary policy has to work through seignorage to control the price level. If,...

Persistent link: https://www.econbiz.de/10005504577

Exchange Rates and Inflation Under EMU: An Update

Honohan, Patrick; Lane, Philip R. - C.E.P.R. Discussion Papers - 2004

-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … contribute to inflation convergence and in particular to a fall in Irish inflation? Fortunately for us, the theory has passed the … test with flying colours. Irish inflation stopped dead in its tracks: consumer prices were unchanged between May and …

Persistent link: https://www.econbiz.de/10005789034

The Time-varying NAIRU and its Implications for Economic Policy

Gordon, Robert J - C.E.P.R. Discussion Papers - 1996

This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … determined in an econometric model in which the inflation rate depends on its own past values (‘inertia’), demand shocks proxied …

Persistent link: https://www.econbiz.de/10005123935