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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

Delegating Optimal Monetary Policy Inertia

Bilbiie, Florin Ovidiu - C.E.P.R. Discussion Papers - 2009

regimes that are nested within this framework: inflation, output-gap growth and nominal income growth targeting; and inflation …

Persistent link: https://www.econbiz.de/10008459765

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

Why Are Rates of Inflation So Low After large Devaluations

Burstein, Ariel Tomas; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2002

This Paper studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …

Persistent link: https://www.econbiz.de/10005123785

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

Promoting an Effective Market Economy in a Changing World

Buiter, Willem H.; Lago, Ricardo; Stern, Nicholas - C.E.P.R. Discussion Papers - 1996

In this paper we examine the main challenges in promoting an effective market economy. While the paper ranges widely across the spectrum of economic institutions and policies, the central theme is the importance of macroeconomic stability for economic growth in the medium and long run....

Persistent link: https://www.econbiz.de/10005124132

Transition Issues for the European Monetary Union

Buiter, Willem H.; Sibert, Anne - C.E.P.R. Discussion Papers - 1997

If Stage Three of EMU starts on 1 January 1999, transition issues remain on two time scales. Until 1 July 2002, national currencies and the euro coexist as legal tender. We argue that intra-EMU currency risk exists in principle during that period, but that no EMU member can be forced out through...

Persistent link: https://www.econbiz.de/10005114259

Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem

Driffill, John; Rotondi, Zeno - C.E.P.R. Discussion Papers - 2003

that delegation enables a wider class of economies to sustain zero inflation than would be able to do so in its absence. We … schemes, delegated policy enables zero inflation to prevail in economies in which it could not do so without delegated policy …

Persistent link: https://www.econbiz.de/10005656362

Data Uncertainty and the Role of Money as an Information Variable for Monetary Policy

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

In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices and money, and find that monetary aggregates have a potentially significant role...

Persistent link: https://www.econbiz.de/10005661786

Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2003

This 2003 Institute for Fiscal Studies Lecture addresses two sets of issues relevant to current and prospective future E(M)U members: the consequences of the Stability and Growth Pact for fiscal-financial sustainability and macroeconomic stability, and some risks associated with operational...

Persistent link: https://www.econbiz.de/10005662197