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On the Evolution of Credibility and Flexible Exchange Rate Target Zones
Avesani, Renzo; Gallo, Giampiero M; Salmon, Mark - C.E.P.R. Discussion Papers - 1995
the operation of a target zone as a dynamic signalling game between the monetary authorities and the financial markets. A … policy-maker's credibility as opposed to the open loop precommitment strategy that has been implemented, for instance, in the … determined optimally given the policy-maker's credibility. A commitment to this form of flexible target zone is shown through …
Persistent link: https://www.econbiz.de/10005123996
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How Should Monetary Policy Be Conducted In An Era Of Price Stability?
Svensson, Lars E O - C.E.P.R. Discussion Papers - 1999
of credibility (private inflation expectations coinciding with the inflation target) are discussed. Credibility improves …
Persistent link: https://www.econbiz.de/10005504393
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The `Walters' Critique of the EMS: A Case of Inconsistent Expectations
Miller, Marcus; Sutherland, Alan - C.E.P.R. Discussion Papers - 1990
predicted by Walters only arise when the credibility of the peg differs as between the labour and financial markets: but even if …
Persistent link: https://www.econbiz.de/10005504500
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The Consistency of Optimal Policy in Stochastic Rational Expectations Models
Backus, David; Driffill, John - C.E.P.R. Discussion Papers - 1986
control theory can be made applicable to economic planning even when expectations are rational (pace Kydland and Prescott …
Persistent link: https://www.econbiz.de/10005504552
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Capital Accumulation, Inflation and Long-Run Conflict in International Objectives
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1986
-commitment. Coordination can be futile, since it exacerbates the lack of credibility perceived by the private sectors. …
Persistent link: https://www.econbiz.de/10005504714
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Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment - Theory and Evidence
Cukierman, Alex; Lippi, Francesco - C.E.P.R. Discussion Papers - 1998
This paper proposes a conceptual framework to investigate the effects of central bank independence, of the degree of centralization of wage bargaining and of the interaction between those institutional variables, on real wages, unemployment and inflation. The labour market is characterized by...
Persistent link: https://www.econbiz.de/10005497748
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Privatization in Eastern Europe: Irreversibility and Critical Mass Effects
Roland, Gérard; Verdier, Thierry - C.E.P.R. Discussion Papers - 1992
This paper proposes a model to shed light on two important policy features of privatization in Central and Eastern Europe: the idea of a necessary critical mass of privatization on the one hand, and the difficulties encountered in the actual privatization process on the other, related to the...
Persistent link: https://www.econbiz.de/10005497782
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Choosing the Width of Exchange Rate Bands - Credibility vs. Flexibility
Cukierman, Alex; Leiderman, Leonardo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 1994
The purpose of this paper is to provide a framework for the analysis of policy-makers' choices regarding unilateral exchange rate bands. Exchange rate bands are viewed as the outcome of an optimization problem by a policy-maker whose objective function weighs the level of the real exchange rate...
Persistent link: https://www.econbiz.de/10005497847
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Which `Simple' Rules Rather than Discretion?
Cohen, Daniel; Michel, Philippe - C.E.P.R. Discussion Papers - 1991
The dynamic inconsistency of a government's preferred policy, when it occurs, usually implies that the maximum level of welfare that can be delivered at some initial time can only be attained by constraining the economy to `low' levels in the future. In this paper, we set up a linear quadratic...
Persistent link: https://www.econbiz.de/10005497864
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Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31
Obstfeld, Maurice; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2003
conventional wisdom concerning the limited credibility of the interwar gold standard. Before 1914, gold standard adherence … effectively signalled credibility and shaved 40 to 60 basis points from country borrowing spreads. In the 1920s, however, simply …
Persistent link: https://www.econbiz.de/10005497898