Similar Search Results

Flexible Majority Rules for Central Banks

Gersbach, Hans; Pachl, Bernhard - C.E.P.R. Discussion Papers - 2004

We propose a flexible majority rule for central bank councils where the size of the majority depends monotonically on the change in interest rate within a particular time frame. Small changes in interest rate require a small share of supporting votes, even less than 50%. We show that flexible...

Persistent link: https://www.econbiz.de/10005067504

Monetary Union: The Ins and Outs of Strategic Delegation

Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1998

This paper addresses the conduct of monetary and fiscal policy in a closed trading bloc consisting of ‘ins’ forming a monetary union and ‘outs’ who retain monetary sovereignty. All governments can opt for a particular choice of institutional arrangement for their central bank (CB),...

Persistent link: https://www.econbiz.de/10005661847

Monetary Integration in Europe: Implications for Real Interest Rates, National Stock Markets and the Volatility of Prices and Exchange Rates

Canzoneri, Matthew B; Dellas, Harris - C.E.P.R. Discussion Papers - 1995

Monetary arrangements in Europe vacillated wildly over the last decade, and they may be expected to continue to do so over the next. The literature on this chaotic process has focused on issues of credibility. Here, we focus instead on the longer-run implications of Europe's choice of monetary...

Persistent link: https://www.econbiz.de/10005662228

Can Delegation be Counterproductive? The Choice of 'Conservative' Bankers in Open Economies

Currie, David; Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1995

This paper provides a comprehensive assessment of the open economy aspects of the 'delegation game' in which the operation of monetary policy is delegated to independent and `conservative' central bankers with a greater dislike of inflation than the public. When all countries optimally and...

Persistent link: https://www.econbiz.de/10005662310

Monetary Policy in Stage Two of EMU

Moore, Michael J; O'Connell, Thomas - C.E.P.R. Discussion Papers - 1992

As Stage Two of European Monetary Union (EMU) in Europe develops, a major issue is the coordination of monetary policies. Member countries of the European Monetary System (EMS) will have to align their domestic source moneys. This paper argues that for this purpose, the Treasury and central bank...

Persistent link: https://www.econbiz.de/10005666742

The EMU and the NAMU: What is the Case for North American Monetary Union?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 1999

The paper considers the pros and cons for Canada of monetary union between Canada and the U.S. The current Canadian monetary arrangements, a flexible exchange rate and an inflation target, are contrasted both with a unilateral adoption by Canada of the U.S. dollar and with a full, formally...

Persistent link: https://www.econbiz.de/10005666942

Macroeconomic Stabilization: Fixed Exchange Rates Vs Inflation Targeting Vs Price Level Targeting

Dehejia, Vivek; Rowe, Nicholas - C.E.P.R. Discussion Papers - 2000

We argue that the traditional question 'fixed vs. flexible exchange rates?' is not well-defined, because 'flexible exchange rates' does not explicitly specify any particular monetary policy. In traditional analyses, 'flexible exchange rates' was interpreted as implying a fixed money supply. But...

Persistent link: https://www.econbiz.de/10005124168

Delegation in International Monetary Policy Games

Dolado, Juan J.; Griffiths, Mark; Padilla, Atilano Jorge - C.E.P.R. Discussion Papers - 1993

In this paper we show that the delegation of monetary policy to an independent and more conservative central banker is an optimal policy in an international context with monetary spillovers between countries, even in the absence of time inconsistency (credibility) issues. We also study the...

Persistent link: https://www.econbiz.de/10005114375

The Future of International Liquidity and the Role of China

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2013

This paper analyzes the consequences of the internationalization of the Chinese renminbi for the global monetary system … moderate the perceived need for insurance, and China would have to loom large in both solutions. …

Persistent link: https://www.econbiz.de/10011084193

China’s Dominance Hypothesis and the Emergence of a Tri-polar Global Currency System

Fratzscher, Marcel; Mehl, Arnaud - C.E.P.R. Discussion Papers - 2011

, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the … renminbi is already the dominant currency in Asia, exerting a large influence on exchange rate and monetary policies in the … global financial crisis. These results are consistent with China’s dominance hypothesis and with the view that the …

Persistent link: https://www.econbiz.de/10009371469