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Olivei, Giovanni; Tenreyro, Silvana - C.E.P.R. Discussion Papers - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: When the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10005789206

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

The Central Banker as a Risk Manager: Estimating the Federal Reserve's Preferences under Greenspan

Kilian, Lutz; Manganelli, Simone - C.E.P.R. Discussion Papers - 2007

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

Persistent link: https://www.econbiz.de/10005791846

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

The Central Banker as a Risk Manager: Quantifying and Forecasting Inflation Risks

Kilian, Lutz; Manganelli, Simone - C.E.P.R. Discussion Papers - 2003

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

Persistent link: https://www.econbiz.de/10005123620

Credit, Financial Stability, and the Macroeconomy

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2015

Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

Persistent link: https://www.econbiz.de/10011213304

Central Banking as a Political Principal-Agent Problem

Fratianni, Michele; von Hagen, Jürgen; Waller, Christopher - C.E.P.R. Discussion Papers - 1993

An inflation and stabilization bias may arise as a result of the principal-agent nature of monetary policy. Both depend … performance-orientated compensation packages can achieve both optimal stabilization and the elimination of the inflation bias. …

Persistent link: https://www.econbiz.de/10005067589

Credit Spreads and Credit Policies

Correia, Isabel; De Fiore, Fiorella; Teles, Pedro; … - C.E.P.R. Discussion Papers - 2014

How should monetary and fiscal policy react to adverse financial shocks? If monetary policy is constrained by the zero lower bound on the nominal interest rate, subsidising the interest rate on loans is the optimal policy. The subsidies can mimic movements in the interest rate and can therefore...

Persistent link: https://www.econbiz.de/10011083684

Macro coordination: Forward Guidance as ‘cheap talk’?

Miller, Marcus; Zhang, Lei - C.E.P.R. Discussion Papers - 2014

Private Sector in order to assist the MPC achieve its objectives? We show that this is not true for symmetric inflation … targeting, where ‘cheap talk’ selects the Pareto dominant equilibrium. (This contrasts with the case where high inflation is … penalised, but not below target inflation). …

Persistent link: https://www.econbiz.de/10011083934