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Monetary Policies for Developing Countries: The Role of Institutional Quality

Huang, Haizhou; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2005

Weak public institutions, including high levels of corruption, characterize many developing countries. With a simple model, we demonstrate that institutional quality has important implications for the design of monetary policies and can produce several departures from the conventional wisdom. We...

Persistent link: https://www.econbiz.de/10005789083

Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79

Honohan, Patrick - C.E.P.R. Discussion Papers - 1994

There has been a resurgence of interest in currency boards as a possible approach to achieving a stable currency in newly established or hyperinflationary financial systems. This paper draws attention to one of the more successful currency board experiences, namely that of Ireland. We review the...

Persistent link: https://www.econbiz.de/10005662121

Options for the Payments and Exchange Rate System in Eastern Europe

Bofinger, Peter - C.E.P.R. Discussion Papers - 1991

The paper analyses the role of currency convertibility in the process of economic transition in Eastern Europe and discusses alternative institutional options for achieving this difficult task. It shows that an early transition to convertibility is an indispensable requirement for the success of...

Persistent link: https://www.econbiz.de/10005281277

Tracking Greenspan: Systematic and Unsystematic Monetary Policy Revisited

Giannone, Domenico; Reichlin, Lucrezia; Sala, Luca - C.E.P.R. Discussion Papers - 2002

monetary shock mainly affects the term structure of interest rates, but has virtually no effect on output and inflation so that …

Persistent link: https://www.econbiz.de/10005666484

U.S. Monetary Shocks and Global Stock Prices

Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010

This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...

Persistent link: https://www.econbiz.de/10008692313

Monetary Shocks with Observation and Menu Costs

Alvarez, Fernando; Lippi, Francesco; Paciello, Luigi - C.E.P.R. Discussion Papers - 2013

We compute the impulse response of output to an aggregate monetary shock in a general equilibrium when firms set prices … subject to a costly observation of the state and a menu cost. We study how the aggregate effects of a monetary shock depend on … firms know the realization of the monetary shock on impact. …

Persistent link: https://www.econbiz.de/10011083721

Monetary Shocks in a Model with Inattentive Producers

Alvarez, Fernando; Lippi, Francesco; Paciello, Luigi - C.E.P.R. Discussion Papers - 2012

establish the dependence of the real effect of a monetary shock on the distribution of price durations and hence on the …

Persistent link: https://www.econbiz.de/10011084271

Price setting with menu cost for multi-product firms

Alvarez, Fernando; Lippi, Francesco - C.E.P.R. Discussion Papers - 2012

analytically the impulse response of aggregate prices and output to a monetary shock. The cumulative response of output to a … monetary shock is the product of three terms: the steady state standard deviation of price changes, the average time elapsed … between price changes, and a function of both the number of products and the size of the monetary shock. The size of the …

Persistent link: https://www.econbiz.de/10011084381

Small and large price changes and the propagation of monetary shocks

Alvarez, Fernando; Le Bihan, Hervé; Lippi, Francesco - C.E.P.R. Discussion Papers - 2013

characterize analytically the response of the aggregate economy to a monetary shock. Different propagation mechanism, spanning the …

Persistent link: https://www.econbiz.de/10011084573

Asymmetries in Housing and Financial Market Institutions and EMU

Maclennan, Duncan; Muellbauer, John; Stephens, Mark - C.E.P.R. Discussion Papers - 1999

Despite convergence pressures, differences in housing and financial market institutions across the 15 member states of the European Union are still enormous. This paper argues that they have profound effects on the responsiveness of output and inflation in the different countries to changes in...

Persistent link: https://www.econbiz.de/10005504528