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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area

Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10005051516

Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication

Berger, Helge; Sturm, Jan-Egbert - CESifo - 2006

We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the … somewhat more important in the later half of the sample, only played a minor role most of the time. Our estimates of ECB … interest rate decisions suggest that the ECB’s words (monetary-sector based policy intensions) are not an important determinant …

Persistent link: https://www.econbiz.de/10005406390

The Stress of Having a Single Monetary Policy in Europe

Sturm, Jan-Egbert; Wollmershäuser, Timo - CESifo - 2008

show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or …. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries …. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB. …

Persistent link: https://www.econbiz.de/10005406450

Escaping from a Combination of Liquidity Trap and Credit Crunch

Heinemann, Frank - CESifo - 2008

This brief exposition suggests that the Federal Reserve System temporarily guarantee a lower bound on stock prices in order to escape the current combination of liquidity trap and credit crunch. It shortly discusses reasons for this measure, consequences, and some alternatives. It is meant as a...

Persistent link: https://www.econbiz.de/10005765775

The VARying Effect of Foreign Shocks in Central and Eastern Europe

Jiménez-Rodriguez, Rebeca; Morales-Zumaquero, Amalia; … - CESifo - 2010

This paper investigates the impact of international shocks – interest rate, commodity price and industrial production shocks – on key macroeconomic variables in ten Central and Eastern European (CEE) countries by using near-VAR models and monthly data from the early 1990s to 2009. In...

Persistent link: https://www.econbiz.de/10008596588

The Monetary Policy of the ECB: A Robin Hood Approach?

Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - CESifo - 2013

inverted with the onset of the financial crisis. To shed light on the underlying decision rule of the ECB, we rank different …

Persistent link: https://www.econbiz.de/10010670796

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...

Persistent link: https://www.econbiz.de/10005405989

Inflation Targets Versus International Monetary Integration - A Canadian Perspective

Laidler, David - CESifo - 2002

The debate about Canadian-U.S. monetary integration is surveyed. The choice is among overall monetary orders,rather than exchange rate regimes and questions of policy credibility and political accountability are crucial. Canada’s recent economic performance under inflation targets, and...

Persistent link: https://www.econbiz.de/10005406116

Monetary Policy Transparency

Geraats, Petra - CESifo - 2014

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper provides an overview of the ways in which central banks have been providing more information about their monetary policymaking. Furthermore, it reviews the theoretical literature on...

Persistent link: https://www.econbiz.de/10010737509

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Persistent link: https://www.econbiz.de/10010877697