Showing 1 - 10 of 149
The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the … of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document … simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 …
Persistent link: https://www.econbiz.de/10010958780
In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...
Persistent link: https://www.econbiz.de/10010986439
alternative reference models, all of which are used for policy-analysis at the ECB.We find that maximal insurance across this …
Persistent link: https://www.econbiz.de/10010986477
alternative reference models, all of which are used for policy-analysis at the ECB.We find that maximal insurance across this …
Persistent link: https://www.econbiz.de/10005120783
in the ECB's encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering …
Persistent link: https://www.econbiz.de/10010958514
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean...
Persistent link: https://www.econbiz.de/10011200313
ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to …
Persistent link: https://www.econbiz.de/10010986359
of ECB-style monetary cross-checking and show that it can generate substantial stabilization benefits in the event of …
Persistent link: https://www.econbiz.de/10010986372
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...
Persistent link: https://www.econbiz.de/10010986410
Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a central bank controls inflation aggressively when inflation is...
Persistent link: https://www.econbiz.de/10010986427