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Central bank Credibility Before and After the Crisis

Bordo, Michael D. - 2015

A new measure of credibility is constructed as a function of the differential between observed inflation and some … estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is …-2008 financial crisis. The VIX, adopting an inflation target and central bank transparency, are the most reliable determinants of …

Persistent link: https://www.econbiz.de/10012456960

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

Central Bank Credibility : An Historical and Quantitative Exploration

Bordo, Michael D. - 2015

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

Persistent link: https://www.econbiz.de/10012457842

Central Banks and Gold Puzzles

Aizenman, Joshua - 2012

We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the real price of gold. We also observe the...

Persistent link: https://www.econbiz.de/10012460766

The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis

Aizenman, Joshua; Park, Donghyun; Aleem, Irfan; Uddin, … - National Bureau of Economic Research - 2024

reserves, and inflation are all important determinants of EM resilience …

Persistent link: https://www.econbiz.de/10014528343

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds

Aizenman, Joshua - 2010

This paper presents a model comparing the degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden...

Persistent link: https://www.econbiz.de/10012462264

Selective Swap Arrangements and the Global Financial Crisis : Analysis and Interpretation

Aizenman, Joshua - 2009

The onset of the US credit crisis in 2008, and its rapid globalization induced the FED to extend unprecedented swap-lines of 30 billion dollars to four emerging markets, and the proliferation of other cross-countries selective swap arrangements. This paper explores the logic for these...

Persistent link: https://www.econbiz.de/10012463826

Sovereign Wealth Funds : Stylized Facts about their Determinants and Governance

Aizenman, Joshua - 2008

This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves. It analyzes the...

Persistent link: https://www.econbiz.de/10012464086

Optimal Wage Re-Negotiation

Aizenman, Joshua - 1984

This paper investigates an economy in which there are short-term wage contracts that are re-negotiated under certain conditions. This paper determines the optimal frequency of wage re-negotiation and shows that it depends positively on measures of aggregate variability and Phillips curve slope....

Persistent link: https://www.econbiz.de/10012477817

Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance

Ahmed, Rashad - 2019

, we document several potential fiscal dominance effects during 2000-2017 under Inflation Targeting (IT), and non …

Persistent link: https://www.econbiz.de/10012479945