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Policy instrument choice and non-coordinated monetary in interdependent economies

Lombardo, Giovanni; Sutherland, Alan - 2004

Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal...

Persistent link: https://www.econbiz.de/10010295630

In Search of Monetary Stability : The Evolution of Monetary Policy

Issing, Otmar - 2013

Persistent link: https://www.econbiz.de/10013095766

Optimal Inflation with Corporate Taxation and Financial Constraints

Finocchiaro, Daria - 2015

This paper revisits the equilibrium and welfare effects of long-run inflation in the presence of distortionary taxes and financial constraints. Expected inflation interacts with corporate taxation through the deductibility of i) capital expenditures at historical value and ii) interest payments...

Persistent link: https://www.econbiz.de/10013013832

Opting out of the great inflation: German monetary policy after the breakdown of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

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/10010298759

Der Stabilitäts- und Wachstumspakt : unentbehrliches Korrelat zur einheitlichen Geldpolitik

Issing, Otmar - In: Zeitschrift für das gesamte Kreditwesen : Pflichtblatt … 56 (2003) 1, pp. 15-18

Persistent link: https://www.econbiz.de/10001722280

"Auf Dauer müssen stabiles Geld und solide Finanzen zusammengehen"

Issing, Otmar - In: Zeitschrift für das gesamte Kreditwesen : Pflichtblatt … 61 (2008) 17, pp. 842-846

Persistent link: https://www.econbiz.de/10003748668

Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows

Banerjee, Ryan - 2016

This paper explores the nature of macroeconomic spillovers from advanced economies to emerging market economies (EMEs) and the consequences for independent use of monetary policy in EMEs. We first empirically document the effects of US monetary policy shocks on a sample group of EMEs. A...

Persistent link: https://www.econbiz.de/10013000728

Money in a New-Keynesian model estimated with German data

Werner, Thomas; Lombardo, Giovanni; Kremer, Jana - 2003

In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation...

Persistent link: https://www.econbiz.de/10010295763

Inflation targeting rules and welfare in an asymmetric currency area

Lombardo, Giovanni - 2004

This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of a monetary union. In particular, we assess the welfare loss brought about by the use of a simple interest rate rule that does not take into account such structural differences....

Persistent link: https://www.econbiz.de/10010295631

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2002

intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …

Persistent link: https://www.econbiz.de/10010295738