Similar Search Results

Eijffinger, Sylvester C W; Hoeberichts, Marco; … - C.E.P.R. Discussion Papers - 2000

In this paper we investigate central bank accountability by looking at the effect of transparency in a simple monetary … banker's preferences for inflation stabilization relative to output stabilization. Transparency enhances the central bank …'s accountability. The paper shows that transparency leads to a lower expected rate of inflation and less stabilization of supply shocks. …

Persistent link: https://www.econbiz.de/10005666712

The Role of Central Banks in Financial Stability: How has it changed?

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2012

The roles of central banks in the advanced economies have expanded and multiplied since the beginning of the crisis. The conventional monetary policy roles - setting interest rates in the pursuit of macroeconomic stability and acting as lender of last resort and market maker of last resort to...

Persistent link: https://www.econbiz.de/10011083725

Inflation Forecast Contracts

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2012

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10011084494

Monetary Policy Inclinations

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2008

We examine whether the publication of forecasts concerning the likely future conduct of monetary policy is socially desirable. Introducing a new central bank loss function that accounts for the deviations from announcements, we incorporate forecasts about future inflation and interest rates into...

Persistent link: https://www.econbiz.de/10005114233

Signalling and Commitment: Monetary versus Inflation Targeting

Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003

private information on shocks to money demand and, because of verifiability problems, the transparency solution is not …

Persistent link: https://www.econbiz.de/10005497735

Reciprocity and Inflation in Federal Monetary Unions

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1995

This paper presents a model of monetary policy-making in a federal monetary union. Central bank council members are representatives from the member states. In a repeated-game context, council members have an incentive to engage in strategic voting, trading political favours between each other....

Persistent link: https://www.econbiz.de/10005497837

A Tale of Five Bubbles- Asset Price Inflation and Central Bank Policy in Historical Perspective.

Voth, Hans-Joachim - Research School of Economics, College of Business and … - 2000

This paper examines five bubbles that eventually popped, and discuses the feasibility of central bank policy. In all cases, we find that monetary policy was too loose during the period when the bubble was developing, and that a determined switch from an accommodating to a tight stance caused...

Persistent link: https://www.econbiz.de/10004971353

Central Bank Constitutions for Monetary Unions

Süppel, Ralph; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1994

Historical experience suggests that the distribution of monetary policy authority among the members of a monetary union is a key aspect of the design of a central bank constitution. We analyse alternative institutional solutions to that problem with different degrees of centralization of...

Persistent link: https://www.econbiz.de/10005792300

Inflation without a quantity of money: a simple Wicksellian model outlined

Coleman, William - Research School of Economics, College of Business and … - 2007

The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the interaction of the nominal rate of return on capital with a rule that governs the interest rate at which the Central Bank supplies money, and in which the equality of the...

Persistent link: https://www.econbiz.de/10005032839

On the Real Effects of Monetary Policy: A Central Banker's View

Vallés Liberal, Javier; Viñals, José - C.E.P.R. Discussion Papers - 1999

This paper is an attempt to provide an updated assessment of what we know and what do not know about the impact of monetary policy on the economy and what implications follow for the conduct of monetary policy in today's world. Firstly, we discuss the conditions under which monetary policy can...

Persistent link: https://www.econbiz.de/10005114302