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Speed limit policies : the output gap and optimal monetary policy

Walsh, Carl E. - 2001

In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...

Persistent link: https://www.econbiz.de/10011408406

Monetary policy transparency

Geraats, Petra M. - 2014

There has been a remarkable rise in the transparency of monetary policy during the last two decades. This paper …. Furthermore, it reviews the theoretical literature on monetary policy transparency and relevant empirical findings. The focus is …

Persistent link: https://www.econbiz.de/10010237274

Transparency, flexibility and macroeconomic stabilization

Geraats, Petra M. - 2014

. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic …

Persistent link: https://www.econbiz.de/10010249689

Inflation targets versus international monetary integration : a Canadian perspective

Laidler, David E. W. - 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 arguments...

Persistent link: https://www.econbiz.de/10011541166

The monetary policy of the ECB : a Robin Hood approach?

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

We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period 1999 to 2012. They approximate desirable national interest rates countries would have liked to implement if they could still conduct independent monetary policy. We find that...

Persistent link: https://www.econbiz.de/10009724004

Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015

We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....

Persistent link: https://www.econbiz.de/10010528970

Quantitative or qualitative forward guidance : does it matter?

Detmers, Gunda Alexandra; Karagedikli, Özer; Moessner, … - 2018

Every monetary policy decision by the Reserve Bank of New Zealand (RBNZ) is accompanied by a written statement about the state of the economy and the policy outlook, but only every second decision by a published interest rate forecast. We exploit this difference to study the relative influences...

Persistent link: https://www.econbiz.de/10011926064

Central bank independence and conservatism under uncertainty : substitutes or complements?

Hefeker, Carsten; Zimmer, Blandine - 2011

independence to the central bank increases the need for conservatism. -- central bank independence ; conservatism ; transparency …

Persistent link: https://www.econbiz.de/10009010174

Trends in monetary policy transparency

Geraats, Petra M. - 2009

Transparency has become a prominent feature of monetary policy. This paper provides an overview of central bank … communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary … inflation and economic development have undergone larger increases in transparency. Moreover, it shows that greater transparency …

Persistent link: https://www.econbiz.de/10003818025

Preaching to the agnostic : inflation reporting can increase trust in the Central Bank but only among people with weak priors

Hayo, Bernd; Méon, Pierre-Guillaume - 2023

Using a randomized controlled trial, we study whether showing German respondents a graph plotting the European Central Bank's inflation target alongside inflation in the euro area from 1999 to 2017 affects respondents' trust in the ECB. The treatment has, on average, no significant effect on the...

Persistent link: https://www.econbiz.de/10014338856