Showing 1 - 10 of 934
Voting power methodology offers insights to understand coalition building in collective decision making. Using …. This voting power index is still widely used today in applications to international politics. Yet, it assumes that voters … are symmetric and focuses on particular voters only. This paper proposes a new measure of voting power which account for …
Persistent link: https://www.econbiz.de/10012775986
This paper provides new empirical evidence on policy-makers' voting patterns on interest rates. Applying (pooled …) Taylor-type rules and using real-time information available from published inflation reports and voting records, the paper …
Persistent link: https://www.econbiz.de/10013120227
How large should a monetary policy committee be? Which voting rule should a monetary policy committee adopt? This paper … builds on Condorcet's jury threorem to analyse the relationships between committee size and voting rules in a model where … policy discussions are subject to a time constraint. It suggests that in large committees majority voting is likely to …
Persistent link: https://www.econbiz.de/10013107003
This paper shows that a simple two-stage voting mechanism may implement a constrained optimal state dependent decision …
Persistent link: https://www.econbiz.de/10013051169
In this paper, we use the Furfine (1999) statistical procedure to identify money market operations from Payments Systems data. Given the availability of an alternative data set, recording money market operations we could confirm the accuracy of the method. We examine evidence on integration of...
Persistent link: https://www.econbiz.de/10014212409
This paper presents first the estimation of a two-country DSGE model for the euro area and the rest-of-the-world including relevant oil-price channels. We then investigate the optimal resolution of the policy tradeoffs emanating from oil-price disturbances. Our simulations show that the...
Persistent link: https://www.econbiz.de/10014213432
In this paper we present a novel approach to the empirical validation of the intertemporal approach to the current account. We develop a calibrated model highlighting the role of consumption smoothing and capital accumulation in the economic convergence process. After solving the model, we...
Persistent link: https://www.econbiz.de/10014218841
We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the OCA properties of the monetary union from an international business cycle perspective. It is derived from the relative importance of symmetric vs. asymmetric shocks that result...
Persistent link: https://www.econbiz.de/10014076631
Payments are a key focus of central banks, as - together with the safe, efficient operation of the payments market – wide access to cash is fundamentally important for a healthy economy. In this study, three main research areas were investigated: 1. socioeconomic characteristics that can be...
Persistent link: https://www.econbiz.de/10014076632
We estimate the euro area output gap by applying the Beveridge-Nelson decomposition based on a large Bayesian vector autoregression. Our approach incorporates multivariate information through the inclusion of a wide range of variables in the analysis and addresses data issues associated with the...
Persistent link: https://www.econbiz.de/10014078099