Showing 1 - 10 of 1,464
We estimate the reaction function of monetary policy in the Euro area and derive the Taylor-type policy rule that a would-be ECB would have followed since the beginning of the European Monetary System (1979-2003). We first follow the standard GMM methodology developed by Clarida, Galí and...
Persistent link: https://www.econbiz.de/10005056522
In this article we estimate a time-varying " natural " rate of interest (TVNRI) for a synthetic euro area over the period 1979Q1-2002Q4 using a small backward-looking macroeconomic model, broadly following a methodology developed by Laubach and Williams (2003) for the United States. The Kalman...
Persistent link: https://www.econbiz.de/10005056544
This note takes part in the debate on the topic “a macroeconomics without LM”. It shows that, when the central bank does not control directly the interest rates on the money and financial markets, LM curve has another role to play than to determine in an endogenous way the money supply when...
Persistent link: https://www.econbiz.de/10015215892
The objective of this paper is the estimation of the Cenral Bank of Morocco reaction function. Several specifications were tested to finaly retain a dynamic forwad looking rule estimated by the method of generalized moments and considering imported inflation.
Persistent link: https://www.econbiz.de/10015266206
French abstract: Par un arrêt très attendu « Peter Gauweiler c/ Deutscher Bundestag » du 16 juin 2015 (affaire C-62/14), la Cour de justice de l'Union européenne (CJUE) a statué à titre préjudiciel sur une mesure de politique monétaire non conventionnelle menée par la Banque centrale...
Persistent link: https://www.econbiz.de/10013009364
Inflation targeting (IT) has become the dominant monetary policy framework around the world and most of the countries that have adopted it have successfully improved their monetary policy regime. The objective of this paper is to assess WAMZ member countries' readiness to adopt inflation...
Persistent link: https://www.econbiz.de/10014278241
Henry Thornton (1760-1815), whose major work - An Enquiry into the Nature and Effects of the Paper Credit of Great Britain - is celebrating its bicentennary in 2002, is considered today to be one of the most prominent classical monetary economist, in particular with regard to its seminal...
Persistent link: https://www.econbiz.de/10005056526
While much attention has focused on the factors that brought about the so-called new economy, much less attention has been paid to optimal policy responses following the establishment of the new economy. In the third article, Gilbert Cette and Christian Pfister from the Bank of France provide...
Persistent link: https://www.econbiz.de/10005650259
This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of Goodfriend's (2009) determination of the three policies that fall within the remit of a central bank: monetary policy, which consists in varying the size of the balance sheet,...
Persistent link: https://www.econbiz.de/10008548998
This paper is dedicated at reconsidering objectives and instruments of monetary policy and also at redefining a policy mix in an economy which is systematically confronted to imbalances due to changes in technology, in the composition of demand or in the distribution of income, It is motivated...
Persistent link: https://www.econbiz.de/10008553076