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The boundaries of central bank independence : lessons from unconventional times

Orphanides, Athanasios - 2018

too-low inflation. The experience of the Bank of Japan's encounter with the zero lower bound suggests important benefits … Geldpolitik auch beim Einsatz unkonventioneller Maßnahmen erfolgreich ist? Athanasios Orphanides analysiert die Maßnahmen der Bank … of Japan (BoJ) seit den späten 1990er Jahren und zeigt auf, worauf bei der Formulierung geachtet werden sollte. …

Persistent link: https://www.econbiz.de/10011901698

The ECB's instruments for crises and normal times : considerations for the policy strategy review

Orphanides, Athanasios - 2020 - Last revised: November 2020

The ongoing policy strategy review presents a unique opportunity for the ECB to examine how to best employ its immense power to fulfil its mandate. Two challenges require urgent attention. First, the “lowflation” problem – the outcome of overly tight policies that allowed inflation to...

Persistent link: https://www.econbiz.de/10012502029

Economic projections and rules-of-thumb for monetary policy

Orphanides, Athanasios (contributor); … - 2008

Monetary policy analysts often rely on rules-of-thumb, such as the Taylor rule, to describe historical monetary policy decisions and to compare current policy to historical norms. Analysis along these lines also permits evaluation of episodes where policy may have deviated from a simple rule and...

Persistent link: https://www.econbiz.de/10003750101

The boundaries of central bank independence: lessons from unconventional times

Orphanides, Athanasios - 2018

Persistent link: https://www.econbiz.de/10013447827

Are rules and boundaries sufficient to limit harmful central bank discretion? : lessons from Europe

Orphanides, Athanasios - 2014

Marvin Goodfriend's (2014) insightful, informative and provocative work explains concisely and convincingly why the Fed needs rules and boundaries. This paper reviews the broader institutional design problem regarding the effectiveness of the central bank in practice and confirms the need for...

Persistent link: https://www.econbiz.de/10010417257