Showing 1 - 10 of 9,382
The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the … of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document … simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 …
Persistent link: https://www.econbiz.de/10010311797
turnaround in monetary policy pursuits and a rapid rise in reference interest rates. The FED reacted much faster than the ECB and …
Persistent link: https://www.econbiz.de/10014558486
and points out that the ECB acted less unconventionally than other international central banks. Moreover, the ECB did some … tentative attempts to exit the expansionary monetary policy measures. Although the ECB operates at the zero lower bound of … helped to mitigate the negative effects of the crisis with positive effects on output and prices. However, the ECB has become …
Persistent link: https://www.econbiz.de/10010464603
The neutral rate of interest is an important concept and communication tool for central banks. We develop a small open economy model with overlapping generations to study the determinants of the neutral real rate of interest in a small open economy. The model captures domestic factors such as...
Persistent link: https://www.econbiz.de/10014541752
The Taylor (1993) rule for determining interest rates is generalized to account for three additional variables: The money supply, money velocity, and the unemployment rate. Thus, five parameters, i.e. weights assigned to the deviation in the inflation rate, the deviation in real GDP (Gross...
Persistent link: https://www.econbiz.de/10014558406
Communication has become a vital part of modern monetary policy, and its importance is even higher during a crisis when a central bank has to calm the markets down. This paper studies the information content of different styles of communication from individual central bank policymakers in the...
Persistent link: https://www.econbiz.de/10014558415
important task of establishing credibility for the new institution. It discusses the role of the ECB's two pillar strategy and … presents an alternative framework for the analysis of the ECB's interest rate policy. As the weak Euro has received much public …
Persistent link: https://www.econbiz.de/10010305772
We present a detailed survey of changes in the reserve requirement system in Brazil and analyze the system's main functions and goals during the period from 1994 to 2012. We identify four different subperiods with respect to the use of this policy tool. In the first subperiod, from july 1994 to...
Persistent link: https://www.econbiz.de/10010331102
The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in monetary and fiscal policy. While monetary policies were solely aimed at "price stability" in the neoliberal regime, fiscal policies were characterized by the objective of...
Persistent link: https://www.econbiz.de/10010513081
This paper was presented as the 2006 W.A. Mackintosh Lecture at Queen's University. I consider some of the leading arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary policy. First, I consider whether ignoring money means...
Persistent link: https://www.econbiz.de/10011940718