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Consumer inflation expectations in Poland

£yziak, Tomasz - 2003

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …

Persistent link: https://www.econbiz.de/10009635882

Interest rate reaction functions and the Taylor rule in the euro area

Gerlach-Kristen, Petra - 2003

inflation and the output gap, are unstable when estimated on euro area data and forecast poorly out of sample. We present an … argue reflects shifts in the publicu0092s perception of the long-run inflation objective. …

Persistent link: https://www.econbiz.de/10009635919

Describing the Fed's conduct with Taylor rules

Castelnuovo, Efrem - 2003

In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...

Persistent link: https://www.econbiz.de/10009635982

15. CEIES-Seminar : Inflation in Europa u0097 Unterschiedliche Messkonzepte und deren Nutzer ; Berlin, 4. und 5. Oktober 2001

Europäische Kommission / Statistisches Amt - 2002

Persistent link: https://www.econbiz.de/10009637069

Accountability and Transparency in Central Banking

de Grauwe, Paul; Gros, Daniel - 2009

The study discusses the relationship between accountability and transparency in central banking and the role and scope of parliamentary scrutiny. Special attention is given to the consequences of the current crisis for this area. For the authors, the current crisis shows that price stability...

Persistent link: https://www.econbiz.de/10011902412

ECB - Working paper series

European Central Bank

The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...

Persistent link: https://www.econbiz.de/10009635880

The credibility of the monetary policy "free lunch"

Yetman, James - 2003

Price level targeting has been proposed as an alternative to inﬂation targeting that may confer beneﬁts if a central … bank sets policy under discretion, even if societyu0092s loss function is speciﬁed in terms of inﬂation (instead of price …-of-thumb to form inﬂation expectations, or does not fully understand the nature of the target, price level targeting may in fact …

Persistent link: https://www.econbiz.de/10009635890

Indeterminacy of rational expectations equilibria in sequential financial markets

Donati, Paola - 2003

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

Persistent link: https://www.econbiz.de/10009635915

How does the ECB allot liquidity in its weekly main refinancing operations?

Ejerskov, Steen; Moss, Clara Martin; Stracca, Livio - 2003

This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...

Persistent link: https://www.econbiz.de/10009635957

Maintaining price stability under free-floating

Detken, Carsten; Gaspar, Vítor - 2003

The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg. We present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy...

Persistent link: https://www.econbiz.de/10009635960