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Measuring the time-inconsistency of US monetary policy

Surico, Paolo - 2003

This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...

Persistent link: https://www.econbiz.de/10009635891

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

aggregation across countries over the heterogeneous representative agents, and we derive the resulting formulas for stochastic … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …

Persistent link: https://www.econbiz.de/10009635917

Is the demand for euro area M3 stable?

Bruggeman, Annick; Donati, Paola; Warne, Anders - 2003

This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement … be useful in forecasting exercises.F inally, the conclusions are robust for the aggregation method and the choice of …

Persistent link: https://www.econbiz.de/10009635921