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Imperfect competition, monetary policy and welfare in a currency area

Lombardo, Giovanni - 2002

This paper studies the implication, in terms of welfare and monetary policy, of unequal degrees of competition across members of a currency area. We look at two ways in which the degree of competition in the market for goods can affect welfare in a currency area. One is through different average...

Persistent link: https://www.econbiz.de/10001693438

Imperfect competition, monetary policy and welfare in a currency area

Lombardo, Giovanni - 2002

auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …

Persistent link: https://www.econbiz.de/10011431763

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2016

Persistent link: https://www.econbiz.de/10012991267

Overcoming the Zero Bound on Interest Rate Policy

Goodfriend, Marvin - 2012

The paper proposes three options for overcoming the zero bound on interest rate policy: a carry tax on money, open market operations in long bonds, and monetary transfers. A variable carry tax on electronic bank reserves could enable a central bank to target negative nominal interest rates. A...

Persistent link: https://www.econbiz.de/10013102314

Do Inflation Expectations Become More Anchored During a Disinflation Episode? Evidence for Euro Area Firms

Baumann, Ursel; Ferrando, Annalisa; Georgarakos, Dimitris; … - National Bureau of Economic Research - 2025

Does a successful disinflation contribute to the anchoring of inflation expectations? We provide novel survey evidence on the dynamics of euro area firms' inflation expectations during the disinflation episode since 2022. We show that firms' short term inflation expectations declined steadily...

Persistent link: https://www.econbiz.de/10015326434

Inflation expectations and nonlinearities in the Phillips Curve

Doser, Alexander; Nunes, Ricardo; Rao, Nikhil; … - 2017 - This version: October 2017

This paper shows that a simple form of nonlinearity in the Phillips curve can explain why, following the Great Recession, inflation did not decrease as much as predicted by linear Phillips curves, a phenomenon known as the missing disinflation. We estimate a piecewise-linear specification and...

Persistent link: https://www.econbiz.de/10011764570

Constrained discretion and central bank transparency

Bianchi, Francesco; Melosi, Leonardo - 2016

We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...

Persistent link: https://www.econbiz.de/10011560575

Does monetary policy credibility help in anchoring inflation expectations? : evidence from six inflation targeting emerging economies

Güler, Aslı - In: Journal of central banking theory and practice 10 (2021) 1, pp. 93-111

Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the extent to which inflation expectations are formed by the...

Persistent link: https://www.econbiz.de/10012548972

New Chicago views on inflation control : the Neo-Fisherian approach and the fiscal theory of the price level

Spahn, Peter - In: Credit and capital markets : Kredit und Kapital 52 (2018) 1, pp. 69-87

Persistent link: https://www.econbiz.de/10012111382

Expectations' anchoring and inflation persistence

Bems, Rudolfs; Caselli, Francesca; Grigoli, Francesco; … - 2018

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based...

Persistent link: https://www.econbiz.de/10011978669