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Based on an extended version of a time-inconsistency model of monetary policy we show that the degree of effective monetary policy conservatism can be uncovered by studying to what extent central banks react to real disturbances. By estimating central bank reaction functions in moving and...
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According to the game-theoretic model of monetary policy, inflation is the consequence of time-inconsistent behavior of the monetary authority. The inflation bias can be eased by handing over the responsibility for monetary policy to an independent central bank and appointing a...
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We show that, in a two-stage model of monetary policy with stochastic policy targets and asymmetric information, the transparency regime chosen by the central bank does never coincide with the regime preferred by society. Independent of society's endogenous choice of delegation, the central bank...
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Dieses Lehrbuch liefert eine systematische Einführung in die Makroökonomik. Zunächst werden die makroökonomische Analysetechnik und die Volkswirtschaftliche Gesamtrechnung vorgestellt sowie elementare formale Methoden erläutert. Anschließend wird die Technik der makroökonomischen...
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Forecasts of macroeconomic variables as the inflation rate serve as important guidelines for the private as well as the public sector. At least central banks that adopted an inflation targeting regime are in urgent need of high quality inflation forecasts. Accurate inflation forecasts are also...
Persistent link: https://www.econbiz.de/10010506648