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Swiss Monetary Targeting 1974-1996: The Role of Internal Policy Analysis

Rich, Georg - In: Swiss Journal of Economics and Statistics 143 (2007) 3, pp. 283-329

After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNB’s internal policy analysis, an aspect of Swiss monetary targeting that has...

Persistent link: https://www.econbiz.de/10011933158

Opting out of the Great Inflation: German Monetary Policy after the Break Down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2009

expectations. We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary …

Persistent link: https://www.econbiz.de/10005007633

The fiscal compact and current account patterns in Europe

Behrendt, Stefan - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is noew a more or less strict limit to deficit spending - absent from cyclical factors - some other sector has to make up...

Persistent link: https://www.econbiz.de/10010468100

The Fiscal Compact and Current Account Patterns in Europe

Behrendt, Stefan - Friedrich-Schiller-University Jena - 2014

This paper shall give an overview of the implications to the sectoral balances stemming from the implementation of the Fiscal Compact in the Euro area in 2013. Since there is now a more or less strict limit to deficit spending-absent from cyclical factors-some other sector has to make up for the...

Persistent link: https://www.econbiz.de/10010755717

What's up with the Phillips curve?

Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; … - 2020

The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect...

Persistent link: https://www.econbiz.de/10012241237

Getting to Know GIMF : The Simulation Properties of the Global Integrated Monetary and Fiscal Model

Anderson, Derek - 2014

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed by the Economic Modeling Division of the IMF for policy analysis and international economic research. Using a 5-region version of the GIMF, this paper illustrates the model's...

Persistent link: https://www.econbiz.de/10013064363

Monetary policy rules : model uncertainty meets design limits

Dück, Alexander; Verona, Fabio - 2023

Optimal monetary policy studies typically rely on a single structural model and identification of model-specific rules that minimize the unconditional volatilities of inflation and real activity. In our proposed approach, we take a large set of structural models and look for the model-robust...

Persistent link: https://www.econbiz.de/10014364060

Beyond one-size-fits-all : designing monetary policy for diverse models and frequencies

Dück, Alexander; Verona, Fabio - 2025

We offer a contribution to the analysis of optimal monetary policy. The standard approach to determine what policy rule a central bank should follow is to take a single structural model and minimize the unconditional volatilities of inflation and real activity. In this paper, we propose monetary...

Persistent link: https://www.econbiz.de/10015181886

Managing households' expectations with unconventional policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021

unconventional policies that aim to increase households' spending directly through managing their expectations. We first show … theoretically and empirically that higher in ation expectations increase households' consumption. We then design a difference … demand via managing expectations. Whereas unconventional fiscal policy increases households' expectations and spending …

Persistent link: https://www.econbiz.de/10012490917

Managing households' expectations with salient economic policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019

substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a … consumption via managing inflation expectations based on the Euler equation. Unconventional fiscal policy uses trivial … announcements of future consumer-price increases to boost inflation expectations and consumption expenditure on impact. Instead …

Persistent link: https://www.econbiz.de/10012057290