Price Variability Output Variability And Central Bank Independence
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Price Variability Output Variability And Central Bank Independence
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Author : Tuck Meng Ow-Yong
language : en
Publisher:
Release Date : 1996
Price Variability Output Variability And Central Bank Independence written by Tuck Meng Ow-Yong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
On The Sources Of The Inflation Bias And Output Variability
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Author : Gustavo Piga
language : en
Publisher:
Release Date : 2005
On The Sources Of The Inflation Bias And Output Variability written by Gustavo Piga and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Why do dynamic inconsistencies in monetary policy exist? In this paper a traditional model without put inefficiencies is introduced, but monetary policy is allowed to be influenced by the various constituencies in the economy, that pressure Congress in turn to pressure the central bank to adopt a particular policy stance. The paper shows that in this economy an inflation bias arises due to the lobbying pressures of outsiders. Furthermore, it shows that if lobbying pressures are high enough, an inflation bias cannot be avoided for any finite level of central bank independence. It also shows that introducing the realistic feature of lobbying pressures has an impact on the stabilization properties of monetary policy. When a supply shock occurs, the shock is totally absorbed by a non myopic trade union which has no lobbying costs. This is independent of any finite degree of conservativeness of the central banker, who has to accept an extreme increase in price instability. It is shown that monetary policy delegation is therefore sub-optimal in achieving price-stability compared to labor-market reforms meant to remove monopsonistic elements. However, the same structural policies will induce greater output instability by strengthening the power of conservative central bankers.
Inflation Targeting Price Path Targeting And Output Variability
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Author : Stephen G. Cecchetti
language : en
Publisher:
Release Date : 2003
Inflation Targeting Price Path Targeting And Output Variability written by Stephen G. Cecchetti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Inflation (Finance) categories.
The dramatic improvement in macroeconomic outcomes during the 1990s - stable, low inflation and high, stable growth - can be at least partly ascribed to improved monetary policy. Central banks became more independent and many of them adopted inflation targeting. This paper examines the potential for further improvements by refining the concept of inflation targeting. We construct a general model that encompasses a broad array of possible target regimes, and apply it to the data. Our results suggest that the vast majority of countries could benefit from moving to pricepath targeting, where the central bank makes up for periods of above (below) target inflation with later periods of below (above) target inflation
The Political Economy Of Central Bank Independence
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Author : Sylvester C. W. Eijffinger
language : en
Publisher: International Finance Section Department of Econ Ton Univers
Release Date : 1996
The Political Economy Of Central Bank Independence written by Sylvester C. W. Eijffinger and has been published by International Finance Section Department of Econ Ton Univers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
Institutions And Monetary Policy
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Author : Eric Schaling
language : en
Publisher: Edward Elgar Publishing
Release Date : 1995
Institutions And Monetary Policy written by Eric Schaling and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.
Central bank independence is a key issue for political and monetary authorities in many countries. In this text, the author looks at the impact of different central banks on price stability and macroeconomic performance, and their optimal degree of legislative independence.
Macroeconomic Risk And Central Bank Independence
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Author : Hermann H. Sintim-Aboagye
language : en
Publisher:
Release Date : 2001
Macroeconomic Risk And Central Bank Independence written by Hermann H. Sintim-Aboagye and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Designing A Simple Loss Function For Central Banks
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Author : Davide Debortoli
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-21
Designing A Simple Loss Function For Central Banks written by Davide Debortoli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-21 with Business & Economics categories.
Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
Central Bank Independence And Output Variability
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Author : Mark Crosby
language : en
Publisher:
Release Date : 1996
Central Bank Independence And Output Variability written by Mark Crosby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Banks and banking, Central categories.
Stock Prices And Monetary Policy
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Author : Paul De Grauwe
language : en
Publisher: CEPS
Release Date : 2008
Stock Prices And Monetary Policy written by Paul De Grauwe and has been published by CEPS this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Monetary policy categories.
The question of whether central banks should target stock prices so as to prevent bubbles and crashes from occurring has been hotly debated. This paper analyses this question using a behavioural macroeconomic model. This model generates bubbles and crashes. It analyses how 'leaning against the wind' strategies, which aim to reduce the volatility of stock prices, can help in reducing volatility of output and inflation. We find that such policies can be effective in reducing macroeconomic volatility, thereby improving the trade-off between output and inflation variability. The strength of this result, however, depends on the degree of credibility of the inflation-targeting regime. In the absence of such credibility, policies aiming at stabilising stock prices do not stabilise output and inflation.
Asset Prices And Central Bank Policy
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Author : Stephen Giovanni Cecchetti
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2000
Asset Prices And Central Bank Policy written by Stephen Giovanni Cecchetti and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Concludes the role of asset prices in monetary policy is one of the most important, and difficult, questions confronting central banks.