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  • 1
    Electronic Resource
    Electronic Resource
    Inflation Dynamics and Monetary Strategies: Evidence from Six Industrialized Countries (1998)
    Springer
    Open economies review 9 (1998), S. 21-38 
    Details
    ISSN: 1573-708X
    Keywords: credibility ; monetary policy ; inflation targeting ; structural breaks
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper we address the issue whether a switch to inflation targeting can help build monetary policy credibility and can substitute for a track record of low inflation. To this end, we empirically evaluate the success of inflation targeting in Canada, New Zealand and the United Kingdom and investigate to what extent the joint dynamic processes of inflation and nominal interest rates in these three countries have experienced a structural break at the time of the regime switch to inflation targeting. The experience of Canada, New Zealand and the United Kingdom is matched with the United States, Australia and Germany. We find that the effectiveness of the direct inflation targeting approach to quickly increase low-inflation credibility so far is ambiguous and that this strategy is not clearly superior to intermediate monetary strategies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008223206085
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    From the ERM with Love: Monetary Spillover Effects to Austria (1998)
    Springer
    Empirica 25 (1998), S. 331-345 
    Details
    ISSN: 1573-6911
    Keywords: Price level ; inflation ; monetary policy ; supply of money
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this article, I examine the impact of domestic and European-wide monetary factors on Austrian inflation within the context of an extended version of the traditional P*-framework over the period 1973.I–1997.IV. The estimations suggest that the relative importance of national and European monetary conditions for detecting future price trends in Austria has shifted in favour of the latter variable in the course of time. Hence, long before Austria decided to join the ERM, its rate of inflation appears to be mainly driven by monetary factors abroad. The credible ‘hard currency’ concept of the Austrian monetary authorities together with the strong European orientation of Austria is presumably largely responsible for this. From Austria's point of view, the results also seem to provide preliminary support for the use of European monetary aggregates in the formulation of monetary policy in Stage Three of EMU.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1006927919185
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    Paper (German National Licenses)
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