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  • Articles  (23)
  • monetary policy  (23)
  • Springer  (23)
  • American Physical Society (APS)
  • Blackwell Publishing Ltd
  • 1995-1999  (23)
  • 1945-1949
  • Economics  (23)
Collection
  • Articles  (23)
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Keywords
Publisher
  • Springer  (23)
  • American Physical Society (APS)
  • Blackwell Publishing Ltd
Years
Year
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  • 1
    Electronic Resource
    Electronic Resource
    Changing monetary transmission mechanisms within the EU (1998)
    Springer
    Empirical economics 23 (1998), S. 455-481 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Cointegration ; long-run impact ; money demand ; IS ; LM ; monetary policy ; capital liberalization ; JEL classification: C32 ; E41 ; E52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the “second ERM” in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegrated VAR model. It provides empirical results on the macroeconomic effects of joining the ERM and financial deregulation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050031
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  • 2
    Electronic Resource
    Electronic Resource
    Optimal budgetary and monetary policies under uncertainty: A stochastic control approach (1995)
    Springer
    Annals of operations research 58 (1995), S. 379-402 
    Details
    ISSN: 1572-9338
    Keywords: Optimal control ; stochastic control ; dynamic systems ; economics ; public-sector applications ; optimization ; budgetary policies ; monetary policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Notes: Abstract In this paper, we determine optimal budgetary and monetary policies for Austria using a small macroeconometric model. We use a Keynesian model of the Austrian economy, called FINPOL1, estimated by ordinary least squares, which relates the main objective variables of Austrian economic policies, such as the growth rate of real gross domestic product, the rate of unemployment, the rate of inflation, the balance of payments, and the ratio of the federal budget deficit to GDP, to fiscal and monetary policy instruments, namely expenditures and revenues of the federal budget and money supply. Optimal fiscal and monetary policies are calculated for the model under a quadratic objective function using the algorithm OPTCON for the optimum control of nonlinear stochastic dynamic systems. Several control experiments are performed in order to assess the influence of different kinds of uncertainty on optimal budgetary and monetary policies. Apart from deterministic optimization runs, different assumptions about parameter uncertainties are introduced; the results of these different stochastic optimum control experiments are compared and interpreted.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02038862
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  • 3
    Electronic Resource
    Electronic Resource
    Central Banking in a Democratic Society (1998)
    Springer
    De economist 146 (1998), S. 199-226 
    Details
    ISSN: 1572-9982
    Keywords: monetary policy ; central bank independence
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This Tinbergen lecture addresses two issues. The first concerns the principles of monetary policy in a low-inflation environment. The second, more fundamental, issue concerns the institutional arrangements by which monetary policy is set in a democratic society. Three conclusions are drawn: (1) Monetary policy matters. Despite some major mistakes, American postwar economic policy has led to far greater stability of the economy. (2) Strategies of opportunistic disinflation or pre-emptive strikes are based on hypotheses for which there is little empirical support. An alternative strategy, called cautious expansionism, would be preferable. (3) A central bank must be accountable and sensitive to democratic processes; there must be more democracy in the choice of decision makers and more representativeness in the governance structure.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1003272907007
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  • 4
    Electronic Resource
    Electronic Resource
    Time consistency, asymmetric information and monetary policy design: An overview (1996)
    Springer
    De economist 144 (1996), S. 445-472 
    Details
    ISSN: 1572-9982
    Keywords: monetary policy ; time-consistency ; central bank independence ; asymmetric information
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Summary This paper surveys the literature on monetary policy in the context of asymmetric information game theory. It distinguishes between the earlier literature focusing on finding reputational equilibria, the literature analyzing the possibilities of using announcements to influence expectations, and the principal-agent approach to the institutional design of monetary policy. The focus is on the institutional implications of the various studies. The conclusion is that institutional reforms directed at independent central banks with a mandate for price stability are not in line with the recommendations from the theory.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01682836
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  • 5
    Electronic Resource
    Electronic Resource
    The Information Content of the Yield Curve for Monetary Policy: A Survey (1998)
    Springer
    De economist 146 (1998), S. 303-320 
    Details
    ISSN: 1572-9982
    Keywords: yield curve ; monetary policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The information content of the yield curve with respect to future inflation as well as future real economic activity is discussed. Both theoretical arguments and the empirical validity of these arguments are reviewed. The empirics favouring the yield curve as leading indicator for inflation is not found to be entirely convincing. The curve possesses information content, but it is difficult to empirically discriminate between the effects on real interest rates and future inflation. The yield spread is a stable leading indicator for future real economic activity, but there are several theoretical interpretations of this (positive) relationship, depending on the nature of shocks hitting the economy and the behaviour of prices in the economy. The proper reaction of monetary policy could differ among these interpretations. All in all, care should be taken in using the yield curve as information variable for monetary policy.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1003201129006
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  • 6
    Electronic Resource
    Electronic Resource
    ASPEN: A Microsimulation Model of the Economy (1998)
    Springer
    Computational economics 12 (1998), S. 223-241 
    Details
    ISSN: 1572-9974
    Keywords: agent-based model ; microsimulation ; genetic algorithm ; monetary policy ; US economy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Computer Science , Economics
    Notes: Abstract In this report we present ASPEN, a new agent-based microeconomic simulation model of the U.S. economy being developed at Sandia National Laboratories (SNL). The model is notable because it allows a large number of individual economic agents to be modeled at a high level of detail and with a great degree of freedom. Some of the features of ASPEN are (a) a sophisticated message-passing system which allows individual pairs of agents to communicate with one another, (b) the use of genetic algorithms to simulate certain agents' learning, and (c) a detailed financial sector which includes a banking system and a bond market. Results from runs of the model are also presented.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008691115079
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  • 7
    Electronic Resource
    Electronic Resource
    Exact Utilities under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents (1999)
    Springer
    International tax and public finance 6 (1999), S. 507-535 
    Details
    ISSN: 1573-6970
    Keywords: monetary policy ; stabilization ; sticky wages ; sticky prices ; wage contracts ; price contracts
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We construct an optimizing-agent model of a closed economy which is simple enough that we can use it to make exact utility calculations. There is a stabilization problem because there are one-period nominal contracts for wages, or prices, or both and shocks that are unknown at the time when contracts are signed. We evaluate alternative monetary policy rules using the utility function of the representative agent. Fully optimal policy can attain the Pareto-optimal equilibrium. Fully optimal policy is contrasted with both 'naive' and 'sophisticated' simple rules that involve, respectively, complete stabilization and optimal stabilization of one variable or a combination two variables. With wage contracts, outcomes depend crucially on whether there are also price contracts. For example, if labor supply is relatively inelastic, for productivity shocks, nominal income stabilization yields higher welfare when there are no price contracts. However, with price contracts, outcomes are independent of whether there are wage contracts, except, of course, for the nominal wage.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1008797231729
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  • 8
    Electronic Resource
    Electronic Resource
    The government's time discount rate: Choices and consequences in a dynamic framework (1998)
    Springer
    Journal of economics 67 (1998), S. 265-285 
    Details
    ISSN: 1617-7134
    Keywords: fiscal policy ; monetary policy ; time discount rate ; inflation target ; E52 ; E62
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper considers a closed macroeconomy where the monetary authority pursues an inflation target and policy outcomes are the consequence of a Nash game between fiscal and monetary authorities. The specification of the macroeconomic framework is characterized by nonlinearities which lead to multiple equilibria with differing stability properties. Employing a calibrated model and simulations derived using the Mathematica package, the stability properties of the economy and the likely choice of equilibrium are examined. Within this framework, the dynamic consequences of different time discount rates for the fiscal authority are investigated, both in a world of certainty and also in a world of uncertainty. It is shown that, in a world of certainty, it will be optimal to choose the fiscal authority's time discount rate equal to the market rate of interest. However, depending on the degree of uncertainty in evaluating the time discount rates of consumers and of the fiscal authority, it may be appropriate to bias the fiscal authority's discount rate above or below the expected interest rate.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01234646
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  • 9
    Electronic Resource
    Electronic Resource
    Capital Inflows to Hungary in 1995–96 and the Accompanying Policy Responses (1998)
    Springer
    Empirica 25 (1998), S. 183-216 
    Details
    ISSN: 1573-6911
    Keywords: Capital flows ; current account ; monetary policy ; exchange rate policy ; Hungary
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In order to analyze the composition and effects of, and the policy responses to, capital inflows to Hungary during 1995–96, we present an analytical framework that emphasizes the distinction between net capital flows to the private and public sectors (the latter includes the government and the central bank). This distinction is essential in Hungary's case, because figures for overall net inflows conceal the fact that huge net capital inflows to the private sector were accompanied by large repayments of foreign public debt, covered by significant privatization revenues. We present indicators of the domestic monetary impact of net capital inflows in order to analyze the magnitude, costs, and effects of sterilization. We note that extensive sterilization and the use of privatization revenues for public debt repayment largely explain why capital inflows to Hungary did not have significant effects on the real economy or on domestic monetary aggregates in the period reviewed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1006846502348
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  • 10
    Electronic Resource
    Electronic Resource
    Capital Flows to Asia: The Role of Monetary Policy (1998)
    Springer
    Empirica 25 (1998), S. 165-182 
    Details
    ISSN: 1573-6911
    Keywords: Capital inflows ; monetary policy
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Monetary policy played an important role in the Asian experience with capital inflows. Central banks used monetary policy to contain the threat of overheating, but the resulting increases in interest rates attracted additional inflows. Empirical measurement of these links shows that tight monetary policy was an important source of inflows to Indonesia and Thailand in recent years, and that the independence of monetary policy decreased during the inflow period.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1006858821003
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