Download or read book Inflation Inflation Uncertainty and a Common European Monetary Policy written by Stilianos Fountas and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between inflation and inflation uncertainty is investigated in six European Union countries for the period 1960-99. Exponential generalized autoregressive conditional heteroscedasticity models are used to generate a measure of inflation uncertainty and then Granger methods are employed to test for causality between average inflation and inflation uncertainty. In all the European countries except Germany, inflation significantly raises inflation uncertainty as predicted by Friedman. However, in all countries except the UK, inflation uncertainty does not cause negative output effects, implying that a common European monetary policy applied by the European Central Bank might lead to asymmetric real effects via the inflation uncertainty channel. Less robust evidence is found regarding the direction of the impact of a change in inflation uncertainty on inflation. In Germany and the Netherlands, increased inflation uncertainty lowers inflation, while in Italy, Spain and, to a lesser extent, France increased inflation uncertainty raises inflation. These results are generally consistent with the existing rankings of central bank independence.
Download or read book Inflation Inflation Uncertainty and a Common European Monetary Policy written by Stilianos Fountas and published by . This book was released on 2001 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Patterns and Monetary Policy written by Johannes M. Groeneveld and published by Edward Elgar Publishing. This book was released on 1998 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the European Monetary Union, which is expected soon to charge the European Central Bank with responsibility for controlling inflation in the region, the chief economist at De Nederlandsche Bank in Amsterdam analyzes technical, empirical, and international monetary policy considerations relevant to the Bank in choosing an appropriate monetary strategy for achieving price stability. Drawing data from several industrialized countries, he finds a remarkable convergence in inflation profiles over the past few decades, but almost no convergence in other economic factors. He concludes that monetary targeting would be the most effective approach. Annotation copyrighted by Book News, Inc., Portland, OR
Download or read book Euro Inflation Uncertainty in the European Monetary Union written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book The Euro and Inflation Uncertainty in the European Monetary Union written by Guglielmo Maria Caporale and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time-varying GARCH model is estimated to distinguish between short-run and steady-state inflation uncertainty. The effects of the introduction of the Euro in 1999 are then examined introducing a dummy variable. Overall, it appears that post-1999 steady-state inflation has generally remained stable, steady-state inflation uncertainty and inflation persistence have both increased, and the relationship between inflation and inflation uncertainty has broken down in many countries. When the break dates are determined endogenously, the adjustment is found to have taken place before the introduction of the Euro.
Download or read book Did the Introduction of the Euro Impact on Inflation Uncertainty written by Matthias Hartmann and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation and Unemployment in a Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2008-07-15 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the coexistence of inflation and unemployment in a monetary union. The focus is on how to reduce the associated loss. The primary target of the European central bank is low inflation in Europe. The primary target of the German government is low unemployment in Germany. And the primary target of the French government is low unemployment in France. The European central bank has a quadratic loss function. The same applies to the German government and the French government. The key questions are: To what extent can the sequential process of monetary and fiscal decisions reduce the loss caused by inflation and unemployment? Is monetary and fiscal cooperation superior to the sequential process of monetary and fiscal decisions? The present book is part of a larger research project on European Monetary Union, see the references given at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association, at the International Conference on Macroeconomic Analysis, at the International Institute of Public Finance, and at the International Atlantic Economic Conference. Other parts were presented at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Göttingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, at the Research Seminar on Economics in Kassel, and at the Passau Workshop on International Economics.
Download or read book Surviving the Slowdown written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 2002 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe has a new central bank. It must develop its version of accountability and public debate over monetary policies. It is natural for CEPR, as a network of policy-oriented academic economists, to contribute to the establishment of a new tradition. Monitoring the European Central Bank (MECB) brings together a group of economists internationally known for their work on macroeconomics and monetary policy. MECB will monitor the European economy and the work of the ECB. Its analyses will be presented to the public, including the European Parliament and the media. A full MECB report is published each year, complemented by an Update that draws on recent publications of the ECB.
Download or read book Dual Long Memory in Inflation Dynamics Across Countries of the Euro Area and the Link Between Inflation Uncertainty and Macroeconomic Performance written by Christian Conrad and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article analyzes the inflation dynamics of several countries belonging to the European Monetary Union and of the UK. We estimate the two main parameters driving the degree of persistence in inflation and its uncertainty using a dual long memory process. We also investigate the possible existence of heterogeneity in inflation dynamics across Euro area countries and examine the link between nominal uncertainty and macroeconomic performance measured by the inflation and output growth rates. Strong evidence is provided for the hypothesis that increased inflation raises nominal uncertainty in all countries. However, we find that uncertainty surrounding future inflation has a mixed impact on output growth. This result brings out an important asymmetry in the transmission mechanism of monetary policy in Europe in addition to the difference in the economic sizes of the countries. We also investigate whether one can find a correlation between central bank independence and inflation policy. Our conclusion is that the most independent central banks are in countries where inflation falls in response to increased uncertainty.
Download or read book Monetary Policy in the Euro Area written by Otmar Issing and published by Cambridge University Press. This book was released on 2001-07-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Download or read book One Money for Europe written by Michele Fratianni and published by Springer. This book was released on 1978-06-17 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Inflation Uncertainty Disagreement and Monetary Policy written by Alexander Glas and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Monetary Union The Kingsdown Enquiry written by Ian D. Davidson and published by Springer. This book was released on 2016-07-27 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the next few years, Britain will face a momentous choice in Europe. Should it join a single currency in the European Union? Or should it stay outside? This report is the result of an intensive enquiry into the implications of that choice, led by Lord Kingsdown, former Governor of the Bank of England. It examines the pros and cons of British participation; the likely consequences for the British economy, including inflation, interest rates and foreign investment; and the broader political implications of the choice. It makes an essential, non-party contribution to the clarification of the British debate on Europe.
Download or read book Inflation Targeting and Financial Stability written by Michael Heise and published by Springer. This book was released on 2019-02-26 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the financial crisis of 2008/09, the world’s major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.
Download or read book The European Monetary System And European Monetary Union written by Michele Fratianni and published by Routledge. This book was released on 2019-09-06 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.
Download or read book A European Central Bank written by Marcello De Cecco and published by Cambridge University Press. This book was released on 1989-05-25 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers in this volume analyse the issues of having a single European currency.
