Arbeitspapier
A time-varying indicator of effective monetary policy conservatism
Based on an extended version of a time-inconsistency model of monetary policy we show that the degree of effective monetary policy conservatism can be uncovered by studying to what extent central banks react to real disturbances. By estimating central bank reaction functions in moving and overlapping intervals for the period of 1985 to 2007 using an ordered logit approach in a panel setting we derive a time-varying indicator of effective monetary policy conservatism for Canada, Sweden, the UK and the US. Employing this indicator we show that increasing effective conservatism tends to lower inflation without increasing the output gap. However, while a higher degree of effective conservatism does not result in lower inflation uncertainty the variance of the output gap tends to decrease.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionspapier ; No. 112
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Central Banks and Their Policies
- Thema
-
central banking
monetary policy
conservatism
central bank independence
inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Berlemann, Michael
Hielscher, Kai
- Ereignis
-
Veröffentlichung
- (wer)
-
Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
- (wo)
-
Hamburg
- (wann)
-
2011
- Handle
- URN
-
urn:nbn:de:gbv:705-opus-29357
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Berlemann, Michael
- Hielscher, Kai
- Helmut-Schmidt-Universität - Universität der Bundeswehr Hamburg, Fächergruppe Volkswirtschaftslehre
Entstanden
- 2011
Ähnliche Objekte (12)
Measuring effective monetary policy conservatism
Hurricane Risk, Happiness and Life Satisfaction. Some Empirical Evidence on the Indirect Effects of Natural Disasters
Effective monetary policy conservatism: A comparison of 11 OECD countries
A Time-varying Indicator of Effective Monetary Policy Conservatism
Ein Ansatz zur experimentellen Überprüfung der ökonomischen Theorie des Haftungsrechts
Monetary policy under uncertain planning horizon
Methoden der empirischen Makroökonomik: Zum Nobelpreis für Wirtschaftswissenschaften an Thomas Sargent und Christopher Sims
Zum Gedenken an Professor Dr. Ansgar Belke
Forecasting inflation via electronic markets: Results from a prototype market
The effect of signalling and beliefs on the voluntary provision of public goods
ECB Presidency and Inflation Aversion among the Citizens of European Countries: An Empirical Assessment
Experimentelle Aktienmärkte als Instrumente der Konjunkturprognose
Measuring effective monetary policy conservatism
Hurricane Risk, Happiness and Life Satisfaction. Some Empirical Evidence on the Indirect Effects of Natural Disasters
Effective monetary policy conservatism: A comparison of 11 OECD countries
A Time-varying Indicator of Effective Monetary Policy Conservatism
Ein Ansatz zur experimentellen Überprüfung der ökonomischen Theorie des Haftungsrechts
Monetary policy under uncertain planning horizon
Methoden der empirischen Makroökonomik: Zum Nobelpreis für Wirtschaftswissenschaften an Thomas Sargent und Christopher Sims
Zum Gedenken an Professor Dr. Ansgar Belke
Forecasting inflation via electronic markets: Results from a prototype market
The effect of signalling and beliefs on the voluntary provision of public goods
ECB Presidency and Inflation Aversion among the Citizens of European Countries: An Empirical Assessment
Experimentelle Aktienmärkte als Instrumente der Konjunkturprognose
Measuring effective monetary policy conservatism
Hurricane Risk, Happiness and Life Satisfaction. Some Empirical Evidence on the Indirect Effects of Natural Disasters
Effective monetary policy conservatism: A comparison of 11 OECD countries
A Time-varying Indicator of Effective Monetary Policy Conservatism
Ein Ansatz zur experimentellen Überprüfung der ökonomischen Theorie des Haftungsrechts
Monetary policy under uncertain planning horizon
Methoden der empirischen Makroökonomik: Zum Nobelpreis für Wirtschaftswissenschaften an Thomas Sargent und Christopher Sims
Zum Gedenken an Professor Dr. Ansgar Belke
Forecasting inflation via electronic markets: Results from a prototype market
The effect of signalling and beliefs on the voluntary provision of public goods
ECB Presidency and Inflation Aversion among the Citizens of European Countries: An Empirical Assessment