| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6456 |
| DP6456 Convergence and Anchoring of Yield Curves in the Euro Area | |
| Michael Ehrmann; Marcel Fratzscher; Refet Gürkaynak; Eric T. Swanson | |
| 发表日期 | 2007-09-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This is an extensive survey of worldwide developments in the area of monetary policymaking institutions during the second half of the twentieth century and beyond. In addition the last section discusses current open issues and future challenges. Section 2 reviews the changes that have occurred in the area of central bank independence (CBI) during the last twenty years, discusses reasons for those developments and provides an overview of accumulated empirical evidence on the relation between CBI and the performance of the economy. Section 3 discusses lessons from stabilization of inflation, reviews the evidence and implications of asymmetric central bank objectives and considers the issue of CBI within the broader context of choosing a nominal anchor. Section 4 reviews the impact of effective conservativeness (or independence) on economic performance in the presence of labour unions. A main insight is that, in the presence of large wage setters, CBI affects real variables like the rate of unemployment implying that conservativeness affects economic performance even in the long run. Section 5 considers future challenges facing modern central banks. The discussion presumes that CBI and price stability are here to stay and focuses on issues relating to the conduct of monetary policy by independent central banks in an era of price stability. The section discusses the risks associated with flexible inflation targeting, issues of accountability and transparency and the impact of central bank capital and finances on its independence. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Central bank independence Economic performance Monetary institutions and future challenges Nominal anchors |
| URL | https://cepr.org/publications/dp6456 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535282 |
| 推荐引用方式 GB/T 7714 | Michael Ehrmann,Marcel Fratzscher,Refet Gürkaynak,et al. DP6456 Convergence and Anchoring of Yield Curves in the Euro Area. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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