Monetary policy uncertainty and inflation: the role of central bank accountability

Article Abstract:

A simple monetary policy game with uncertainty regarding the agent's inflation stabilization preferences is employed in examining the issue of central bank accountability. Results showed that accountability may have an important economic role, aside from its political function of ensuring the central bank's answerability to voters through its accountability to the executive branch. For countries with little central bank independence or a dismal inflationary track record, lowering monetary policy uncertainty can achieve substantial reductions in inflation. Accountability as a way to lower both inflation and inflation uncertainty is thus determined by the degree of central bank conservativeness.

Research, Inflation (Finance), Central banks, Inflation (Economics)

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The recent failure of U.S. monetary policy

Article Abstract:

The US Federal Reserve Board's monetary policy has failed to stimulate significant increases in real income, nominal income and board monetary aggregates. An analysis of the monetary policy revealed that it was able to stabilize the velocity link between broad money supply and nominal gross domestic product. However, the analysis noted that the the Federal Reserve failed to consider the effects of new bank capital and reserve requirements on the economy.

Finance, taxation, & monetary policy, Evaluation, Economic policy, United States. Federal Reserve Board

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The exchange rate and the monetary transmission mechanism in Germany

Article Abstract:

The impact of exchange rates on monetary transmission mechanisms is examined for Germany, with consequences for inflation and output assessed.

Germany, Interest Rates, Economic aspects

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