Browsing Working Papers by Subject "E58"

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Browsing Working Papers by Subject "E58"

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    Title: Money is an Experience Good: Competition and Trust in the Private Provision of Money  Author(s): MARIMON, Ramon; NICOLINI, Juan Pablo; TELES, Pedro Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study the interplay between competition and trust as efficiency-enhancingmechanims in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, ...
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    Title: Money is an Experience Good: Competition and Trust in the Private Provision of Money  Author(s): MARIMON, Ramon; NICOLINI, Juan Pablo; TELES, Pedro Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: We study the interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money. With commitment, trust is automatically achieved and competition ensures efficiency. Without ...
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    Title: Policymakers’ Votes and Predictability of Monetary Policy  Author(s): SIRCHENKO, Andrei Date: 2011 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: The National Bank of Poland does not publish the Monetary Policy Council's voting records before the subsequent policy meeting. Using real-time data, this paper shows that a prompter release of the voting records could ...
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    Title: Anchors for Inflation Expectations  Author(s): DEMERTZIS, Maria; MARCELLINO, Massimiliano; VIEGI, Nicola Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We identify credible monetary policy with first, a disconnect between inflation and inflation expectations and second, the anchoring of the latter at the inflation target announced by the monetary authorities. We test ...
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    Title: The Forecasting Performance of Real Time Estimates of the EURO Area Output Gap  Author(s): MARCELLINO, Massimiliano; MUSSO, Alberto Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper provides real time evidence on the usefulness of the euro area output gap as a leading indicator for inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several ...
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    Title: The Reliability of Real Time Estimates of the EURO Area Output Gap  Author(s): MARCELLINO, Massimiliano; MUSSO, Alberto Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: This paper provides evidence on the reliability of euro area real-time output gap estimates, including those provided by the IMF, OECD and EC and a set of model based measures. A genuine real-time data set is used, including ...
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    Title: Monetary Politics in a Monetary Union: A Note on Common Agency with Rational Expectations  Author(s): RUTA, Michele Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI RSCAS Abstract: Is the politicisation of monetary policy in a currency union desirable? This paper shows that in a setting where political influence by national governments is modeled as a common agency game with rational expectations, ...
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    Title: Nominal Debt as a Burden on Monetary Policy  Author(s): DIAZ-GIMENEZ, Javier; GIOVANNETTI, Giorgia; MARIMON, Ramon; TELES, Pedro Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium ...