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A Framework for Monetary Stability
Recently, De Nederlandsche Bank in coope:ration with the CentER for Economic Research of Tilburg University organised an international conference on monetary policy. This volume contains the papers, comments and speeches given on that occasion. The organisation of such a conference and the publication of this book were possible only through the efforts of a number of people. More in particular I would like to thank the organising committee (prof Onno de Beaufort Wijnholds, assoc prof Sylvester Eijffinger, dr Lex Hoogduin and Broos van der Werff), Hans Haan the conference manager, Imelda Drubbel and Nicolette Ligtenberg who constituted the conference secretariat, Bert Groothoff who acted as p...
Does the Clarity of Inflation Reports Affect Volatility in Financial Markets?
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability measure. We find some evidence, mainly for the euro area, of a negative relationship between clarity and market volatility prior to and during the early stage of the global financial crisis. As the crisis unfolded, there is no longer robust evidence of a negative connection. We conclude that reducing noise using clear reports is possible but not without challenges, especially in times of crisis.
European Monetary Integration and the Financial Sector
Analisis de las consecuencias de la integracion monetaria y financiera en los mercados e instituciones financieras de los paises de la Union Europea, especialmente en Holanda. Las colaboraciones que contiene este libro estudian los siguientes aspectos: la UEM y la situacion macroeconomica (A. Italianer), la politica fiscal (J. Kremers y R. Gradus), la politica monetaria (L.H. Hoogduin y G. Korteweg), el sistema bancario (W. Boonstra y H. de Jong), la banca cooperativa (J. de Leeuw), los fondos de inversion (B. Vliegenthart), los fondos de pensiones (V.B. Connolly y J. Mensonides) y las compañias de seguros (J.M.A. Lommen). (pgp).
Frameworks for Monetary Stability
This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy. It then focuses on how monetary policy should be implemented.
The Political Economy of Monetary Institutions
Political economists consider the political and economic factors that affect a country's choice of monetary institutions. Recent analysis by political economists of monetary institution determinants in different countries has been limited by the fact that exchange rate regimes and central bank institutions are studied in isolation from each other, without examining how one institution affects the costs and benefits of the other. By contrast, the contributors to this volume analyze the choice of exchange rate regime and level of central bank independence together; the articles (originally published in a special issue of International Organization) constitute a second generation of research on the determinants of monetary institutions. The contributors consider both economic and political factors to explain a country's choice of monetary institutions, and examine the effect of political processes in democracies, including interest group pressure, on the balance between economic and distributional policy.
Exchange Rates and Economic Policy in the 20th Century
The themes of this study are the exchange rate regimes chosen by policy makers in the twentieth century, the means used to maintain these regimes, and the impact of these decisions on individual national economies and the world economy in general. The book draws heavily on new research showing the lessons and the legacy left for policy makers by the gold standard and the attempt at its resurrection in the 1920s. In examining issues such as the gold exchange standard, the gold bullion standard, the experience of floating exchange rates, the Bretton Woods arrangements, the EMS and the ERM, and the Currency Board approach, there is a conscious attempt to draw out the relevance of history for policy makers now.
Price Stabilization in the 1990s
Investigates various aspects of inflation - the recent history of inflation as well as potential sources of changes, the technical issues regarding the measurement of inflation, the indicators for future inflation, and the policy implications to achieve and maintain price stability.
Summary Proceedings of the Annual Meeting of the Board of Governors
These proceedings include statements presented by Governors during the meetings; resolutions adopted by the Board of Governors of the Fund since the Annual Meeting in September 2006; reports, recommendations, or communiqués issued by the Committees of the Board of Governors at the time of the meetings; and other documents relating to the meetings.
