By D. Bundesbank
The beginning of the ecu financial union gave extra impetus to the full of life debate at the results of economic coverage and the ideal procedure for critical banks. This e-book collects papers and reviews by way of major lecturers and valuable bankers similar to Otmar. Issing, Melvin. King, Bennett T.. McCallum, Allan H.. Meltzer, Lars E.O. Svensson, and Hans Tietmeyer. the quantity examines methodological questions, the particular function performed via the monetary sectors, and hard work markets in enforcing financial coverage in Europe, and the most probably destiny advancements in those components.
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Extra info for The Monetary Transmission Process: Recent Developments and Lessons for Europe
S. Goodfriend (1987) `Demand for Money: Theoretical Studies', in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: A Dictionary of Economics, Macmillan, also in J. Eatwell, M. Milgate, P. Newman, The New Palgrave Dictionary of Money and Finance, London. McCallum, B. T. and E. Nelson (1997) `Performance of Operational Policy Rules in an Estimated Semi-classical Structural Model', NBER Working Paper 6599; also in Taylor (1999). ÐÐÐÐ (1998) `Nominal Income Targeting in an Open-Economy Optimizing Model', NBER Working Paper, 6675, also in Journal of Monetary Economics, 43, 553±78.
8. That some fundamental points can be unaffected by this type of neglect is demonstrated by two examples in McCallum and Nelson (1999). Such is de®nitely not true in general, however. 9. References are Calvo (1983) and Rotemberg (1982). 10. e. that E(yt ± y t ) 0 for any monetary policy rule, which is not the case for the other two speci®cations. 11. For an extensive discussion of the MSV solution concept, see McCallum (1999). 12. The perverse response of pt to a policy shock is not a general implication of the Pbar model, as will be seen below.
31. There exists some controversy even over the robustness of these procedures. For recent contributions on this topic, see Faust (1998) and Uhlig (1999). 32. It would be possible to judge a model's ®t entirely on the basis of the impulse response functions for the policy shock, as in Rotemberg and Woodford (1997), but this seems undesirable given the small contribution to overall variability coming from this source. 33. They are also somewhat in the spirit of Estrella and Fuhrer (1998), but do not involve the Calvo±Rotemberg pricing equation that was a component of the MN model criticised by Estrella and Fuhrer.