Zobrazeno 1 - 10
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pro vyhledávání: '"Marcelo Sánchez"'
Autor:
Marcelo Sánchez
Publikováno v:
Ensayos sobre Política Económica. 32:5-16
We introduce imperfect monetary policy transparency and strategic wage setting into a macro model where the central bank provides lender of last resort (LOLR) services to banks on top of its standard stabilisation policy. We study how, in the presenc
Autor:
Marcelo Sánchez
Publikováno v:
Economics Letters. 120:392-396
Optimal delegation restores the beneficial effects of non-accommodating monetary policy when the central bank is allowed to be not fully transparent about its response to wages.
Autor:
Marcelo Sánchez
Publikováno v:
International Finance. 16:245-271
This paper studies the link between how much a central bank knows and reveals to the public. We focus on the central bank's attitude towards the evolving trade-off in its preferences between inflation and output. These preferences may shift depending
Autor:
Marcelo Sánchez
Publikováno v:
Journal of Economic Integration. 28:507-524
This paper studies a multi-country currency union of small open economies. Demand-side disturbances hamper monetary union stabilisation unless participating countries’ business cycles are perfectly synchronised. In the face of country-specific supp
Autor:
Marcelo Sánchez
Publikováno v:
Economics Letters. 117:119-122
Disclosure of monetary policy targets reduces unemployment uncertainty at the expense of higher inflation uncertainty, thereby posing a dilemma for monetary policymakers.
Autor:
Marcelo Sánchez
Publikováno v:
Open Economies Review. 23:559-577
We assess how central bank transparency affects the incentives for labour market reform in a monetary union. We introduce transparency as affecting unemployment forecasts that provide information that the central bank has to the private sector and th
Autor:
Marcelo Sánchez
Publikováno v:
Journal of Economic Integration. 26:66-80
Currency union participation may create a welfare tradeoff relating to monetary factors. Stabilisation costs arise from asymmetric shocks across the union. Countries pursuing discretionary national monetary policies benefit from a committed common ce
Autor:
Marcelo Sánchez
Publikováno v:
International Economic Journal. 25:125-145
This paper characterises Romania's experience with anti-inflationary monetary targeting over the period 1999–2005 prior to the country's switch to inflation targeting. We uncover the National Bank of Romania's preferences, conditional on an estimat
Autor:
Marcelo Sánchez
Publikováno v:
Economic Modelling. 27:134-142
Existing work on wage bargaining predicts more aggressive wage setting under monetary union. This is exemplified by Cukierman and Lippi (2001) who postulate that wages are set having area-wide prices in mind. The insight of aggressive wage behaviour
Publikováno v:
Applied Economics Letters. 16:1633-1638
Oil prices are found to exert nonlinear effects on major advanced economies. Real output's reaction is much more visible during the periods of high oil prices of the mid-1970s and early 1980s. Oil prices have had inflationary consequences in several