The primary objective of Eurosystem monetary policy is to maintain price stability, de…ned as an annual increase in the HICP below two percent. 1 Because of the lags in the e¤ects of monetary-policy actions on aggregate demand and in ‡ation, monetary-policy actions cannot a¤ect current in ‡ation and output, nor in ‡ation or output in the near future. A rough benchmark is that monetary policy a¤...

The paper presents the re e tion fa ilities of the spe i ation language Slam-sl. Slam-sl is an obje t oriented spei ation language where lass methods are spe i ed by pre and post onditions. The re e tion apabilities permit managing these pre and post onditions in spe i ations what means that semanti re e tion is possible. The range of interesting appli ations is very wide: formal spe i ation of...

1 Introduction From the late 1960s through the early 1980s, the macroeconomy experienced high in‡ation and several recessions. Many attribute this to oil price shocks. Others argue that the persistent high in‡ation may have been due to poorly managed monetary policy. CGG set out to add rigor to this latter argument. CGG estimate a forward-looking interest rate rule before Paul Volker (pre-1979)...

During fi nancial crises central banks usually decrease interest rates in order to reduce fi nancial uncertainty. This behavior increases infl ation risk. The trade-off between infl ation and uncertainty stabilization can be modeled by the generalized Taylor rule, which describes infl ation sensitivity as a function of fi nancial uncertainty instead of a constant parameter. Based on the GMM-est...

This paper investigates the relationship between short-term and long-term in‡ation expectations using daily data on in‡ation compensation. We use a ‡exible econometric model which allows us to uncover this relationship in a data-based manner. We relate our …ndings to the issue of whether in‡ation expectations are anchored, unmoored or contained. Our empirical results indicate no support for eit...

RÉSUMÉ Dans le modèle de la ommuni ation dite basée ontenus (CBN: Content-Based Communi ation), l'information est a heminée vers les ré epteurs intéressés, plut t que vers des destinataires identi és. Ce style de ommuni ation répond parfaitement aux besoins des appli ations né essitant une API de ommuni ation de type publish-subs ribe. Dans et artile nous nous intéressons au support de la ommun...

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