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Vymezení a vyhodnocení agresivity centrálních bank

Definition and Evaluation of the Central Bank agresivity

Lubos Komarek () and Filip Rozsypal

Politická ekonomie, 2009, vol. 2009, issue 3, 383-404

Abstract: This paper examines definitions and assessments of central bank aggressiveness. It shows theoretical reasons why there is certain minimal threshold value if CB wants to stabilize price level and on the other hand, why excessive reactions are suboptimal. The empirical part suggests that aggressiveness could be measured by defining certain indicators, based on variability of interest rates, inflation and output gap. The results are reported for countries with independent monetary policy as well as for countries in the eurozone, which has handed their monetary independency to ECB.

Keywords: central bank; aggressiveness; Taylor principle; reaction function (search for similar items in EconPapers)
JEL-codes: E37 E52 E58 (search for similar items in EconPapers)
Date: 2009
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DOI: 10.18267/j.polek.690

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