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Ernst Baltensperger 《Journal of International Money and Finance》1984,3(1):127-128
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The existing literature reports a positive relationship between sacrifice ratios and central bank independence. This paper discusses two critical points related to the usual procedures employed by this literature. One concerns the issue of non-stationarity of the inflation rate, the other the problem of correlation between the error terms for different disinflation episodes in the same country. The way in which the sacrifice ratio-central bank independence relationship is tested is reconsidered taking into account these points. Our results shed considerable doubts on the nature and robustness of such a relationship and on the usual interpretation given to it in the literature. 相似文献
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Ernst Baltensperger Thomas J. Jordan Marcel R. Savioz 《Review of World Economics》2001,137(2):244-272
The Demand for M3 and Inflation Forecasts: An Empirical Analysis for Switzerland. — This paper argues that money should continue
to play an important role in monetary policy even if a central bank pursues a strategy based on inflation forecasts. Within
the context of an error correction model, the paper delivers empirical evidence that both the growth rate of the monetary
aggregate M3 and the size of excess M3 incorporate useful information with regard to future inflation in Switzerland. This
evidence strongly suggests that money should remain an important indicator for monetary policy. 相似文献
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Conclusion The relationship between uncertainty and the optimal savings-consumption decision has been discussed. A simple model has been used to show that the existence of default risk has potentially important effects on the nature of this relationship and should not be neglected in its analysis. 相似文献
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Ernst Baltensperger 《Journal of Monetary Economics》1980,6(1):1-37
During the past decade, the importance of a sound microeconomic foundation for aggregate economic analysis has been increasingly emphasized. In this context, a satisfactory theory of bank behaviour appears as an indispensable prerequisite for a clear understanding of the workings of the financial sector of the economy. This has led to the development of a substantial literature attempting to model and explain the behaviour of banking firms. This paper presents a survey and discussion of the various approaches which can be found in this literature. A special effort is made to present an integrated view of the real resource and financial aspect: of banking activities. 相似文献
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The creation of an internal market for financial services by the European Union, along with technological changes in communications and data management, will have a strong impact on banking and financial markets in Europe. This paper presents a selective review of discussions concerning the resulting processes of adjustment and their outcomes. Topics covered include effects on cost efficiency, competition production and trade patterns, and the dynamics of financial regulation in the open, integrated economy. 相似文献
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This paper endeavours to find out in how far public export insurance schemes foster international trade. Thereto, a gravity
equation is derived, which accounts for the risk of financial losses in case firms contract defaulting foreign buyers. Empirical
results suggest that OECD countries issuing trade credits with generous state-guarantees did not, during the 1999 to 2005
period, witness more exports towards politically and commercially more unstable low-income countries. Rather, publicly indemnified
trade finance has promoted exports, to a modest degree, towards high and middle-income countries, where financial intermediaries
and markets provide viable alternatives to hedge against payment risks. 相似文献
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