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Karoline S Rogge - One of the best experts on this subject based on the ideXlab platform.
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how the Policy mix impacts innovation findings from company case studies on offshore wind in germany
Environmental innovation and societal transitions, 2016Co-Authors: Kristin Reichardt, Karoline S RoggeAbstract:Transforming the energy system to one with a greater importance of renewables requires redirecting and accelerating technological change. In this transition, so-called Policy mixes play a crucial role. Yet precisely how Policy mixes affect technological innovation remains poorly understood. To remedy this, in this study we choose a qualitative company case study approach to analyze the innovation impact of a comprehensive Policy mix, taking offshore wind in Germany as research case. We find that the feed-in tariff level and the perceived consistency and credibility of the German offshore wind Policy mix have been vital innovation drivers. Specifically, the consistent and stable Policy Strategy with its long-term targets, and the consistency of the instrument mix with this Policy Strategy appear crucial to RD&D. In contrast, adoption decisions depend on a comprehensive and consistent instrument mix. Finally, a high level of credibility can partly offset negative effects of inconsistencies in the mix.
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how the Policy mix and its consistency impact innovation findings from company case studies on offshore wind in germany
Research Papers in Economics, 2014Co-Authors: Kristin Reichardt, Karoline S RoggeAbstract:Transforming the energy system to one with a greater importance of renewable power generation technologies requires redirecting and accelerating technological change. In this transition, so-called Policy mixes play a crucial role. Yet precisely how Policy mixes affect technological innovation remains poorly understood. To remedy this, in this study we choose a qualitative company case study approach to analyze the innovation impact of the elements of a Policy mix – its Policy Strategy and instrument mix – and their consistency. Taking offshore wind in Germany as research case, we find that the German offshore wind Policy mix, its consistency and perceived high credibility have been vital innovation drivers. Specifically, its consistent Policy Strategy and the consistency of the Policy Strategy with the instrument mix appear crucial to research, development and demonstration. Still, for this emerging technology to be adopted the Policy mix seems to require a consistent and comprehensive instrument mix.
Frederic S. Mishkin - One of the best experts on this subject based on the ideXlab platform.
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monetary Policy Strategy lessons from the crisis
National Bureau of Economic Research, 2011Co-Authors: Frederic S. MishkinAbstract:This paper examines what we have learned and how we should change our thinking about monetary Policy Strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary Policy was before the crisis and how central banks viewed monetary Policy Strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary Policy needs to be altered and draws implications for monetary Policy Strategy.
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Monetary Policy Strategy
2007Co-Authors: Frederic S. MishkinAbstract:This book by a leading authority on monetary Policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also has been a high-level Policymaker. He is especially well positioned to discuss the changes in the conduct of monetary Policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary Policy over the last thirty years. Mishkin blends theory, empirical evidence, and extensive case studies of monetary Policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary Policy.
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monetary Policy Strategy
2007Co-Authors: Frederic S. MishkinAbstract:This book by a leading authority on monetary Policy offers a unique view of the subject from the perspectives of both scholar and practitioner. Frederic Mishkin is not only an academic expert in the field but also a high-level Policymaker. He is especially well positioned to discuss the changes in the conduct of monetary Policy in recent years, in particular the turn to inflation targeting. Monetary Policy Strategy describes his work over the last ten years, offering published papers, new introductory material, and a summing up, "Everything You Wanted to Know about Monetary Policy Strategy, But Were Afraid to Ask," which reflects on what we have learned about monetary Policy over the last thirty years. Mishkin blends theory, econometric evidence, and extensive case studies of monetary Policy in advanced and emerging market and transition economies. Throughout, his focus is on these key areas: the importance of price stability and a nominal anchor; fiscal and financial preconditions for achieving price stability; central bank independence as an additional precondition; central bank accountability; the rationale for inflation targeting; the optimal inflation target; central bank transparency and communication; and the role of asset prices in monetary Policy.Frederic S. Mishkin is Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, Research Associate at the National Bureau of Economic Research, a past Executive Vice President and Director of Research at the Federal Reserve Bank of New York and after finishing this book was appointed a member of the Board of Governors of the Federal Reserve System. He is the author of The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich and other books.
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inflation targeting in emerging market countries
National Bureau of Economic Research, 2000Co-Authors: Frederic S. MishkinAbstract:This paper outlines what inflation targeting involves for emerging market/transition countries and discusses the advantages and disadvantages of this monetary Policy Strategy. The discussion suggests that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary Policy Strategy in a number of them.
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inflation targeting in emerging market countries
The American Economic Review, 2000Co-Authors: Frederic S. MishkinAbstract:This paper outlines what inflation targeting involves for emerging market/transition countries and discusses the advantages and disadvantages of this monetary Policy Strategy. The discussion suggests that although inflation targeting is not a panacea and may not be appropriate for many emerging market countries, it can be a highly useful monetary Policy Strategy in a number of them.(This abstract was borrowed from another version of this item.)
Kristin Reichardt - One of the best experts on this subject based on the ideXlab platform.
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how the Policy mix impacts innovation findings from company case studies on offshore wind in germany
Environmental innovation and societal transitions, 2016Co-Authors: Kristin Reichardt, Karoline S RoggeAbstract:Transforming the energy system to one with a greater importance of renewables requires redirecting and accelerating technological change. In this transition, so-called Policy mixes play a crucial role. Yet precisely how Policy mixes affect technological innovation remains poorly understood. To remedy this, in this study we choose a qualitative company case study approach to analyze the innovation impact of a comprehensive Policy mix, taking offshore wind in Germany as research case. We find that the feed-in tariff level and the perceived consistency and credibility of the German offshore wind Policy mix have been vital innovation drivers. Specifically, the consistent and stable Policy Strategy with its long-term targets, and the consistency of the instrument mix with this Policy Strategy appear crucial to RD&D. In contrast, adoption decisions depend on a comprehensive and consistent instrument mix. Finally, a high level of credibility can partly offset negative effects of inconsistencies in the mix.
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how the Policy mix and its consistency impact innovation findings from company case studies on offshore wind in germany
Research Papers in Economics, 2014Co-Authors: Kristin Reichardt, Karoline S RoggeAbstract:Transforming the energy system to one with a greater importance of renewable power generation technologies requires redirecting and accelerating technological change. In this transition, so-called Policy mixes play a crucial role. Yet precisely how Policy mixes affect technological innovation remains poorly understood. To remedy this, in this study we choose a qualitative company case study approach to analyze the innovation impact of the elements of a Policy mix – its Policy Strategy and instrument mix – and their consistency. Taking offshore wind in Germany as research case, we find that the German offshore wind Policy mix, its consistency and perceived high credibility have been vital innovation drivers. Specifically, its consistent Policy Strategy and the consistency of the Policy Strategy with the instrument mix appear crucial to research, development and demonstration. Still, for this emerging technology to be adopted the Policy mix seems to require a consistent and comprehensive instrument mix.
Michael Woodford - One of the best experts on this subject based on the ideXlab platform.
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the case for forecast targeting as a monetary Policy Strategy
Journal of Economic Perspectives, 2007Co-Authors: Michael WoodfordAbstract:At central banks around the world, forecasts have come to play an increasingly important role both in Policy deliberations and in communications with the public. The most striking examples are the Bank of England, Sweden’s Riksbank, Norway’s Norges Bank, and the Reserve Bank of New Zealand, all of which conduct Policy on the basis of a procedure sometimes referred to as “inflation-forecast targeting” (Svensson, 1997, 1999). Under this approach, the central bank constructs quantitative projections of the economy’s expected future evolution based on the way in which it intends to control short-term interest rates, and public discussion of those projections is a critical part of the way in which the bank justifies the conduct of Policy to the public. What accounts for the appeal of a forecast-targeting approach, and should it be adopted more widely or more explicitly? I begin by reviewing the long-running debate between the proponents of monetary rules, intended to ensure confidence in the value of money over time, and the proponents of discretionary monetary Policy, aimed at stabilizing the real economy. I will argue that inflation-forecast targeting represents a powerful synthesis of the two approaches; in particular, it is an improvement both over simpler rules, such as targeting a monetary aggregate, and over weaker versions of inflation targeting. I shall also argue that a much more extensive communication Policy is crucial to escaping from the limitations of the traditional alternatives of rigid rules or rudderless discretion. I will then explore some common questions that arise about inflation-forecast targeting. Should only the inflation forecast matter, and if not, in what way should forecasts of other economic variables affect Policy decisions? What assumptions about the course of future Policy should be used in constructing the quantitative projections that are presented to the public? Finally, given that economic forecasts
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Forecast Targeting as a Monetary Policy Strategy - Policy Rules in Practice
2007Co-Authors: Michael WoodfordAbstract:Forecast targeting is an innovation in central banking that represents an important step toward more rule-based Policymaking, even if it is not an attempt to follow a Policy rule of any of the types that have received primary attention in the theoretical literature on optimal monetary Policy. This paper discusses the extent to which forecast targeting can be considered an example of a Policy rule, and the conditions under which it would represent a desirable rule, with a view to suggesting improvements in the approaches currently used by forecast-targeting central banks. Particular attention is given to the intertemporal consistency of forecast-targeting procedures, the assumptions about future Policy that should be used in constructing the forecasts used in such procedures, the horizon with which the target criterion should be concerned, the relevance of forecasts other than the inflation forecast, and the degree of robustness of a desirable target criterion for monetary Policy to changing circumstances.
Vitor Gaspar - One of the best experts on this subject based on the ideXlab platform.
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monetary Policy price stability and output gap stabilization
International Finance, 2002Co-Authors: Vitor Gaspar, Frank SmetsAbstract:Using a standard New-Keynesian model, this paper examines three reasons why monetary Policy should primarily focus on price stability rather than the stabilization of output around potential, even if there appears to be an exploitable trade-off between the volatility of inflation and that of the output gap. First, we discuss the well-known time-inconsistency problem associated with active output gap stabilization. Increasing the relative weight on inflation stabilization improves the equilibrium outcome. Second, we analyse some of the problems associated with the substantial uncertainty that surrounds estimates of potential output. We argue that focusing on price stability is a robust monetary Policy Strategy in the face of such uncertainty. Finally, we consider the case where private agents are trying to estimate the inflation generating process using an "ad hoc", but reasonable learning rule. By emphasizing a single goal the central bank facilitates the process of learning, thereby stabilizing both inflation and the output gap. Copyright 2002 by Blackwell Publishers Ltd.
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the ecb monetary Policy Strategy and the money market
International Journal of Finance & Economics, 2001Co-Authors: Vitor Gaspar, Gabriel Perezquiros, Jorge SiciliaAbstract:This paper aims at contributing to the understanding of how the ECB conducts monetary Policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the ‘learning period’ for banks since the Eurosystem started implementing the single monetary Policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, the behaviour of banks and market rates during this period provides evidence that learning was taking place. Second, it looks at how well money market participants have anticipated the monetary Policy decisions taken by the ECB. To do so, the paper analyses whether the announcements of monetary Policy decisions to maintain or change interest rates impact on the stochastic behaviour of interest rates. Looking at the EONIA rates within the reserve maintenance periods, we find that the announcement of monetary Policy decisions does not change significantly the level or volatility of overnight rates. Copyright © 2001 John Wiley & Sons, Ltd.
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monetary Policy in the euro area Strategy and decision making at the european central bank
2001Co-Authors: Otmar Issing, Vitor Gaspar, Ignazio Angeloni, Oreste TristaniAbstract:How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary Policy Strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary Policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary Policy Strategy' adopted by the ECB. The characteristics of this Strategy are also discussed in comparison with suggested alternatives.
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the ecb monetary Policy Strategy and the money market
2001Co-Authors: Vitor Gaspar, Gabriel Perezquiros, Jorge SiciliaAbstract:This paper aims at contributing to the understanding of how the ECB conducts monetary Policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the "learning period" for banks since the Eurosystem started implementing the single monetary Policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, the behaviour of banks and market rates during this period provides evidence that learning was taking place. Second, it looks at how well money market participants have anticipated the monetary Policy decisions taken by the ECB. To do so, the paper analyses whether the announcements of monetary Policy decisions to maintain or change interest rates impact on the stochastic behaviour of interest rates. Looking at the EONIA rates within the reserve maintenance periods, we find that the announcement of monetary Policy decisions does not change significantly the level or volatility of overnight rates.
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the ecb monetary Policy Strategy and the money market
2001Co-Authors: Vitor Gaspar, Gabriel Perezquiros, Jorge SiciliaAbstract:This paper aims at contributing to the understanding of how the ECB conducts monetary Policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the 'learning period' for banks since the Eurosystem started implementing the single monetary Policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, the behaviour of banks and market rates during this period provides evidence that learning was taking place. Second, it looks at how well money market participants have anticipated the monetary Policy decisions taken by the ECB. To do so, the paper analyses whether the announcements of monetary Policy decisions to maintain or change interest rates impact on the stochastic behaviour of interest rates. Looking at the EONIA rates within the reserve maintenance periods, we find that the announcement of monetary Policy decisions does not change significantly the level or volatility of overnight rates. JEL Classification: E52, C22
