WorldCat Identities

Laubach, Thomas 1965-

Overview
Works: 39 works in 163 publications in 2 languages and 894 library holdings
Genres: Case studies 
Roles: Author, Other
Publication Timeline
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Most widely held works by Thomas Laubach
Disciplined discretion : monetary targeting in Germany and Switzerland by Thomas Laubach( Book )

14 editions published between 1997 and 1998 in English and held by 386 WorldCat member libraries worldwide

Theologische Ethik : ein Werkbuch by Gerfried W Hunold( Book )

2 editions published in 2000 in German and held by 51 WorldCat member libraries worldwide

Product market competition and economic performance in Iceland by Thomas Laubach( )

7 editions published in 2005 in English and held by 48 WorldCat member libraries worldwide

This paper discusses the current state of product market competition in Iceland, including the legal and regulatory framework, and suggests directions for further improvement. Given the size of the economy, efficiency considerations dictate high concentration in many markets, and preventing abuse of market dominance is therefore a challenging task. Changes to competition law since the early 1990s have strengthened competitive forces in many sectors of the economy, and proposed amendments to that law would further improve market surveillance
Forecast-based monetary policy by Jeffery D Amato( Book )

10 editions published between 1999 and 2000 in English and Undetermined and held by 44 WorldCat member libraries worldwide

TThis article analyses the welfare consequences of delegating to the central bank the task of minimising deviations of forecasts of goal variables from their target values. The delegated objectives considered in this article are motivated by the observation that central banks oftentimes operate under objectives which do not necessarily represent society's preferences. The analysis is performed using an estimated model of optimising households and firms that generates tradeoffs between stabilising wage and price inflation and the output gap. We find that when the central bank's objective is defined solely in terms of price inflation, it is welfare optimal to stabilise only those fluctuations in price inflation that are forecastable at least five quarters ahead. On the other hand, when the central bank's objective involves both wage and price inflation stabilisation, the central bank should stabilise all fluctuations in these variables, not just those forecastable at some horizon.least five quarters ahead. On the other hand, when the central bank's objective involves both wage and price inflation stabilisation, the central bank should stabilise all fluctuations in these variables, not just those forecastable at some horizon
Inflation targeting : lessons from the international experience by Ben S Bernanke( )

5 editions published between 1998 and 2018 in English and held by 42 WorldCat member libraries worldwide

How should governments and central banks use monetary policy to create a healthy economy? Traditionally, policymakers have used such strategies as controlling the growth of the money supply or pegging the exchange rate to a stable currency. In recent years a promising new approach has emerged: publicly announcing and pursuing specific targets for the rate of inflation. This book is the first in-depth study of inflation targeting. Combining penetrating theoretical analysis with detailed empirical studies of countries where inflation targeting has been adopted, the authors show that the strategy has clear advantages over traditional policies. They argue that the U.S. Federal Reserve and the European Central Bank should adopt this strategy, and they make specific proposals for doing so. The book begins by explaining the unique features and advantages of inflation targeting. The authors argue that the simplicity and openness of inflation targeting make it far easier for the public to understand the intent and effects of monetary policy. This strategy also increases policymakers' accountability for inflation performance and can accommodate flexible, even "discretionary," monetary policy actions without sacrificing central banks' credibility. The authors examine how well variants of this approach have worked in nine countries: Germany and Switzerland (which employ a money-focused form of inflation targeting), New Zealand, Canada, the United Kingdom, Sweden, Israel, Spain, and Australia. They show that these countries have typically seen lower inflation, lower inflation expectations, and lower nominal interest rates, and have found that one-time shocks to the price level have less of a "pass-through" effect on inflation. These effects, in turn, are improving the climate for economic growth. The authors warn, however, that the success of inflation targeting depends on operational details, such as how the targets are defined and when they are announced. They also show that inflation targeting is not a panacea that can make inflation perfectly predictable or reduce it without economic costs. Clear, balanced, and authoritative, Inflation Targeting is a groundbreaking study that will have a major impact on the debate over the right monetary strategy for the coming decades. As a unique comparative study of what central banks actually do in different countries around the world, this book will also be invaluable to anyone interested in how economic policy is made
Monetary policy in an estimated optimization-based model with sticky prices and wages by Jeffery D Amato( Book )

6 editions published between 1999 and 2000 in English and held by 41 WorldCat member libraries worldwide

This paper serves two purposes. First, it provides estimates of an optimisation-based equilibrium model with sticky prices and wages. Second, the estimated model is used to analyse the welfare properties of various interest rate rules for conducting monetary policy. As shown by Erceg et al (1999), an important feature of this model is that it involves a trade-off between the variances of price and wage inflation and the output gap. This trade-off implies that it is desirable for the monetary authority to respond to more than inflation, output and past interest rates when setting the current interest rate. Indeed, the welfare optimal policy can be approximated with responses to both price and wage inflation and the past interest rate. By contrast, rules that call for a strong response to either detrended output or the output gap result in much lower level of welfare
Fiscal relations across levels of government in the United States by Thomas Laubach( )

6 editions published in 2005 in English and held by 36 WorldCat member libraries worldwide

This paper discusses the current state of fiscal relations between the federal, state and local governments in the United States and suggests directions for improvement. The significant degree of fiscal autonomy of the states and, to a lesser extent, of local governments has had several beneficial effects, including the responsiveness of public expenditure to local preferences and the comparatively high degree of accountability through the close link between revenue-raising powers and expenditure assignments. This link reflects traditionally weak support for redistribution across jurisdictions. Grants from the federal to sub-national governments are focused on achieving aims of an efficiency or paternalistic nature and are therefore all earmarked. Programme devolution to the states, notably in the welfare area, has been remarkably successful in fostering innovation in programme design, but the cost pressures in health care for the indigent are such that greater federal involvement might become necessary. The efficiency with which states raise revenues has been compromised by the erosion of their tax bases, notably for corporate income and sales taxes. Replacing these taxes with a less distorting form of indirect taxation could reverse this trend. Finally, state balanced budget requirements appear to have had salutary effects, but more extreme forms of fiscal rules have reduced state and local governments' ability to provide the desired level of public goods. This Working Paper relates to the 2005 OECD Economic Survey of the United States (www.oecd.org/eco/surveys/us)
Implications of habit formation for optimal monetary policy by Jeffery D Amato( Book )

10 editions published between 2001 and 2002 in English and held by 18 WorldCat member libraries worldwide

We study the implications for optimal monetary policy of introducing habit formation in consumption into a general equilibrium model with sticky prices. Habit formation affects the model's endogenous dynamics through its effects on both aggregate demand and households' supply of output. We show that the objective of monetary policy consistent with welfare maximisation includes output stablisation, as well as inflation and output gap stablisation. We find that the variance of output increases under optimal policy, even though it acquires a higher implicit weight in the welfare function. We also find that a simple interest rate rule nearly achieves the welfare-optimal allocation, regardless of the degree of habit formation. In this rule, the optimal responses to inflation and the lagged interest rate are both declining in the size of the habit, although super-inertial policies remain optimal
Essays on banking and financial markets by Björn Hilberg( )

1 edition published in 2012 in English and held by 16 WorldCat member libraries worldwide

In this thesis the behavior of banks in financial markets which banks frequently use to obtain short-term as well as long-term financing is studied. In the first chapter we incorporate an interbank market for collateralized lending among banks into a dynamic, stochastic, general equilibrium (DSGE) framework to analyze the impact of variations in the expected value of the collateral on the interbank lending volume. We find that a central bank which decides to lower the haircut on eligible collateral in repurchase agreements is able to stimulate interbank markets. In the second chapter a microeconomic model of bank behavior on the interbank market is set up to analyze the impact of risk-taking behavior of interbank borrowing banks and uncertainty about their balance sheet quality on the lending behavior of interbank lending banks. It is found that the disruptions on the interbank market are the result of optimal behavior on the part of interbank lending banks in response to the uncertainty about the balance sheet quality of an interbank borrowing bank. In the third chapter we use monthly data on German bank bond spreads and regress it on bank-specific risk factors to assess the degree of market discipline in the German bank bond market. The regression results for the whole German bank bond market indicate that the bond spread does not show signs of market discipline. However, a structural break analysis uncovers that since the beginning of the financial crisis the German bank bond market exhibits at least a weak form of market discipline for bonds issued by medium-size and large banks
Measuring the natural rate of interest by Thomas Laubach( Book )

8 editions published in 2001 in English and held by 16 WorldCat member libraries worldwide

Measuring the NAIRU : evidence from seven economies by Thomas Laubach( Book )

5 editions published in 1997 in English and held by 16 WorldCat member libraries worldwide

Long-run growth expectations and "global imbalances" by Mathias Hoffmann( Book )

3 editions published between 2011 and 2014 in English and held by 15 WorldCat member libraries worldwide

Long-run growth expectations and "global imbalances" by Mathias Hoffmann( )

2 editions published in 2011 in English and held by 14 WorldCat member libraries worldwide

This paper examines to what extent the build-up of "global imbalances" since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents' perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates based on filtering U.S. productivity data comove strongly with long-horizon survey expectations. By simulating the model in which agents filter data on U.S. productivity growth, we closely match the U.S. current account evolution. Moreover, with household preferences that control the wealth effect on labor supply, we can generate output movements in line with the data
The responses of wages and prices to technology shocks by Rochelle M Edge( Book )

6 editions published in 2003 in English and held by 13 WorldCat member libraries worldwide

"This paper reexamines wage and price dynamics in response to permanent shocks to productivity. We estimate a micro-founded dynamic general equilibrium (DGE) model of the U.S. economy with sticky wages and sticky prices using impulse responses to technology and monetary policy shocks. We utilize a flexible specification for wage- and price-setting that allows for the sluggish adjustment of both the levels of these variables-as in standard contracting models-as well as intrinsic inertia in wage and price inflation. On the price front, we find that in our VAR inflation jumps in response to an identified permanent technology shock, implying that, on average, prices adjust quickly and that there is little evidence for any intrinsic inflation inertia like that commonly found in models used for monetary policy evaluation. On the wage front, we find evidence for significant inertia in wages and some intrinsic inertia in nominal wage inflation. Our results provide support for the standard sticky-price specification of the New Keynesian model; however, the evidence on the high degree of wage inertia presents a challenge for standard models of wage setting"--Federal Reserve Board web site
Rule-of-thumb behaviour and monetary policy by Jeffery D Amato( Book )

5 editions published in 2002 in English and held by 13 WorldCat member libraries worldwide

New evidence on the interest rate effects of budget deficits and debt by Thomas Laubach( Book )

6 editions published in 2003 in English and held by 12 WorldCat member libraries worldwide

"Estimating the effects of government debt and deficits on Treasury yields is complicated by the need to isolate the effects of fiscal policy from other influences. To abstract from the effects of the business cycle, and associated monetary policy actions, on debt, deficits, and interest rates, this paper studies the relationship between long-horizon expected government debt and deficits, measured by CBO and OMB projections, and expected future long-term interest rates. The estimated effects of government debt and deficits on interest rates are statistically and economically significant: a one percentage point increase in the projected deficit-to-GDP ratio is estimated to raise long-term interest rates by roughly 25 basis points. Under plausible assumptions these estimates are shown to be consistent with predictions of the neoclassical growth model"--Federal Reserve Board web site
Learning and shifts in long-run productivity growth by Rochelle M Edge( )

5 editions published in 2004 in English and held by 10 WorldCat member libraries worldwide

Implications of habit formation for optimal monetary policy by Jeffery D Amato( Book )

6 editions published between 2001 and 2002 in English and held by 9 WorldCat member libraries worldwide

Disciplined discretion : the German and Swiss monetary targeting frameworks in operation by Thomas Laubach( Book )

4 editions published in 1997 in English and held by 9 WorldCat member libraries worldwide

Welfare-maximizing monetary policy under parameter uncertainty by Rochelle Mary Edge( )

6 editions published between 2007 and 2008 in English and held by 8 WorldCat member libraries worldwide

This paper examines welfare-maximizing monetary policy in an estimated micro-founded general equilibrium model of the U.S. economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences and technology implies not only uncertainty about the dynamics of the economy. It also implies uncertainty about the model's utility-based welfare criterion and about the economy's natural rate measures of interest and output. We analyze the characteristics and performance of alternative monetary policy rules given the estimated uncertainty regarding parameter estimates. We find that the natural rates of interest and output are imprecisely estimated. We then show that, relative to the case of known parameters, optimal policy under parameter uncertainty responds less to natural-rate terms and more to other variables, such as price and wage inflation and measures of tightness or slack that do not depend on natural rates
 
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Disciplined discretion : monetary targeting in Germany and Switzerland
Covers
Inflation targeting : lessons from the international experience
Alternative Names
Laubach, Heinrich Thomas 1965-

Laubach, T. 1965-

Thomas Laubach Duits econoom

Thomas Laubach German economist

Languages
English (114)

German (2)