http://www.bis.org/cbhub/list/author/author_1713/index.rss Research hub papers by author Anders Møller Christensen en http://www.nationalbanken.dk/C1256BE9004F6416/side/D8C14770C3CE9B32C12570AF00354D26/$file/WP_31_2005.pdf National Bank of Denmark (Danmarks Nationalbank) Working papers by Christensen, Anders Møller; Hansen, Niels Lynggård The monetary-policy regime and the development in central macroeconomic variables in the OECD countries 1970-2003 2005-11-04T12:31:00Z The impact on central macroeconomic variables from changes in the monetary-policy regime in the OECD countries in the period 1970-2005 is estimated using the difference-in-difference method. We find that both shifts to a fixed-exchange-rate policy and to inflation targeting have led to a decline in inflation beyond the global trend in the following years. Furthermore, we find a significant reduction in the volatilities in both inflation and output-gap, beyond the global trend, after the adoption of a consistent fixed-exchange-rate policy, while no such effect can be found from a move to inflation targeting. The results are robust to several changes in the classification of the individual countries. In important respects, the results are at odds with recent literature on monetary policy and inflation targeting. This raises some questions: Does the exchange rate in practice absorb or create shocks? Should the role of fiscal policy be reconsidered? Are the concepts of robustness and optimality inadequately mixed? The answers can hopefully be found via future research. Revised December 2007. The monetary-policy regime and the development in central macroeconomic variables in the OECD countries 1970-2003 2005-11-04T12:31:00Z Abstract http://www.nationalbanken.dk/C1256BE9004F6416/side/WP_312005_The_monetary-policy_regime_uk!opendocument Full text http://www.nationalbanken.dk/C1256BE9004F6416/side/D8C14770C3CE9B32C12570AF00354D26/$file/WP_31_2005.pdf Anders Møller Christensen Niels Lynggård Hansen Christensen, Anders Møller; Hansen, Niels Lynggård 2005-11-04 National Bank of Denmark (Danmarks Nationalbank) Working papers http://www.nationalbanken.dk/C1256BE9004F6416/side/4ABDF29444B38FF9C1256DA500453AC0/$file/WP_11_web.pdf National Bank of Denmark (Danmarks Nationalbank) Working papers by Christensen, Anders Møller; Nielsen, Heino Bohn Has US Monetary Policy Followed the Taylor Rule? A Cointegration Analysis 1988-2002 2004-04-13T11:11:00Z Has US Monetary Policy Followed the Taylor Rule? A Cointegration Analysis 1988-2002 2004-04-13T11:11:00Z Abstract http://www.nationalbanken.dk/C1256BE9004F6416/side/WP11_2003_UK!opendocument Full text http://www.nationalbanken.dk/C1256BE9004F6416/side/4ABDF29444B38FF9C1256DA500453AC0/$file/WP_11_web.pdf Anders Møller Christensen Heino Bohn Nielsen Christensen, Anders Møller; Nielsen, Heino Bohn 2003-09-18 National Bank of Denmark (Danmarks Nationalbank) Working papers http://www.nationalbanken.dk/C1256BE9004F6416/side/A1B1E47253A6B884C1256CA900468ACD/$file/WP_1_2002.pdf National Bank of Denmark (Danmarks Nationalbank) Working papers by Christensen, Anders Møller; Nielsen, Heino Bohn Robust estimation of the expected inflation 2004-04-08T18:58:00Z Robust estimation of the expected inflation 2004-04-08T18:58:00Z Abstract http://www.nationalbanken.dk/C1256BE9004F6416/side/12002_Robust_estimation_of_the_expected_inflation!opendocument Full text http://www.nationalbanken.dk/C1256BE9004F6416/side/A1B1E47253A6B884C1256CA900468ACD/$file/WP_1_2002.pdf Anders Møller Christensen Heino Bohn Nielsen Christensen, Anders Møller; Nielsen, Heino Bohn 2002-04-10 National Bank of Denmark (Danmarks Nationalbank) Working papers http://www.nationalbanken.dk/C1256BE9004F6416/side/25611F1E87A33873C1256CB0004BA417/$file/WP_6_2002.pdf National Bank of Denmark (Danmarks Nationalbank) Working papers by Christensen, Anders Møller The Real Interest Rate Gap: Measurement and Application 2004-04-08T18:58:00Z The Real Interest Rate Gap: Measurement and Application 2004-04-08T18:58:00Z Abstract http://www.nationalbanken.dk/C1256BE9004F6416/side/WP_62002_The_Real_Interest_Rate_Gap_Measurement_and_Application!opendocument Full text http://www.nationalbanken.dk/C1256BE9004F6416/side/25611F1E87A33873C1256CB0004BA417/$file/WP_6_2002.pdf Anders Møller Christensen Christensen, Anders Møller 2002-10-07 National Bank of Denmark (Danmarks Nationalbank) Working papers