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Is Optimal Monetary Policy Always Optimal
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Book Synopsis Is Optimal Monetary Policy Always Optimal? by : Troy Davig
Download or read book Is Optimal Monetary Policy Always Optimal? written by Troy Davig and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy makers with various objectives. Asking the policy question only in terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank. The optimal monetary policy literature and the optimal simple rules often labeled flexible inflation targeting assign all of the cyclical policymaking duties to central banks. This distorts the policy discussion and narrows the policy choices to a suboptimal set. We highlight this issue and call for a broader thinking of optimal policies.
Book Synopsis Is Optimal Monetary Policy Always Optimal? by : Troy Davig
Download or read book Is Optimal Monetary Policy Always Optimal? written by Troy Davig and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy under Uncertainty, Second Edition by : Richard T. Froyen
Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Book Synopsis Optimal Monetary Policy Under Bounded Rationality by : Jonathan Benchimol
Download or read book Optimal Monetary Policy Under Bounded Rationality written by Jonathan Benchimol and published by International Monetary Fund. This book was released on 2019-08-02 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To the extent that bygones are not bygones under price level targeting, rational inflation expectations is a minimal condition for optimality in a behavioral world. Instrument rules implementation of this optimal policy is shown to be infeasible, questioning the ability of simple rules à la Taylor (1993) to assist the conduct of monetary policy. Bounded rationality is not necessarily associated with welfare losses.
Book Synopsis Optimal Monetary Policy with Overlapping Generations of Policymakers by : Maral Shamloo
Download or read book Optimal Monetary Policy with Overlapping Generations of Policymakers written by Maral Shamloo and published by International Monetary Fund. This book was released on 2010-02-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members decide on policy by engaging in a bargaining process. I show that this setup gives rise to a continuous measure of the degree of monetary authority's commitment. The model suggests that the lower the churning rate or the longer the tenure time, the closer social welfare will be to that under optimal commitment policy.
Book Synopsis Optimal Monetary Policy for the Masses by : James Brian Bullard
Download or read book Optimal Monetary Policy for the Masses written by James Brian Bullard and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy in a Model of Money and Credit by :
Download or read book Optimal Monetary Policy in a Model of Money and Credit written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy by : Aubhik Khan
Download or read book Optimal Monetary Policy written by Aubhik Khan and published by . This book was released on 2000 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy According to HANK by : Sushant Acharya
Download or read book Optimal Monetary Policy According to HANK written by Sushant Acharya and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Designing a Simple Loss Function for Central Banks by : Davide Debortoli
Download or read book Designing a Simple Loss Function for Central Banks written by Davide Debortoli and published by International Monetary Fund. This book was released on 2017-07-21 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilizing economic activity also stabilizes other welfare relevant variables. Second, the estimated model features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest rate sensitivity of demand. The result holds up in the presence of measurement errors, with large shocks that generate a trade-off between stabilizing inflation and resource utilization, and also when ensuring a low probability of hitting the zero lower bound on interest rates.
Book Synopsis Optimal Monetary Policy Under Model Uncertainty Without Commitment by : Anna Orlik
Download or read book Optimal Monetary Policy Under Model Uncertainty Without Commitment written by Anna Orlik and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy at the Zero Lower Bound by :
Download or read book Optimal Monetary Policy at the Zero Lower Bound written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy in a Model with Habit Formation by : Jeffrey C. Fuhrer
Download or read book Optimal Monetary Policy in a Model with Habit Formation written by Jeffrey C. Fuhrer and published by . This book was released on 1998 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy in a Small Open Economy by : Charles T. Carlstrom
Download or read book Optimal Monetary Policy in a Small Open Economy written by Charles T. Carlstrom and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Non-Optimality of Supposedly 'Optimal' Monetary Policy by : Athanasios Orphanides
Download or read book On the Non-Optimality of Supposedly 'Optimal' Monetary Policy written by Athanasios Orphanides and published by . This book was released on 2015 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: A burgeoning part of the monetary policy design literature posits that optimal monetary policy is the solution to a constrained optimization problem where the monetary authority has the discretion to minimize a social welfare function, taking the economy and other policies as given. Davig and Gurkaynak (2014) argue convincingly that the solution thus attained may fail to deliver the desired outcome. This note further argues that optimal outcomes are infeasible in an environment where policy discretion is encouraged and the central bank is assigned multiple conflicting objectives. In a democracy, no unelected and unaccountable policymaker should be or act as the residual claimant of all policy. Narrow mandates and rules are needed to protect society from harmful discretion. The Inflation Targeting framework and recent policy challenges faced by the Federal Reserve and the ECB are discussed in this context.
Book Synopsis Optimal Monetary Policy in a Small Open Economy by : Charles T. Carlstrom
Download or read book Optimal Monetary Policy in a Small Open Economy written by Charles T. Carlstrom and published by . This book was released on 1999 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal Monetary Policy in a Multisector Economy with an Economy-wide Money Market by : John V. Duca
Download or read book Optimal Monetary Policy in a Multisector Economy with an Economy-wide Money Market written by John V. Duca and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
