Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Two Essays On Monetary Policy Under Parameter Uncertainty full books in PDF, epub, and Kindle. Read online Two Essays On Monetary Policy Under Parameter Uncertainty ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Nam Xuan Nguyen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (852 download)
Download or read book Two Essays on Monetary Policy Under Parameter Uncertainty written by Nam Xuan Nguyen and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : J.M. Berk
Publisher : Springer Science & Business Media
ISBN 13 : 1475734050
Total Pages : 157 pages
Book Rating : 4.4/5 (757 download)
Download or read book The Preparation of Monetary Policy written by J.M. Berk and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard macroeconomic monographs often discuss the mechanism of monetary transmission, usually ending by highlighting the complexities and uncertainties involved in this mechanism. Conversely, The Preparation of Monetary Policy takes these uncertainties as a starting point, analytically investigating their nature and spelling out their consequences for the monetary policy maker. The second innovative aspect of this book is its focus on policy preparation instead of well-covered topics such as monetary policy strategy, tactics, and implementation. Thirdly, a general, multi-model framework for preparing monetary policy is proposed, which is illustrated by case studies stressing the role of international economic linkages and of expectations. Written in a self-contained fashion, these case studies are of interest by themselves. The book is written for an audience that is interested in the art and science of monetary policy making, which includes central bankers, academics, and (graduate) students in the field of monetary economics, macroeconomics, international economics and finance.
Author : Alessandro Flamini
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (255 download)
Download or read book Three Essays in Monetary Policy written by Alessandro Flamini and published by . This book was released on 2008 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three papers on monetary policy. The first analyzes how endogenous imperfect exchange rate pass-through affects inflation targeting optimal monetary policies in a New Keynesian small open economy. The paper shows that an inverse relation exists between the pass-through and the insulation of the economy from foreign and monetary policy shocks, and that imperfect pass-through tends to decrease the variability of the terms of trade. The second paper focuses on optimal monetary policy in presence of uncertainty of the structural parameters in an open economy. Comparing CPI and domestic inflation targeting, it shows that the latter implies considerably less variability in the distribution forecast of the economic dynamics. The third paper argues that estimated linear monetary policy rules are weighted averages of the actual rules working in the diverse monetary regimes, where the weights merely reflect the length and not necessarily the relevance of the regimes.
Author :
Publisher :
ISBN 13 :
Total Pages : 190 pages
Book Rating : 4.:/5 (88 download)
Download or read book Three Essays on Monetary Policy Under Uncertainty written by and published by . This book was released on 2012 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter, I propose a new design of Early Warning Systems to detect early warning signals of an impending financial crisis. The problem of EWS is formulated from a policy maker's perspective. Hence the probability threshold is obtained by minimizing the policy maker's welfare loss. This paper employs the Bayesian Quickest Change Detection as the methodology to detect the early warning signals. We show that the BQCD method outperforms the Logit model used in traditional EWS models based on results of simulation exercise and the out-of-sample prediction of the 1997 Asian financial crises. In the second chapter, I investigated the timing of U.S. monetary policy response to the 2007 financial crisis. The LIBOR-OIS spread jumped significantly on Aug 9, 2007, indicating an unusual increase in distress of the financial sector, but it was not until Aug 17, 2007, that the Federal Reserve responded with a 50 basis points of reduction of the primary credit rate after an unscheduled meeting. I further assumed that the policy maker was uncertain about the intensity of the financial crisis, and that monetary policy responded to more severe financial crisis more intensively. In order to increase the accuracy of choosing the right policy regime, waiting for more information may be desirable. I found that for certain specifications of the intensity of the financial crisis, the optimal timing of the Federal Reserve's policy response should be Aug 15, 2007. I concluded that uncertainty about the intensity of the financial crisis played an important role in the timing decision of the policy maker. In the third chapter, I investigated the issue of international monetary policy coordination under uncertainty. The consensus is that international monetary policy coordination is welfare improving, but some argue that the improvement is not significant quantitatively. This paper studied the role of model uncertainty in international monetary policy coordination, and found that considering model uncertainty can enhance welfare gain of coordination.
Author : Volker Wieland
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (138 download)
Download or read book Monetary Policy, Parameter Uncertainty and Optimal Learning written by Volker Wieland and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John B. Taylor
Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.2/5 (267 download)
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Author : Q. Farooq Akram
Publisher :
ISBN 13 : 9788275534154
Total Pages : 33 pages
Book Rating : 4.5/5 (341 download)
Download or read book Robust-satisficing Monetary Policy Under Parameter Uncertainty written by Q. Farooq Akram and published by . This book was released on 2007 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nonarit Bisonyabut
Publisher :
ISBN 13 :
Total Pages : 167 pages
Book Rating : 4.:/5 (73 download)
Download or read book Essays on Uncertainties in Monetary Policy written by Nonarit Bisonyabut and published by . This book was released on 2010 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alex Ilek
Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (757 download)
Download or read book Essays on Uncertainty and Monetary Policy written by Alex Ilek and published by . This book was released on 2011 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francesca Rondina
Publisher :
ISBN 13 :
Total Pages : 123 pages
Book Rating : 4.:/5 (65 download)
Download or read book Essays on Model Uncertainty in Monetary Policy written by Francesca Rondina and published by . This book was released on 2009 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthew B. Canzoneri
Publisher :
ISBN 13 :
Total Pages : 83 pages
Book Rating : 4.:/5 (696 download)
Download or read book Two Essays on Monetary Policy in an Interdependent World written by Matthew B. Canzoneri and published by . This book was released on 1983 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alain Schlaepfer
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (112 download)
Download or read book Essays on Uncertainty, Monetary Policy and Financial Stability written by Alain Schlaepfer and published by . This book was released on 2016 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter, I examine both theoretically and empirically how income uncertainty affects the effectiveness of monetary policy. I consider income risk from potential unemployment, and find that monetary policy has a smaller influence on aggregate demand when unemployment risk is high. I build on the fact that saving arising from a precautionary motive has a smaller interest elasticity. As a consequence, aggregate demand reacts less to the interest rate when uncertainty is high. The second chapter links the build-up of financial risk that led to the recent financial crisis to the preceding period of exceptionally low macroeconomic volatility. The degree of stability that a country has enjoyed before 2007 predicts robustly how much it suffered from the crisis, a result that also holds for individual firms. In the final chapter, I connect this period of low volatility to the conduct of monetary policy. Building on a stylized model, I show empirically that monetary policy may have been ̀too successful' in stabilizing inflation, as this has contributed to excessive financial risk taking.
Author : Ruoyun Mao
Publisher :
ISBN 13 : 9781082943867
Total Pages : 185 pages
Book Rating : 4.9/5 (438 download)
Download or read book Three Essays on Monetary and Fiscal Policy written by Ruoyun Mao and published by . This book was released on 2020 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissertation consists of three essays studying the effects of monetary and fiscal policy. The first chapter, ''Policy Uncertainty and Government Spending Effects'' (joint with Shu-Chun Yang), studies government spending multipliers in a low nominal interest rate environment. Using a fully nonlinear New Keynesian model, this chapter shows government spending multipliers can decrease when 1) the initial debt-to-GDP ratio is higher, 2) the tax rate is higher, 3) debt maturity is longer, and 4) monetary policy is more responsive to inflation. When monetary and fiscal policy regimes can switch, policy uncertainty also reduces spending multipliers. If higher inflation induces a rising probability of switching to a regime where monetary policy actively controls inflation and fiscal policy raises future taxes to stabilize government debt, the multipliers can fall much below unity.The second chapter is a joint work with Zhao Han and Xiaohan Ma and studies how dispersed information impacts inflation, inflation expectations, and the Phillips curve by analytically solving a price-setting problem with nominal rigidity and informational frictions. The analytical representations enable us to recover the underlying parameters with data from the Survey of Professional Forecasters (SPF) and quantify the effects of dispersed information. The estimation results show dispersed information plays an important role in generating persistent inflation forecast errors and non-zero nowcast errors, as observed in the SPF data, but the effects of higher-order expectations on the Phillips curve are quantitatively small.The last chapter derives the optimal monetary policy when firms only have limited capacity to process information. The result shows marginal cost of attention is the key to determining the trade-off between the central bank's dual mandates. When the marginal cost is low, monetary policy aiming at stabilizing the output gap attracts attention from the private sector and generates inefficient price dispersion; Increasing the marginal cost of attention can eliminate the trade-off. A comparison between a rule-based policy and a discretionary policy confirms welfare gain from commitment. Firms pay extra attention to the policy signal when it is discretionary, which generates more price dispersion and harms welfare.
Author : M.B. CANZONERI
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book TWO ESSAYS ON MONETARY POLICY IN AN INTERDEPENDENT WORLD: 1, MONETARY POLICY GAMES AND THE CONSEQUENCES OF NON-COOPERATIVE BEHAVIOR - 2, SOME ASPECTS OF THE ADJUSTMENT PROBLEM IN AN INTERDEPENDENT WORLD. written by M.B. CANZONERI and published by . This book was released on 1983 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Volker Wieland
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (4 download)
Download or read book Monetary Policy and Uncertainty about the Natural Unemployment Rate written by Volker Wieland and published by . This book was released on 2003 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James A. Dorn
Publisher : Cato Institute
ISBN 13 : 194864715X
Total Pages : 334 pages
Book Rating : 4.9/5 (486 download)
Download or read book Monetary Policy in an Uncertain World written by James A. Dorn and published by Cato Institute. This book was released on 2018-08-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed’s exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.
Author : Klodiana Istrefi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (962 download)
Download or read book Essays on Monetary Policy and Uncertainty written by Klodiana Istrefi and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
