Monetary Policy with a Convex Phillips Curve and Asymmetric Loss

Download Monetary Policy with a Convex Phillips Curve and Asymmetric Loss PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1451921713
Total Pages : 29 pages
Book Rating : 4.4/5 (519 download)

DOWNLOAD NOW!


Book Synopsis Monetary Policy with a Convex Phillips Curve and Asymmetric Loss by : Demosthenes N. Tambakis

Download or read book Monetary Policy with a Convex Phillips Curve and Asymmetric Loss written by Demosthenes N. Tambakis and published by International Monetary Fund. This book was released on 1998-02-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent theoretical and empirical work has cast doubt on the hypotheses of a linear Phillips curve and a symmetric quadratic loss function underlying traditional thinking on monetary policy. This paper analyzes the Barro-Gordon optimal monetary policy problem under alternative loss functions—including an asymmetric loss function corresponding to the “opportunistic approach” to disinflation—when the Phillips curve is convex. Numerical simulations are used to compare the implications of the alternative loss functions for equilibrium levels of inflation and unemployment. For parameter estimates relevant to the United States, the symmetric loss function dominates the asymmetric alternative.

Non-linear Monetary Policy Rules

Download Non-linear Monetary Policy Rules PDF Online Free

Author :
Publisher : Centre interuniversitaire de recherche en économie quantitative
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.X/5 (4 download)

DOWNLOAD NOW!


Book Synopsis Non-linear Monetary Policy Rules by : Juan José Dolado

Download or read book Non-linear Monetary Policy Rules written by Juan José Dolado and published by Centre interuniversitaire de recherche en économie quantitative. This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary Policy with a Convex Philips Curve and Asymetric Loss

Download Monetary Policy with a Convex Philips Curve and Asymetric Loss PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (96 download)

DOWNLOAD NOW!


Book Synopsis Monetary Policy with a Convex Philips Curve and Asymetric Loss by : Demosthenes Tambakis

Download or read book Monetary Policy with a Convex Philips Curve and Asymetric Loss written by Demosthenes Tambakis and published by . This book was released on 1998 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Flexible Inflation Targeting Under a Non-linear Phillips Curve

Download Flexible Inflation Targeting Under a Non-linear Phillips Curve PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (6 download)

DOWNLOAD NOW!


Book Synopsis Flexible Inflation Targeting Under a Non-linear Phillips Curve by : Sylvester C. W. Eijffinger

Download or read book Flexible Inflation Targeting Under a Non-linear Phillips Curve written by Sylvester C. W. Eijffinger and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Asymmetric Monetary Policy Tradeoffs

Download Asymmetric Monetary Policy Tradeoffs PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

DOWNLOAD NOW!


Book Synopsis Asymmetric Monetary Policy Tradeoffs by : Davide Debortoli

Download or read book Asymmetric Monetary Policy Tradeoffs written by Davide Debortoli and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We measure the inflation-unemployment tradeoff associated with monetary easing and tightening, during booms and recessions, using a novel nonlinear Proxy-SVAR approach. We find evidence of significant non-linearities for the U.S. economy (1973:M1 - 2019:M6): stimulating economic activity during recessions is associated with minimal costs in terms of inflation, and reducing inflation during booms delivers small costs in terms of unemployment. Overall, these results provide support for countercyclical monetary policies, in contrast with what predicted by a flat Phillips curve, or previous studies on nonlinear effects of monetary policy. Our results can be rationalized by a simple model with downward nominal wage rigidity, which is also used to assess the validity of our empirical approach.

Fiscal and Monetary Policy in the Eurozone

Download Fiscal and Monetary Policy in the Eurozone PDF Online Free

Author :
Publisher : Emerald Group Publishing
ISBN 13 : 178743981X
Total Pages : 216 pages
Book Rating : 4.7/5 (874 download)

DOWNLOAD NOW!


Book Synopsis Fiscal and Monetary Policy in the Eurozone by : Rosaria Rita Canale

Download or read book Fiscal and Monetary Policy in the Eurozone written by Rosaria Rita Canale and published by Emerald Group Publishing. This book was released on 2019-05-13 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal and Monetary Policy in the Eurozone offers systematic analyses of the economic policy framework of the Eurozone and critiques current ideas about how to move forward, making it essential reading for postgraduate students of economics and of keen interest to researchers, policymakers, journalists, and financial strategists.

The Nonlinearity of the Phillips Curve and European Monetary Policy

Download The Nonlinearity of the Phillips Curve and European Monetary Policy PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!


Book Synopsis The Nonlinearity of the Phillips Curve and European Monetary Policy by : Ilmo Pyyhtiä

Download or read book The Nonlinearity of the Phillips Curve and European Monetary Policy written by Ilmo Pyyhtiä and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper deals with the question of whether the euro area Phillips curve is nonlinear. There has recently been a great deal of discussion and studies concerning the same question in the US context. The data set includes most of the euro area countries, namely Austria, Germany, Finland, France, Italy, the Netherlands and Spain. Estimation is made both with pooled data and with country-specific models. The results give a clear indication of nonlinearity of the Phillips curve in many euro countries. The curve is asymmetric in the sense that, with a positive output gap (actual output is greater than potential output), its impact on inflation is positive, but, with a negative output gap, the deflationary impact is very small and not significant as a rule. The Phillips curve has been especially asymmetric in Germany, Finland, Italy, the Netherlands and Spain. An important result of the study is the strong negative influence of inflation uncertainty on GDP in the euro countries during the estimation period, 1976-1997. This effect was very strong in pooled data but also at country level. This result is new in the sense that a Lucas-type supply function and especially nonlinear versions of it have not been estimated very often. Another interesting result is that Phillips curves can be estimated with good success using OECD Secretariat forecast data for inflation expectations. A very important result for monetary policy are the large differences between countries as regards the slope and shape of the Phillips curve. The policy implication of nonlinearity is clear. The costs of unduly expansive monetary policy could be high in the euro area in the medium term. Nonlinearity also means that inflation pressure in the euro area is dependent not only on the average demand situation but also on how economic activity is distributed across the region.

IMF Staff papers, Volume 45 No. 2

Download IMF Staff papers, Volume 45 No. 2 PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1451974167
Total Pages : 204 pages
Book Rating : 4.4/5 (519 download)

DOWNLOAD NOW!


Book Synopsis IMF Staff papers, Volume 45 No. 2 by : International Monetary Fund. Research Dept.

Download or read book IMF Staff papers, Volume 45 No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1998-01-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.

Nonlinear Phillips Curve with Asymmetric Adjustment Cost

Download Nonlinear Phillips Curve with Asymmetric Adjustment Cost PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!


Book Synopsis Nonlinear Phillips Curve with Asymmetric Adjustment Cost by : Dan Cao

Download or read book Nonlinear Phillips Curve with Asymmetric Adjustment Cost written by Dan Cao and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A nonlinear New Keynesian (NK) model with more severe downward rigidity in prices has a number of interesting implications. The “standard” NK equilibrium- with the nominal anchor during ELB episodes set by expectations about future monetary policy - exists even for long- lasting ELB episodes. The implied Phillips curve flattens endogenously as the inflation rate falls. This makes it easy to match data from episodes with large negative output gaps and only mild deflation; it can also generate a sharper rise in inflation in response to adverse-supply shocks. The implied fiscal multipliers at the ELB don't get much larger than unity.

Phillips Curve Instability and Optimal Monetary Policy

Download Phillips Curve Instability and Optimal Monetary Policy PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!


Book Synopsis Phillips Curve Instability and Optimal Monetary Policy by : Troy Davig

Download or read book Phillips Curve Instability and Optimal Monetary Policy written by Troy Davig and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the implications for optimal discretionary monetary policy if the slope of the Phillips curve changes. The paper first derives a 'switching' Phillips curve from the optimal pricing decision of a monopolistic firm that faces a changing cost of price adjustment. Two states exists, a state with a high cost of price adjustment that generates a 'flat' Phillips curve and a low-cost state that generates a relatively 'steep' curve. The second aspect of the paper constructs a utility-based welfare criterion. A novel feature of this criterion is that it has a relative weight on output gap deviations that is state dependent, so it changes with the cost of price adjustment. Optimal monetary policy is computed subject to the switching-Phillips curve under both ad-hoc and utility-based welfare criteria. The utility-based criterion instructs monetary policy to disregard the slope of the Phillips curve and keep its systematic actions constant across different states. This stands in contrast to the prescription coming under the ad-hoc criterion, which advises monetary policy to change its systematic behavior according to the slope of the Phillips curve.

The Oxford Handbook of the Malawi Economy

Download The Oxford Handbook of the Malawi Economy PDF Online Free

Author :
Publisher : Oxford University Press
ISBN 13 : 0198890184
Total Pages : 705 pages
Book Rating : 4.1/5 (988 download)

DOWNLOAD NOW!


Book Synopsis The Oxford Handbook of the Malawi Economy by : Hopestone Chavula

Download or read book The Oxford Handbook of the Malawi Economy written by Hopestone Chavula and published by Oxford University Press. This book was released on 2024-09-12 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Malawi Economy is an essential reference material with new research contributions and insights across the different areas of economic development to shape the country's future growth and development trajectory. The volume is the first publication that tries to assess the performance of the Malawi economy since independence, by examining how the underpinning political and economic history, and the associated policies and strategies have affected the country's long-term socio-economic development. It captures a broad range of opinions, approaches, and conclusions, which serve to underline both the complexity of the issues and challenges facing Malawi, and the immense difficulties in tackling them. Common themes emerge as many authors agree that the country needs to learn from its past experiences in terms of policy design and implementation, and the need to implement dynamic policies that could spur productive and sustained growth and development by tackling challenges associated with the continuously evolving global economic environment.

Research Activities of the IMF, January 1991-December 1998

Download Research Activities of the IMF, January 1991-December 1998 PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 9781557758606
Total Pages : 124 pages
Book Rating : 4.7/5 (586 download)

DOWNLOAD NOW!


Book Synopsis Research Activities of the IMF, January 1991-December 1998 by : International Monetary Fund

Download or read book Research Activities of the IMF, January 1991-December 1998 written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-09-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selective index of major research papers prepared by IMF staff in 1991-98.

Research Activities of the IMF, January 1991-December 1999

Download Research Activities of the IMF, January 1991-December 1999 PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 9781557759801
Total Pages : 144 pages
Book Rating : 4.7/5 (598 download)

DOWNLOAD NOW!


Book Synopsis Research Activities of the IMF, January 1991-December 1999 by : International Monetary Fund

Download or read book Research Activities of the IMF, January 1991-December 1999 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-01-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research activity in the IMF emphasizes the links between the organization's policy and operational concerns. The main objectives of research is IMF staff understanding of policy and operational issues relevant to the institution, and to improve the analytical quality of the work prepared for management and the Executive Board and the advice provided to member countries. The scope of research in the IMF is defined by the purposes and functions of the institution. In order to foster innovation and ensure quality control, the IMF makes much of its research available outside the institution and encourages staff to interact with academia and other research organizations through conferences, seminars, and occasional joint research projects. The visiting scholar’s program has also enhanced the quality of research done in the IMF. This program brings in leading members of the economics profession from around the world to assist in the preparation of papers for the Executive Board and to conduct research on IMF-related issues.

Monetary Policy Under Flexible Exchange Rates

Download Monetary Policy Under Flexible Exchange Rates PDF Online Free

Author :
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4./5 ( download)

DOWNLOAD NOW!


Book Synopsis Monetary Policy Under Flexible Exchange Rates by : Pierre-Richard Agénor

Download or read book Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2000 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.

Asymmetric Effects of Economic Activityon Inflation

Download Asymmetric Effects of Economic Activityon Inflation PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)

DOWNLOAD NOW!


Book Synopsis Asymmetric Effects of Economic Activityon Inflation by : Mr.Douglas Laxton

Download or read book Asymmetric Effects of Economic Activityon Inflation written by Mr.Douglas Laxton and published by International Monetary Fund. This book was released on 1994-11 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.

Central Bank Policy

Download Central Bank Policy PDF Online Free

Author :
Publisher : Emerald Group Publishing
ISBN 13 : 1789737516
Total Pages : 592 pages
Book Rating : 4.7/5 (897 download)

DOWNLOAD NOW!


Book Synopsis Central Bank Policy by : Perry Warjiyo

Download or read book Central Bank Policy written by Perry Warjiyo and published by Emerald Group Publishing. This book was released on 2019-07-25 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central Bank Policy: Theory and Practice analyses various policies, theories and practices adopted by central banks, as well as the institutional arrangements underlying the principles of good governance in policy-making. It is the first book to comprehensively discuss the latest theories and practices of central bank policy.

IMF Survey

Download IMF Survey PDF Online Free

Author :
Publisher :
ISBN 13 :
Total Pages : 468 pages
Book Rating : 4.F/5 ( download)

DOWNLOAD NOW!


Book Synopsis IMF Survey by : International Monetary Fund

Download or read book IMF Survey written by International Monetary Fund and published by . This book was released on 1998 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: