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Author : James Brian Bullard
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)
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:
Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 466 pages
Book Rating : 4.7/5 (847 download)
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.
Author : Jonathan Benchimol
Publisher : International Monetary Fund
ISBN 13 : 1513511343
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)
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.
Author : Aubhik Khan
Publisher :
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4.:/5 (247 download)
Download or read book Optimal Monetary Policy written by Aubhik Khan and published by . This book was released on 2002 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal monetary policy maximizes the welfare of a representative agent, given frictions in the economic environment. Constructing a model with two sets of frictions -- costly price adjustment by imperfectly competitive firms and costly exchange of wealth for goods -- we find optimal monetary policy is governed by two familiar principles. First, the average level of the nominal interest rate should be sufficiently low, as suggested by Milton Friedman, that there should be deflation on average. Yet, the Keynesian frictions imply that the optimal nominal interest rate is positive. Second, as various shocks occur to the real and monetary sectors, the price level should be largely stabilized, as suggested by Irving Fisher, albeit around a deflationary trend path. Since expected inflation is roughly constant through time, the nominal interest rate must therefore vary with the Fisherian determinants of the real interest rate. Although the monetary authority has substantial leverage over real activity in our model economy, it chooses real allocations that closely resemble those which would occur if prices were flexible. In our benchmark model, there is some tendency for the monetary authority to smooth nominal and real interest rates
Author : Maral Shamloo
Publisher : International Monetary Fund
ISBN 13 : 1451962649
Total Pages : 37 pages
Book Rating : 4.4/5 (519 download)
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.
Author : Jeffrey C. Fuhrer
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (712 download)
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:
Author : Richard T. Froyen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Optimal Monetary Policy Under Uncertainty written by Richard T. Froyen and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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:
Author : Anna Orlik
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (871 download)
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:
Author : John V. Duca
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
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 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benjamin M. Friedman
Publisher : Elsevier
ISBN 13 : 0444534555
Total Pages : 970 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Monetary Economics written by Benjamin M. Friedman and published by Elsevier. This book was released on 2010-12-08 with total page 970 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are the goals of monetary policy and how are they transmitted? Top scholars summarize recent evidence on the roles of money in the economy, the effects of information, and the growing importance of nonbank financial institutions. Their investigations lead to questions about standard presumptions about the rationality of asset markets and renewed interest in fiscal-monetary connections. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis - Explores the ingredients, properties, and implications of models that inform monetary policy - Observes changes in the formulation of monetary policies over the last 25 years
Author : Troy Davig
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (925 download)
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:
Author : Sushant Acharya
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (114 download)
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:
Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Author : Helmut Frisch
Publisher : Springer
ISBN 13 : 1349128848
Total Pages : 437 pages
Book Rating : 4.3/5 (491 download)
Download or read book Open-Economy Macroeconomics written by Helmut Frisch and published by Springer. This book was released on 2016-07-27 with total page 437 pages. Available in PDF, EPUB and Kindle. Book excerpt: The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Author : Roger Craine
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (376 download)
Download or read book Optimal Monetary Policy with Uncertainty written by Roger Craine and published by . This book was released on 1977 with total page 34 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.
