The Choice Of A Monetary Policy Reaction Function In A Simple Optimizing Model

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The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model

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Author : Dale W. Henderson
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model by : Dale W. Henderson

Download or read book The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model written by Dale W. Henderson and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy reaction functions are compared in a simple optimizing model with one-period nominal stickiness, i.i.d. shocks, and no capital accumulation. The interest rate is the instrument and is either kept constant, "interest rate targeting" for short, or used in targeting one of the following: money, the price level, output, nominal income (output), money growth, inflation, and the sum of inflation and output. There are three varieties of one-period nominal stickiness--wage stickiness, wage and price stickiness, and price stickiness--and three kinds of shocks--money demand shocks, goods demand shocks, and productivity shocks. A given type of targeting is "better" than some other type for a given variable and kind of shock if it results in smaller deviations of the variable from its target value. Some familiar results regarding the ranking of types of targeting are confirmed in the optimizing model, and some new results are obtained. It is not surprising that rankings may depend both on the type of shock and on which variable is the target variable. However, it may be somewhat surprising that, given that wages are sticky, rankings depend on whether prices are sticky, but that given that prices are sticky rankings do not depend on whether wages are sticky.

Money, Interest, and Policy

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Author : Jean-Pascal Bénassy
Publisher : MIT Press
ISBN 13 : 0262026139
Total Pages : 215 pages
Book Rating : 4.2/5 (62 download)

Book Synopsis Money, Interest, and Policy by : Jean-Pascal Bénassy

Download or read book Money, Interest, and Policy written by Jean-Pascal Bénassy and published by MIT Press. This book was released on 2007 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important recent advance in macroeconomics is the development of dynamic stochastic general equilibrium (DSGE) macromodels. The use of DSGE models to study monetary policy, however, has led to paradoxical and puzzling results on a number of central monetary issues including price determinacy and liquidity effects. In Money, Interest, and Policy, Jean-Pascal Benassy argues that moving from the standard DSGE models - which he calls "Ricardian" because they have the famous "Ricardian equivalence" property-to another, "non-Ricardian" model would resolve many of these issues. A Ricardian model represents a household as a homogeneous family of infinitely lived individuals, and Benassy demonstrates that a single modification-the assumption that new agents are born over time (which makes the model non-Ricardian)-can bridge the current gap between monetary intuitions and facts, on one hand, and rigorous modeling, on the other. After comparing Ricardian and non-Ricardian models, Benassy introduces a model that synthesizes the two approaches, incorporating both infinite lives and the birth of new agents. Using this model, he considers a number of issues in monetary policy, including liquidity effects, interest rate rules and price determinacy, global determinacy, the Taylor principle, and the fiscal theory of the price level. Finally, using a simple overlapping generations model, he analyzes optimal monetary and fiscal policies, with a special emphasis on optimal interest rate rules

Exact Utilities Under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents

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Author : Dale W. Henderson
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis Exact Utilities Under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents by : Dale W. Henderson

Download or read book Exact Utilities Under Alternative Monetary Rules in a Simple Macro Model with Optimizing Agents written by Dale W. Henderson and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Finance and Financial Crises

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Author : Mr.Peter Isard
Publisher : International Monetary Fund
ISBN 13 : 9781557758347
Total Pages : 304 pages
Book Rating : 4.7/5 (583 download)

Book Synopsis International Finance and Financial Crises by : Mr.Peter Isard

Download or read book International Finance and Financial Crises written by Mr.Peter Isard and published by International Monetary Fund. This book was released on 2000-01-24 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the proceedings of a conference held in honor of Robert P. Flood Jr. Contributors to the conference were invited to address many of the topics that Robert Flood has explored including regime switching, speculative attacks, bubbles, stock market voloatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. The results, contained in this volume, include five papers on topics in international finance.

U.S. Monetary Policy and Econometric Modeling

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Author : Hali J. Edison
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis U.S. Monetary Policy and Econometric Modeling by : Hali J. Edison

Download or read book U.S. Monetary Policy and Econometric Modeling written by Hali J. Edison and published by . This book was released on 1998 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Africa and Asia in Comparative Economic Perspective

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Author : P. Lawrence
Publisher : Springer
ISBN 13 : 1403905401
Total Pages : 307 pages
Book Rating : 4.4/5 (39 download)

Book Synopsis Africa and Asia in Comparative Economic Perspective by : P. Lawrence

Download or read book Africa and Asia in Comparative Economic Perspective written by P. Lawrence and published by Springer. This book was released on 2001-05-14 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This invaluable collection compares the relatively unsuccessful economic development of Subsaharan Africa with that of the successful Asian economies, especially the Asian 'tigers'. It covers three main areas of comparison: the lessons for Africa from the Asian experience; secondly, the comparisons of various aspects of economic development in Africa and Asia; and finally, convergence: how far the laggard economies are catching up with, or diverging away from, each other.

The Fed in Print

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Author :
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (31 download)

Book Synopsis The Fed in Print by :

Download or read book The Fed in Print written by and published by . This book was released on 1998 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Inflation-Targeting Debate

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Author : Ben S. Bernanke
Publisher : University of Chicago Press
ISBN 13 : 0226044734
Total Pages : 469 pages
Book Rating : 4.2/5 (26 download)

Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke

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.

Designing a Simple Loss Function for Central Banks

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Author : Davide Debortoli
Publisher : International Monetary Fund
ISBN 13 : 1484311752
Total Pages : 56 pages
Book Rating : 4.4/5 (843 download)

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.

Tradeoffs Between Inflation and Output-gap Variances in an Optimizing-agent Model

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Author : Christopher J. Erceg
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis Tradeoffs Between Inflation and Output-gap Variances in an Optimizing-agent Model by : Christopher J. Erceg

Download or read book Tradeoffs Between Inflation and Output-gap Variances in an Optimizing-agent Model written by Christopher J. Erceg and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Idiosyncratic Tastes in a Two-country Optimizing Model

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Author : Francis E. Warnock
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis Idiosyncratic Tastes in a Two-country Optimizing Model by : Francis E. Warnock

Download or read book Idiosyncratic Tastes in a Two-country Optimizing Model written by Francis E. Warnock and published by . This book was released on 1998 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Robustness of Identified VAR Conclusions about Money

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Author : Jon Faust
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis The Robustness of Identified VAR Conclusions about Money by : Jon Faust

Download or read book The Robustness of Identified VAR Conclusions about Money written by Jon Faust and published by . This book was released on 1998 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Optimal Monetary Policy Under Bounded Rationality

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Author : Jonathan Benchimol
Publisher : International Monetary Fund
ISBN 13 : 1498324584
Total Pages : 52 pages
Book Rating : 4.4/5 (983 download)

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.

International Finance Discussion Papers

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Author :
Publisher :
ISBN 13 :
Total Pages : 480 pages
Book Rating : 4.:/5 (31 download)

Book Synopsis International Finance Discussion Papers by :

Download or read book International Finance Discussion Papers written by and published by . This book was released on 1998 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Equivalence Theorems for Government Finance

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Author : Dahai Yu
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis Two Equivalence Theorems for Government Finance by : Dahai Yu

Download or read book Two Equivalence Theorems for Government Finance written by Dahai Yu and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Inflation Targeting and Nominal Income Growth Targeting

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Author : Jinill Kim
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis Inflation Targeting and Nominal Income Growth Targeting by : Jinill Kim

Download or read book Inflation Targeting and Nominal Income Growth Targeting written by Jinill Kim and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Framework for Economic Forecasting

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Author : Neil R. Ericsson
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)

Book Synopsis A Framework for Economic Forecasting by : Neil R. Ericsson

Download or read book A Framework for Economic Forecasting written by Neil R. Ericsson and published by . This book was released on 1998 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: