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Rudebusch, Glenn D. - 1998

Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...

Persistent link: https://www.econbiz.de/10012472292

Monetary policy with model uncertainty: distribution forecast targeting

Svensson, Lars E. O.; Williams, Noah - 2005

We examine optimal and other monetary policies in a linear-quadratic setup with a relatively general form of model uncertainty, so-called Markov jump-linear-quadratic systems extended to include forward-looking variables. The form of model uncertainty our framework encompasses includes : simple...

Persistent link: https://www.econbiz.de/10010295780

The equilibrium degree of transparency and control in monetary policy

Faust, Jon; Svensson, Lars E. O. - 1999

Persistent link: https://www.econbiz.de/10001447754

Open-Economy Inflation Targeting

Svensson, Lars E. O. - 2000

The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand with some microfoundations, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting...

Persistent link: https://www.econbiz.de/10012471032

How Robust Is the Result That the Cost of ‘Leaning against the Wind’ Exceeds the Benefit?

Svensson, Lars E. O. - 2017

The main result in Svensson (2017) and its previous versions is that, given current knowledge and empirical estimates, the cost of using monetary policy to “lean against the wind” for financial-stability purposes exceeds the benefit by a substantial margin. Adrian and Liang (2016a) conduct a...

Persistent link: https://www.econbiz.de/10012961595

Monetary Policy with Model Uncertainty : Distribution Forecast Targeting

Svensson, Lars E. O. - 2016

Persistent link: https://www.econbiz.de/10012991220

Implementing Optimal Policy through Inflation-Forecast Targeting

Svensson, Lars E. O. - 2003

We examine to what extent variants of inflation-forecast targeting can avoid stabilization bias, incorporate history-dependence, and achieve determinancy of equilibrium, so as to reproduce a socially optimal equilibrium. We also evaluate these variants in terms of the transparency of the...

Persistent link: https://www.econbiz.de/10012468951

Monetary Policy and Real Stabilization

Svensson, Lars E. O. - 2003

the instrument responds to all information that significantly affects the projections of inflation and the output gap …

Persistent link: https://www.econbiz.de/10012469217

Optimal Policy with Partial Information in a Forward-Looking Model : Certainty-Equivalence Redux

Svensson, Lars E. O. - 2003

This paper proves a certainty equivalence result for optimal policy under commitment with symmetric partial information …, Indicator Variables for Optimal Policy,' which synthesizes what is known about the case of symmetric partial information, and …, and thereby potentially affect the future information available …

Persistent link: https://www.econbiz.de/10012469273

What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules

Svensson, Lars E. O. - 2003

transformation and substitution between the target variables. Targeting rules allow the use of judgment and extra-model information …

Persistent link: https://www.econbiz.de/10012469282