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Optimal Monetary Policy rules for the Euro area in a DSGE framework
Ilbas, Pelin - Centrum voor Economische Studiën, Faculteit Economie … - 2006
losses both under discretion and commitment. We compare the performance of unrestricted optimal rules to the performance of … optimal simple rules. The results indicate that there are considerable gains from commitment over discretion, probably due to … the stabilization bias present under discretion. The lagged variant of the Taylor type of rule that allows for interest …
Persistent link: https://www.econbiz.de/10005200735
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Central Bank Reputation in a Forward-Looking Model.
Loisel, O. - Banque de France - 2005
This paper examines whether reputation concerns can induce the central bank to implement the time-inconsistent optimal monetary policy in a standard New Keynesian model. The forward-looking nature of this model is in this respect interesting on two accounts: first, it worsens the...
Persistent link: https://www.econbiz.de/10005056519
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Targeting inflation with a prominent role for money
Söderström, Ulf - 2001 - This version: June 2001
under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of …
Persistent link: https://www.econbiz.de/10011583901
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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - 2012
welfare losses associated with the presence of the zero bound. Under commitment, the gains associated with the use of the …
Persistent link: https://www.econbiz.de/10010391983
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Targeting Inflation with a Prominent Role for Money
Söderström, Ulf - 2001
under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of …
Persistent link: https://www.econbiz.de/10010321281
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Targeting Inflation with a Prominent Role for Money
Söderström, Ulf - Sveriges Riksbank - 2001
under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of …
Persistent link: https://www.econbiz.de/10005423768
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How Important Is Precommitment for Monetary Policy?
Dennis, Richard; Söderström, Ulf - 2002
in welfare terms is equivalent to moving from discretion to precommitment, the inflation equivalent. In the estimated …
Persistent link: https://www.econbiz.de/10010321292
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How important is precommitment for monetary policy?
Dennis, Richard J.; Söderström, Ulf - 2002
in welfare terms is equivalent to moving from discretion to precommitment, the inflation equivalent. In the estimated …
Persistent link: https://www.econbiz.de/10011584045
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How Important Is Precommitment for Monetary Policy?
Dennis, Richard; Söderström, Ulf - Sveriges Riksbank - 2002
in welfare terms is equivalent to moving from discretion to precommitment, the "inflation equivalent." In the estimated …
Persistent link: https://www.econbiz.de/10005649095
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How to starve the beast: fiscal and monetary policy rules
Martin, Fernando M. - 2019
Societies often rely on simple rules to restrict the size and behavior of governments. When fiscal and monetary policies are conducted by a discretionary and profligate government, I find that revenue ceilings vastly outperform debt, deficit and monetary rules, both in effectiveness at curbing...
Persistent link: https://www.econbiz.de/10012137093