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This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian models, with particular …
Persistent link: https://www.econbiz.de/10014025628
This paper studies how household inequality shapes the effects of the zero lower bound (ZLB) on nominal interest rates on aggregate dynamics. To do so, we consider a heterogeneous agent New Keynesian (HANK) model with an occasionally binding ZLB and solve for its fully non-linear stochastic...
Persistent link: https://www.econbiz.de/10014287383
This paper investigates how institutional constraints discipline the behavior of discretionary governments subject to an expenditure bias. The focus is on constraints implemented in actual economies: monetary policy targets, limits on the deficit and debt ceilings. For a variety of aggregate...
Persistent link: https://www.econbiz.de/10011585839
targets (inflation and output gap) are forward-looking variables in the new-Keynesian theory …
Persistent link: https://www.econbiz.de/10011695130
emerging-market economies. This chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation …
Persistent link: https://www.econbiz.de/10014025620
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This paper compares the performance of economies with different monetary regimes during the last quarter century. The conclusions include: (1) There is little evidence that inflation targeting affects performance in advanced economies, but some evidence of benefits in emerging economies; (2)...
Persistent link: https://www.econbiz.de/10014025619