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On policy interactions among nations : when do cooperation and commitment matter ?

Kempf, Hubert; Thadden, Leopold Von - HAL - 2008

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...

Persistent link: https://www.econbiz.de/10010738606

Financial Repression, Tax Evasion and Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs

Villieu, Patrick; Minea, Alexandru - HAL - 2006

In this paper, we study maximizing long-run economic growth trade-off in monetary and fiscal policies in an endogenous growth model with transaction costs. We show that both monetary and fiscal policies are subject to threshold effects, a result that gives account of a number of recent empirical...

Persistent link: https://www.econbiz.de/10008793684

A quantitative exploration of the opportunistic approach to disinflation

Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - Center for Financial Studies - 2005

Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a central bank controls inflation aggressively when inflation is...

Persistent link: https://www.econbiz.de/10010986427

Inflation Targeting in Colombia, 2002-2012

Urrutia, Miguel; Hofstetter, Marc; Hamann, Franz - Inter-American Development Bank - 2014

After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the...

Persistent link: https://www.econbiz.de/10010943921

Inflation Targeting and Quantitative Tightening: Effects of Reserve Requirements in Peru

Armas, Adrián; Castillo, Paul; Vega, Marco - Inter-American Development Bank - 2014

This paper provides an overview of the reserve requirement measures undertaken by the Central Bank of Peru. It provides a rationale for the use of these instruments as well as empirical evidence of their effectiveness. In general, the results show that tightening reserve requirements has the...

Persistent link: https://www.econbiz.de/10010943927

On the Credibility of Inflation Targeting Regimes in Latin America

Mariscal, Rodrigo; Powell, Andrew; Tavella, Pilar - Inter-American Development Bank - 2014

Inflation targeting has been adopted in a set of emerging economies, including eight countries in Latin America. The success of this regime may depend critically on the credibility of the target and the expectation that the authorities will take appropriate actions if the target is breached....

Persistent link: https://www.econbiz.de/10010944050

Central Bank Liquidity Management and "Unconventional" Monetary Policies

Kawamura, Enrique; García-Cicco, Javier - Inter-American Development Bank - 2014

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing … that the central bank uses to manage liquidity in the economy, which creates a role for the central bank balance sheet in … list of eligible collaterals accepted at the liquidity facilities operated by the central bank. These policies have been …

Persistent link: https://www.econbiz.de/10010944371

Towards a "New" Inflation Targeting Framework: The Case of Uruguay

Sola, Martín; González-Rozada, Martin - Inter-American Development Bank - 2014

Using a dynamic stochastic general equilibrium model with financial frictions, this paper evaluates the effects of a rule that incorporates not only the interest rate but also the legal reserve requirements as instruments of monetary policy. It is found that reserve requirements can be used to...

Persistent link: https://www.econbiz.de/10010944440

Does talk matter after all? Inflation targeting and central bank behavior

Kuttner, Kenneth N.; Posen, Adam S. - Center for Financial Studies - 1999

Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without...

Persistent link: https://www.econbiz.de/10010958508

Monetary Policy and Uncertainty about the Natural Unemployment Rate

Wieland, Volker - Center for Financial Studies - 2003

Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary policy in the presence of uncertainty about the...

Persistent link: https://www.econbiz.de/10010958781

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