Showing 1 - 7 of 7
This paper reviews whether and how the ongoing financial crisis has influenced central banking policy practice. Taking a historical perspective, it argues that throughout the existence of central banks the main objective has remained the same¯stability. What has been evolving over time, and has...
Persistent link: https://www.econbiz.de/10010548567
This paper examines the robustness characteristics of optimal control policies derived under the assumption of rational expectations to alternative models of expectations. We assume that agents have imperfect knowledge about the precise structure of the economy and form expectations using a...
Persistent link: https://www.econbiz.de/10005770647
This paper examines the robustness characteristics of optimal control policies derived under the assumption of rational expectations to alternative models of expectations formation and uncertainty about the natural rates of interest and unemployment. We assume that agents have imperfect...
Persistent link: https://www.econbiz.de/10005001847
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....
Persistent link: https://www.econbiz.de/10005001848
What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s and 1970s? We use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary policy strategies. We show that policies constructed...
Persistent link: https://www.econbiz.de/10008587613
This paper provides a policymaker's perspective on some lessons from the recent financial crisis. It focuses on questions in three areas. First, what lessons can be drawn regarding the institutional framework for monetary policy? Has the experience changed the pre-crisis consensus that monetary...
Persistent link: https://www.econbiz.de/10008587614
Η πρόσφατη χρηματοοικονομική κρίση ανέδειξε την ανάγκη ολοκληρωμένης προσέγγισης για πρόληψη και διαχείριση κρίσεων με στόχο τη διασφάλιση της...
Persistent link: https://www.econbiz.de/10008802515