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WOULD ADOPTING THE US DOLLAR HAVE LED TO IMPROVED INFLATION, OUTPUT AND TRADE BALANCES FOR NEW ZEALAND IN THE 1990s?

Hall, Viv; Huang, Angela - EconWPA - 2004

Deterministic simulations with the Reserve Bank of New Zealand’s core FPS model show how New Zealand’s broad macroeconomic environment might have evolved over the 1990s, if a US nominal yield curve and US TWI exchange rate movements under a common currency arrangement had been...

Persistent link: https://www.econbiz.de/10005412749

A calibrated structural model of the Czech economy

Hlédik, Tibor - EconWPA - 2004

The paper presents a structural model framework for a small open economy. The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic’s...

Persistent link: https://www.econbiz.de/10005076689

The Cause of the Great Inflation: Interactions between the Government and the Monetary Policymakers

Harashima, Taiji - EconWPA - 2005

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation target is low is uncovered. The model solves the puzzle of...

Persistent link: https://www.econbiz.de/10005124998

The role of expectations in the inflation process in the euro area

Paloviita, Maritta; Virén, Matti - EconWPA - 2005

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these variables. The analyses make use of a simple VAR...

Persistent link: https://www.econbiz.de/10005126316

Friedman’s money supply rule vs optimal interest rate policy

Evans, George W.; Honkapohja, Seppo - EconWPA - 2004

Using New Keynesian models, we compare Friedman’s k-percent money supply rule to optimal interest rate setting, with respect to determinacy, stability under learning and optimality. We first review the recent literature. Open-loop interest rate rules are subject to indeterminacy and...

Persistent link: https://www.econbiz.de/10005126422

Macroeconomic Policy in a Real Business Cycle Model with Money

Chen, Shiu-Sheng - EconWPA - 2002

This paper examines the impact of macroeconomic policy shocks in a Real- Business-Cycle Model with money. In addition to technology shocks, I include government consumption, government investment, tax rate and monetary policy as sources of random disturbances. Money is introduced in a...

Persistent link: https://www.econbiz.de/10005126437

How Does Global Disinflation Drag Inflation in Small Open Economies?

Vega, Marco; Winkelried, Diego - EconWPA - 2004

This paper shows the way how persistent world inflation shocks hitting a small open economy can re-weight the importance of domestic and foreign factors in the determination of prices. In this sense, we study why the recently observed global disinflation environment may imply a weakening of the...

Persistent link: https://www.econbiz.de/10005412737

Inflation Targeting: A Critical Appraisal

Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003

Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary policy. We suggest that IT is a major policy prescription closely associated with the New Consensus...

Persistent link: https://www.econbiz.de/10005561314

Systems Theory of Macroeconomics, Introduction to

Perison, A.G. - EconWPA - 2001

rapid expansion of the U.S. economy. The Systems Theory of Macroeconomics (STM) indicates an erroneous construction in Say … constitutes the Special Theory. General Theory attempts to quantify and unify the effects of fiscal, monetary and social policies … through corrections made to the Quantity Theory, thus modeling the short and long term effects of these policies in tandem or …

Persistent link: https://www.econbiz.de/10005412616

Uncertainty, Indeterminacy and Shannon's Derivation of Entropy: Implications for Policy Administration - A Systems Theoretical Approach

Author: A.G. Perison - EconWPA - 2001

Most prices and interest rates display fluctuating levels that embody extractable energy and equivalent amounts of money. Such fluctuations are also associated with varying degrees of uncertainty. Shannon's derivations of spectral entropy and information content offer computational techniques...

Persistent link: https://www.econbiz.de/10005561278

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