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Optimal monetary policy delegation under incomplete exchange rate pass-through

Adolfson, Malin (contributor) - 2001 - [Elektronische Ressource]

exchange rate, through Consumer Price Index (CPI) inflation targeting is, however, beneficial. Welfare can, moreover, be …-through. -- Exchange rate pass-through ; inflation targeting ; interest rate inertia ; monetary policy ; small open economy …

Persistent link: https://www.econbiz.de/10001622448

Incomplete exchange rate pass-through and simple monetary policy rules

Adolfson, Malin (contributor) - 2001 - [Elektronische Ressource]

reaction to Consumer Price Index (CPI) inflation rather than to domestic inflation, is welfare enhancing in all pass …-through cases. This result is moreover independent of whether society values domestic or CPI inflation stabilization. The only case … inflation and output, are sub-optimal. -- Exchange rate pass-through ; monetary policy ; simple policy rules ; small open …

Persistent link: https://www.econbiz.de/10001622452

Stronger evidence of long-run neutrality : a comment on Bernanke and Mihov

Giordani, Paolo (contributor) - 2001 - [Elektronische Ressource], Rev. May 11, 2001

Few propositions in macroeconomics are less controversial than long-run money neutrality, yet clear and robust empirical support has not been found in time series studies. Bernanke and Mihov (1998) are comparatively successful in this hunt, but their output response to monetary policy shocks...

Persistent link: https://www.econbiz.de/10001600067

Reconsidering the role of money for output, prices and interest rates

Favara, Giovanni (contributor); Giordani, Paolo (contributor) - 2002 - [Elektronische Ressource], First draft: September 2001, This version: November 2002

New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks...

Persistent link: https://www.econbiz.de/10001714614