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The performance of monetary and fiscal rules in an open economy with imperfect capital mobility

Meirelles-Aurelio, Marcela - Federal Reserve Bank of Kansas City - 2005

1999 has targets for inflation and for the primary surplus. The main finding is that a fiscal regime characterized by a …

Persistent link: https://www.econbiz.de/10005410735

Monetary policy in an estimated optimization-based model with sticky prices and wages

Amato, Jeffery D.; Laubach, Thomas - Federal Reserve Bank of Kansas City - 1999

between the variances of price and wage inflation and the output gap. This tradeoff implies that it is desirable for the … monetary authority to respond to more than inflation, output, and past interest rates when setting the current interest rate …. Indeed, the welfare optimal policy can be approximated with responses to both price and wage inflation and the past interest …

Persistent link: https://www.econbiz.de/10005410741

Term structure transmission of monetary policy

Kozicki, Sharon; Tinsley, Peter - Federal Reserve Bank of Kansas City - 2005

responsiveness of term premiums and anticipated policy responses to inflation. …

Persistent link: https://www.econbiz.de/10005410743

Bank loan commitments and the lending view of monetary policy

Morgan, Donald P. - Federal Reserve Bank of Kansas City - 1992

Persistent link: https://www.econbiz.de/10005410747

Production interdependence and welfare

Huang, Kevin X.D.; Liu, Zheng - Federal Reserve Bank of Kansas City - 2004

The international welfare effects of a country’s monetary policy shocks have been controversial in the literature. While a unilateral monetary expansion increases the production efficiency in each country, it affects terms of trade in favor of one country against another depending on the...

Persistent link: https://www.econbiz.de/10005410752

Heterogeneity, redistribution, and the Friedman rule

Bhattacharya, Joydeep; Haslag, Joseph H.; Martin, Antoine - Federal Reserve Bank of Kansas City - 2004

We study several popular monetary models which generate a nondegenerate stationary distribution of money holdings. Across these environments, our principal finding is as follows: a monetary policy that sets long run nominal interest rates to zero (the Friedman rule) does not typically maximize...

Persistent link: https://www.econbiz.de/10005410754

Phillips curve instability and optimal monetary policy

Davig, Troy - Federal Reserve Bank of Kansas City - 2007

This paper assesses the implications for optimal discretionary monetary policy if the slope of the Phillips curve changes. The paper first derives a ‘switching’ Phillips curve from the optimal pricing decision of a monopolistic firm that faces a changing cost of price adjustment. Two states...

Persistent link: https://www.econbiz.de/10005410764

Optimal monetary policy under commitment with a zero bound on nominal interest rates

Adam, Klaus; Billi, Roberto M. - Federal Reserve Bank of Kansas City - 2005

and does not imply positive average inflation rates in equilibrium. Interestingly, the presence of binding real rate …

Persistent link: https://www.econbiz.de/10005410767

U.S. monetary policy regimes and U.S.-Japan financial relationships

Roley, V. Vance - Federal Reserve Bank of Kansas City - 1986

Persistent link: https://www.econbiz.de/10005410770

Endogenous monetary policy regime change

Davig, Troy; Leeper, Eric - Federal Reserve Bank of Kansas City - 2006

This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...

Persistent link: https://www.econbiz.de/10005410778