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This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10001783067
This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
Persistent link: https://www.econbiz.de/10005526290
Remarks at the ACI 2010 World Congress, Sydney, Australia.
Persistent link: https://www.econbiz.de/10010724944
Remarks at 2010 CFA Institute Fixed Income Management Conference, Newport Beach, California.
Persistent link: https://www.econbiz.de/10010724947
Remarks at the National Association for Business Economics Policy Conference, Arlington, Virginia
Persistent link: https://www.econbiz.de/10010724972
Remarks at Global Interdependence Center Central Banking Series Event, Federal Reserve Bank of Philadelphia.
Persistent link: https://www.econbiz.de/10010725012
Remarks by Brian P. Sack before the Money Marketeers of New York University, New York City.
Persistent link: https://www.econbiz.de/10010725044
Remarks at the Annual Meeting with Primary Dealers, New York City.
Persistent link: https://www.econbiz.de/10010725048
We consider the desirability of modifying a standard Taylor rule for a central bank's interest rate policy to incorporate either an adjustment for changes in interest rate spreads (as proposed by Taylor [2008] and McCulley and Toloui [2008]) or a response to variations in the aggregate volume of...
Persistent link: https://www.econbiz.de/10005078433
While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...
Persistent link: https://www.econbiz.de/10008598715