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The advantage of flexible targeting rules

Ferrero, Andrea - Federal Reserve Bank of New York - 2008

This paper investigates the consequences of debt stabilization for inflation targeting. If the monetary authority … perfectly stabilizes inflation while the fiscal authority holds constant the real value of debt at maturity, the equilibrium … inflation targeting appears to be more robust than flexible debt targeting to alternative parameter configurations and steady …

Persistent link: https://www.econbiz.de/10005420654

The execution of monetary policy : a tale of two central banks

Bartolini, Leonardo (contributor); … - 2003 - [Elektronische Ressource]

The Eurosystem and the U.S. Federal Reserve System follow quite different approaches to the execution of monetary policy. The former institution adopts a "hands-off" approach that largely delegates to depository institutions the task of stabilizing their own liquidity at high frequency. The...

Persistent link: https://www.econbiz.de/10001752004

Menu costs at work : restaurant prices and the introduction of the Euro

Hobijn, Bart (contributor); Ravenna, Federico (contributor); … - 2004 - [Elektronische Ressource]

realistic parameter values, the model generates a blip in inflation of the same magnitude observed in the data"--Federal Reserve …

Persistent link: https://www.econbiz.de/10002521760

Learning the fiscal theory of the price level: some consequences of debt management policy

Eusepi, Stefano; Preston, Bruce - Federal Reserve Bank of New York - 2011

This paper examines how the scale and composition of public debt can affect economies that implement a combination of “passive” monetary policy and “active” fiscal policy. This policy configuration is argued to be of both historical and contemporary interest in the cases of the U.S. and...

Persistent link: https://www.econbiz.de/10009320709