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An investigation of the gains from commitment in monetary policy
Schaumburg, Ernst (contributor);  … - 2003 - [Elektronische Ressource]
degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary … measure of the (lack of) credibility of the monetary policy authority, we investigate the welfare effect of a marginal … increase in credibility. Our main finding is that, in a simple model of the monetary transmission mechanism, most of the gains …
Persistent link: https://www.econbiz.de/10001783067
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Economic policy review
Federal Reserve Bank of New York - New York, NY - 1.1995 - 18.2012,3
Persistent link: https://www.econbiz.de/10000540679
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Monetary aggregates and monetary policy
1974
Persistent link: https://www.econbiz.de/10000662963
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How valuable is exchange rate flexibility? : Optimal monetary policy under sectoral shocks
Tille, Cédric (contributor) - 2002 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001656406
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Day-to-day monetary policy and the volatility of the federal funds interest rate
Bartolini, Leonardo (contributor);  … - 2000 - [Elektronische Ressource]
"We propose a model of the interbank money market with an explicit role for central bank intervention and periodic reserve requirements, and study the interaction of profit-maximizing banks with a central bank targeting interest rates at high frequency. The model yields predictions on biweekly...
Persistent link: https://www.econbiz.de/10001512198
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International dimensions of optimal monetary policy
Corsetti, Giancarlo (contributor);  … - 2001 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001591398
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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 dynamics might be indeterminate. However, determinacy can...
Persistent link: https://www.econbiz.de/10005420654
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Central bank transparency and nonlinear learning dynamics
Eusepi, Stefano - Federal Reserve Bank of New York - 2008
Central bank communication plays an important role in shaping market participants' expectations. This paper studies a simple nonlinear model of monetary policy in which agents have incomplete information about the economic environment. It shows that agents' learning and the dynamics of the...
Persistent link: https://www.econbiz.de/10005420678
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The macroeconomics of trend inflation
Ascari, Guido; Sbordone, Argia M. - Federal Reserve Bank of New York - 2013
Most macroeconomic models for monetary policy analysis are approximated around a zero-inflation steady state, but most central banks target inflation at a rate of about 2 percent. Many economists have recently proposed even higher inflation targets to reduce the incidence of the zero lower bound...
Persistent link: https://www.econbiz.de/10010690284