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Monetary policy under uncertainty in micro-founded macroeconometric models
Levin, Andrew T.; Onatski, Alexei; Williams, John C.; … - 2005
Persistent link: https://www.econbiz.de/10003159313
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Does inflation targeting anchor long-run inflation expectations? evidence from long-term bond yields in the U.S., U.K., and Sweden
Gürkaynak, Refet S.; Levin, Andrew T.; Swanson, Eric T. - Federal Reserve Bank of San Francisco - 2006
We investigate the extent to which inflation targeting helps anchor long-run inflation expectations by comparing the behavior of daily bond yield data in the United Kingdom and Sweden--both inflation targeters--to that in the United States, a non-inflation-targeter. Using the difference between...
Persistent link: https://www.econbiz.de/10005361530
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Robust monetary policy with competing reference models
Levin, Andrew T.; Williams, John C. - Federal Reserve Bank of San Francisco - 2003
reference model while the true economy lies within a specified neighborhood of the reference model. In this paper, we show that … economy. We find that a robust outcome is attainable only in cases where the objective function places substantial weight on … tolerance of each model economy with respect to deviations from optimal policy. …
Persistent link: https://www.econbiz.de/10005721462
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Robust monetary policy with competing reference models
Levin, Andrew T.; Williams, John C. - Federal Reserve Bank of San Francisco - 2003
reference model while the true economy lies within a specified neighborhood of the reference model. In this paper, we show that … economy. We find that a robust outcome is attainable only in cases where the objective function places substantial weight on … tolerance of each model economy with respect to deviations from optimal policy. …
Persistent link: https://www.econbiz.de/10010702172