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This paper examines the ending of moderate rates of inflation in three transition economies, the Czech Republic, Hungary and Poland at the end of 1998. We argue that the institutions for the conduct of monetary policy in these countries were relatively weak and that monetary policy was...
Persistent link: https://www.econbiz.de/10005707749
This paper revisits the issue of what factors motivated the macroeconomic policies that led to the Great Inflation of the 1970s. A satisfactory explanation must be consistent with (1) the estimated monetary policy reaction function; (2) the timing patterns relating monetary policy developments...
Persistent link: https://www.econbiz.de/10005490874
. Thus we generate events that have some of the properties of “liquidity traps” observed in the data, even though the …
Persistent link: https://www.econbiz.de/10005490880
This paper reviews the inflation experience in the post-Bretton Woods era in the context of alternative central bankobjectives. It summarizes research on inflation-targeting issues, especially those associated with stabilizing the price level. Generally, inflation-targeting schemes do not...
Persistent link: https://www.econbiz.de/10005490896
This paper shows that the optimal monetary policies recommended by New Keynesian models still imply a large amount of inflation risk. We calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority adopts the optimal policy. When the monetary policy...
Persistent link: https://www.econbiz.de/10005490907
We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium...
Persistent link: https://www.econbiz.de/10005491008
Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002
Persistent link: https://www.econbiz.de/10005420438
Presentation before the AAIM Management Association, St. Louis - Jan. 11, 2002
Persistent link: https://www.econbiz.de/10005420449
Presentation to the International Mass Retail Association (IMRA), Scottsdale, Ariz. - Jan. 21, 2002
Persistent link: https://www.econbiz.de/10005420451
Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002
Persistent link: https://www.econbiz.de/10011185035