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International Experiences with Different Monetary Policy Regimes.

Mishkin, F.S. - Institute for International Economic Studies (IIES), … - 1998

In recent years a growing consensus has emerged for price stability as the overriding, long-run goal of monetary policy. However, despite this consensus, the following question still remains: how should monetary policy be conducted to achieve the price stability goal? This paper examines the...

Persistent link: https://www.econbiz.de/10005779967

Money Growth Targeting.

von Hagen, J. - Institute for International Economic Studies (IIES), … - 1998

The recent debate over monetary policy strategies concludes that monetary targeting in practice lead to very similar patterns of central bank behaviour. This raises the question why central banks insist on the strategies they use. In this paper, we develop an answer from political economy. After...

Persistent link: https://www.econbiz.de/10005479280

Tradeoffs Between Inflation and Output-Gap Variances in an Optimizing-Agent Model.

Erceg, C.J.; Henderson, D.W.; Levin, A.T. - Institute for International Economic Studies (IIES), … - 1998

We demonstrate the existence of a monetary policy tradeoff between price-inflation variability and output … empirically reasonable degree of nominal wage inertia, strict inflation targeting induces substantial output-gap volatility. …

Persistent link: https://www.econbiz.de/10005669825

Improving the SGP: Taxes and Delegation Rather than Fines

Lindbeck, Assar; Niepelt, Dirk - Institute for International Economic Studies (IIES), … - 2004

We analyze motivations for, and possible alternatives to, the Stability and Growth Pact (SGP). With regard to the former, we identify domestic policy failures and various cross-country spillover effects; with regard to the latter, we contrast an "economic-theory" perspective on optimal...

Persistent link: https://www.econbiz.de/10005648776

The Simplest Test of Inflation Target Credibility.

Svensson, L.E.O. - Institute for International Economic Studies (IIES), … - 1993

Persistent link: https://www.econbiz.de/10005779973

Open-Economy Inflation Targeting

Svensson, L.E.O. - Institute for International Economic Studies (IIES), … - 1998

The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward … for monetary policy. The paper compares targeting of CPI and domestic inflation, strict and flexible inflation targeting …, and inflation-targeting reaction functions and the Talyor rule. The optimal monetary policy response to several different …

Persistent link: https://www.econbiz.de/10005779978

Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts.

Svensson, L.E.O. - Institute for International Economic Studies (IIES), … - 1995

Persistent link: https://www.econbiz.de/10005780019

Nominal Income Targeting in an Open-Economy Optimizing Model.

McCallum, B.T.; Nelson, E. - Institute for International Economic Studies (IIES), … - 1998

aggregate or an index of inflation (either alone or in combination with some measure of the output gap). Because there is a …

Persistent link: https://www.econbiz.de/10005479271

ESSET PRICES AND INTEREST RATES IN CASH-IN-ADVANCE MODELS.

GIOVANNINI, A.; LABADIE, P. - Institute for International Economic Studies (IIES), … - 1989

Persistent link: https://www.econbiz.de/10005207695

Inflation Targeting : Some Extensions.

Svensson, L-E-O - Institute for International Economic Studies (IIES), … - 1997

Previous analysis of the implementation of inflation targeting is extended to monetary policy responses to different … stabilization or smoothing all call for a more gradual adjustment of the conditional inflation forecast toward the inflation target …. The conditional inflation forecast is the natural intermediate target during inflation targeting. …

Persistent link: https://www.econbiz.de/10005638758