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Rudebusch, Glenn D. - 1998

Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit instrument rules' as well as targeting rules.' The latter, which imply implicit instrument rules, may be closer to actual...

Persistent link: https://www.econbiz.de/10012472292

Open-Economy Inflation Targeting

Svensson, Lars E. O. - 2000

The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand with some microfoundations, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting...

Persistent link: https://www.econbiz.de/10012471032

The Economics of Cultural Transmission and Socialization

Bisin, Alberto - 2010

Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes...

Persistent link: https://www.econbiz.de/10012462145

Bend It Like Beckham : Ethnic Identity and Integration

Bisin, Alberto - 2010

We propose a theoretical framework to study the determinants of ethnic and religious identity along two distinct motivational processes which have been proposed in the social sciences: cultural conformity and cultural distinction. Under cultural conformity, ethnic identity is reduced by...

Persistent link: https://www.econbiz.de/10012462192

Implementing Optimal Policy through Inflation-Forecast Targeting

Svensson, Lars E. O. - 2003

We examine to what extent variants of inflation-forecast targeting can avoid stabilization bias, incorporate history-dependence, and achieve determinancy of equilibrium, so as to reproduce a socially optimal equilibrium. We also evaluate these variants in terms of the transparency of the...

Persistent link: https://www.econbiz.de/10012468951

Monetary Policy and Real Stabilization

Svensson, Lars E. O. - 2003

the instrument responds to all information that significantly affects the projections of inflation and the output gap …

Persistent link: https://www.econbiz.de/10012469217

Optimal Policy with Partial Information in a Forward-Looking Model : Certainty-Equivalence Redux

Svensson, Lars E. O. - 2003

This paper proves a certainty equivalence result for optimal policy under commitment with symmetric partial information …, Indicator Variables for Optimal Policy,' which synthesizes what is known about the case of symmetric partial information, and …, and thereby potentially affect the future information available …

Persistent link: https://www.econbiz.de/10012469273

What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules

Svensson, Lars E. O. - 2003

transformation and substitution between the target variables. Targeting rules allow the use of judgment and extra-model information …

Persistent link: https://www.econbiz.de/10012469282

Transparency and Credibility : Monetary Policy with Unobservable Goals

Faust, Jon - 1998

We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...

Persistent link: https://www.econbiz.de/10012472353

Inflation Targeting : Some Extensions

Svensson, Lars E. O. - 1997

Previous analysis of the implementation of inflation targeting is extended to monetary policy responses to different shocks, consequences of model uncertainty, effects of interest rate smoothing and stabilization, a comparison with nominal GDP targeting, and implications of forward-looking...

Persistent link: https://www.econbiz.de/10012472859