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Svensson, Lars E.O. - 2009

Evaluating inflation-targeting monetary policy is more complicated than checking whether inflation has been on target, because inflation control is imperfect and flexible inflation targeting means that deviations from target may be deliberate in order to stabilize the real economy. A modified...

Persistent link: https://www.econbiz.de/10012463265

Endogenous Monetary Policy Regime Change

Davig, Troy - 2006

This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...

Persistent link: https://www.econbiz.de/10012466260

Does Inflation Targeting Matter?

Ball, Laurence - 2003

This paper asks whether inflation targeting improves economic performance, as measured by the behavior of inflation, output, and interest rates. We compare seven OECD countries that adopted inflation targeting in the early 1990s to thirteen that did not. After the early 90s, performance improved...

Persistent link: https://www.econbiz.de/10012469122

The Advantage of Transparent Instruments of Monetary Policy

Atkeson, Andrew - 2001

Is the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple...

Persistent link: https://www.econbiz.de/10012470034

Liquidity and Foreign Asset Management Challenges for Latin American Countries

Aizenman, Joshua - 2014

We analyze the degree to which the growing importance of sovereign wealth funds [SWFs] and the diffusion of inflation targeting and augmented Taylor rules have impacted the post crisis adjustment of Latin American Countries (LATAM) to the challenges associated with terms of trade and financial...

Persistent link: https://www.econbiz.de/10012458019

Rose, Andrew K. - 2013

In contrast to earlier recessions, the monetary regimes of many small economies have not changed in the aftermath of the global financial crisis. This is due in part to the fact that many small economies continue to use hard exchange rate fixes, a reasonably durable regime. However, most of the...

Persistent link: https://www.econbiz.de/10012459030

The Fiscal Consequences of Missing an Inflation Target

Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023

The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...

Persistent link: https://www.econbiz.de/10013537713

A Minimalist Model for the Ruble During the Russian Invasion of Ukraine

Lorenzoni, Guido; Werning, Iván - National Bureau of Economic Research - 2022

limiting exports to Russia. The economic intuition is that when Russians are unable to buy the mix of foreign goods they wish …

Persistent link: https://www.econbiz.de/10013191024

Simulating Russia’s and Other Large Economies’ Challenging and Interconnected Transitions

Benzell, Seth G. - 2015

This paper develops a large-scale, dynamic life-cycle model to simulate Russia's demographic and fiscal transition … under favorable and unfavorable fossil-fuel price regimes. The model includes Russia, the U.S., China, India, the EU, and … Japan+ (Japan plus Korea). The model predicts dramatic increases in tax rates in the U.S., EU, India, and Russia. Indeed …

Persistent link: https://www.econbiz.de/10012457398

Pandemic, War, Inflation : Oil Markets at a Crossroads?

Baumeister, Christiane - National Bureau of Economic Research - 2023

The COVID-19 pandemic as well as the Russian invasion of Ukraine have had profound effects on the global energy landscape, with some of the longer-lasting effects still unfolding. This paper discusses how these events have reshaped the supply side of the global oil market by focusing on...

Persistent link: https://www.econbiz.de/10014322883

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