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Gaining Credibility for Inflation Targets
Yetman, James - Society for Computational Economics - SCE - 2001
by observing the policy instrument or inflation outcomes. Measuring credibility as the distance between the perceived … target and the actual target, an increase in credibility is beneficial to the central bank because it brings the policy … deviations from target. I then illustrate the impact of other factors on credibility formation, including choice of monetary …
Persistent link: https://www.econbiz.de/10005132891
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Delegation of Monetary Policy: More than a Relocation of the Time-Inconsistency Problem
Rotondi, Zeno; Driffill, John - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005706794
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Inflation Scares and Monetary Policy
Williams, John C.; Orphanides, Athanasios - Society for Computational Economics - SCE - 2003
Persistent link: https://www.econbiz.de/10005345644
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PARETO-IMPROVING CHEATING IN AN ECONOMIC POLICY GAME
Deissenberg, Christophe; Gonzalez, Francisco Alvarez - Society for Computational Economics - SCE - 2001
This paper presents a simple repeated-game model of interaction between the government and the private sector where, at each repetition, the government first makes a non-binding announcement about its future actions. The private sector, unsure whether or not this announcement will be respected,...
Persistent link: https://www.econbiz.de/10005706739
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On the Efficiency-Effects of Private (Dis-)Trust in the Government
Dawid, Herbert; Deissenberg, Christophe - Society for Computational Economics - SCE
We consider a continuous-time version of Ireland's Neo-Keynesian reinterpretation of the seminal Kydland-Prescott model, assuming now an heterogenous private sector. In each period, a fraction of the private agents naively believes the policy announcements made by the government. The other...
Persistent link: https://www.econbiz.de/10005537828
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Monetary Policy and the Term Structure: A Fully Structural DSGE approach
Marzo, Massimiliano; Sodestrom, Ulf; Zagaglia, Paolo - Society for Computational Economics - SCE - 2006
This paper highlights the analysis of the term structure of interest rate within a full DSGE model. Our goal consists in setting up a full model including the feed-back from the economy to the term structure and vice-versa. Contrary to existing models of the term structure (TS, henceforth) (for...
Persistent link: https://www.econbiz.de/10005132586
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Optimising Microfoundations for Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2006
We connect two major strands of the recent monetary policy literature, i) the search for well microfounded optimising models consistent with macroeconomic data, especially persistence in inflation, and ii) the wealth of newly available microeconomic data on price changing behaviour from the...
Persistent link: https://www.econbiz.de/10005132602
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A Quantitive Assessment of the Qualitative Aspects of Chairman Greenspan's Communications
Bligh, Michelle; Hess, Gregory D. - Society for Computational Economics - SCE - 2006
A manifestation of the Federal Reserve Board's increased transparency has been Chairman Greenspan's method of …
Persistent link: https://www.econbiz.de/10005132637
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Central Bank Estimates of the Unemployment Natural Rate
Tinsley, Peter; Kozicki, Sharon - Society for Computational Economics - SCE - 2005
This paper uses real-time data and forecasts provided in historical briefing documents prepared for the Federal Open Market Committee of the United States Federal Reserve to estimate evolving central bank perceptions of the natural rate of unemployment. The briefing documents, informally known...
Persistent link: https://www.econbiz.de/10005132650
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Keynesian Dynamics and the Wage-Price Spiral:Estimating and Analyzing a Baseline Disequilibrium Approach
Semmler, W.; Chen, P.; Chiarella, C. - Society for Computational Economics - SCE - 2005
In this paper, we reformulate the theoretical baseline DAS-AD model of Asada, Chen, Chiarella and Flaschel (2004) to allow for its somewhat simplified empirical estimation. The model now exhibits a Taylor interest rate rule in the place of an LM curve and a dynamic IS curve and dynamic...
Persistent link: https://www.econbiz.de/10005132651