implied optimal monetary policy rules. Both models have a standard structure: an I-S curve, a Phillips curve, a short term …-likelihood procedure, so that forward-looking expectations are fully model-consistent. In order to evaluate monetary policy, we compute … optimal policy frontiers and we perform some simulations of the model. German optimal monetary policy is found to require a …

Estimating a forward-looking monetary policy rule by the Generalized Method of Moments (GMM) has become a popular … assess GMM estimates in the context of monetary policy rules. First, we show that three usual alternative GMM estimators …

England's discount rate for monetary policy purpose, i.e. to safeguard the value of money, instead of any direct action on the …

This paper focuses on the price stability objective within the framework of the single monetary policy strategy. It …

monetary policy in a standard New Keynesian model. The forward-looking nature of this model is in this respect interesting on … two accounts: first, it worsens the time-inconsistency problem of optimal monetary policy by adding a stabilization bias … Woodford's timeless perspective and weaken the case for monetary policy delegation …

policy reaction function, differences in the structure of the economy or differences in the size and nature of the shocks …

over the medium term when gauging the policy relevant signals …

-pillar monetary policy strategy". We try to address this issue by developing a small "two-pillar" DSGE model for the euro area. In …

Goodfriend's (2009) determination of the three policies that fall within the remit of a central bank: monetary policy, which … consists in varying the size of the balance sheet, credit policy, which consists in modifying the credit structure, and … interest rate policy, which consists in adjusting the interest rates of the marginal lending and deposit facilities. The …