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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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Monetary Policy Issues in a Low Inflation Environment
Viñals, José - C.E.P.R. Discussion Papers - 2001
stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …
Persistent link: https://www.econbiz.de/10005666924
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Monetary Policy and Inflation: From Theory to Practice
Viñals, José - C.E.P.R. Discussion Papers - 1998
stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …
Persistent link: https://www.econbiz.de/10005661822
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Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency
Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2015
transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting … volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational …
Persistent link: https://www.econbiz.de/10011213315
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Expectations, Deflation Traps and Macroeconomic Policy
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2009
We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but...
Persistent link: https://www.econbiz.de/10005048553
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Liquidity Traps, Learning and Stagnation
Evans, George W.; Guse, Eran; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2007
bound on inflation. In contrast, policies geared toward ensuring an output lower bound are insufficient for avoiding …
Persistent link: https://www.econbiz.de/10005497854
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Unconventional Fiscal Policy at the Zero Bound
Correia, Isabel; Farhi, Emmanuel; Nicolini, Juan Pablo; … - C.E.P.R. Discussion Papers - 2011
When the zero lower bound on nominal interest rates binds, monetary policy cannot provide appropriate stimulus. We show that in the standard New Keynesian model, tax policy can deliver such stimulus at no cost and in a time-consistent manner. There is no need to use inefficient policies such as...
Persistent link: https://www.econbiz.de/10008854460
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Credit Spreads and Credit Policies
Correia, Isabel; De Fiore, Fiorella; Teles, Pedro; … - C.E.P.R. Discussion Papers - 2014
How should monetary and fiscal policy react to adverse financial shocks? If monetary policy is constrained by the zero lower bound on the nominal interest rate, subsidising the interest rate on loans is the optimal policy. The subsidies can mimic movements in the interest rate and can therefore...
Persistent link: https://www.econbiz.de/10011083684
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Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
Benhabib, Jess; Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2012
We examine global dynamics under infinite-horizon learning in New Keynesian models where the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), the intended steady state is locally but not globally stable. Unstable deflationary paths emerge after...
Persistent link: https://www.econbiz.de/10011083804
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Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics
Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2014
either price-level or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are … domain of attraction of the targeted steady state, volatility of inflation and output and sensitivity to the speed of …
Persistent link: https://www.econbiz.de/10011084145