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Speed limit policies : the output gap and optimal monetary policy

Walsh, Carl E. - 2001

In a standard New Keynesian model, a myopic central bank concerned with stabilizing inflation and changes in the output gap will implement a policy under discretion that replicates the optimal, timeless perspective, precommitment policy. By stabilizing output gap changes, the central bank...

Persistent link: https://www.econbiz.de/10011408406

Structural distortions and decentralized fiscal policies in EMU

Beetsma, Roel; Bovenberg, Ary Lans - 2001

The combination of discretionary monetary policy, labor-market distortions and nominal wage rigidity yields an inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an inflation target eliminates this inflation bias, it creates a...

Persistent link: https://www.econbiz.de/10011398780

Inflation Targeting and Fiscal Rules : Do Interactions and Sequencing Matter?

Combes, Jean-Louis - 2014

The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contribution of the paper is to show that, as suggested by the theoretical literature,...

Persistent link: https://www.econbiz.de/10013051597

A Monetary Policy Rule for Jamaica

Sun, Yan - 2021

Since 1996, the Bank of Jamaica (BoJ) has sought to limit changes in the exchange rate for the Jamaican dollar in the context of its efforts to maintain low inflation. However, with a persistently high public sector deficit, real interest rates have remained generally high, which partly explains...

Persistent link: https://www.econbiz.de/10013318082

Perceptions about monetary policy

Bauer, Michael D.; Pflueger, Carolin E.; Sunderam, Adi - 2022

We estimate perceptions about the Fed's monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions is time-varying and cyclical: high during tightening episodes but low...

Persistent link: https://www.econbiz.de/10013475251

Redistribution and the monetary-fiscal policy mix

Bhattarai, Saroj; Lee, Jae Won; Yang, Choongryul - 2020

We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly tied to how much inflation it generates, which in turn hinges on monetary-fiscal adjustments that ultimately finance the transfers. We compare two distinct types of...

Persistent link: https://www.econbiz.de/10012388237

Inflation targeting by debtor central banks in emerging market economies

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010

to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic … stability. To contain domestic inflation these central banks absorb rather then provide liquidity in their regular monetary … surplus liquidity is less efficient, because absorbing liquidity raises the costs of monetary policy operations. By …

Persistent link: https://www.econbiz.de/10003994520

Rules, Discretion, and Macro-Prudential Policy

Agur, Itai - 2013

The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, macro-prudential frameworks will have weaknesses that make it hard to implement policy. And dealing with the political economy is also likely to be...

Persistent link: https://www.econbiz.de/10013084467

Does institutional change really matter? : inflation targets, central bank reform and interest rate policy in the OECD countries

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2000

We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries, especially in the US A and Japan. In contrast with...

Persistent link: https://www.econbiz.de/10009781553

Assessing monetary policy in Norway

Andreassen, Harald Magnus; De Grauwe, Paul; Solheim, Haakon - 2001

We evaluate the policy of flexible inflation targeting implemented by the Norges Bank since March 2001. We discuss the reasons why the real interest rates are significantly higher in Norway than in the rest of Europe. Finally we propose some institutional changes that can improve the policy...

Persistent link: https://www.econbiz.de/10011408405

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