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Inflation forecast-based-rules and indeterminacy : a puzzle and a resolution

Levine, Paul (contributor); McAdam, Peter (contributor); … - 2006

We examine an interesting puzzle in monetary economics between what monetary authorities claim (namely to be forward-looking and pre-emptive) and the poor stabilization properties routinely reported for forecast-based rules. Our resolution is that central banks should be viewed as following...

Persistent link: https://www.econbiz.de/10003337269

Quantifying and sustaining welfare gains from monetary commitment

Levine, Paul (contributor); McAdam, Peter (contributor); … - 2007

The objectives of this paper are : first, to quantify the stabilization welfare gains from commitment; second, to examine how commitment to an optimal rule can be sustained as an equilibrium and third, to find a simple interest rate rule that closely approximates the optimal commitment one. We...

Persistent link: https://www.econbiz.de/10003410537

Probability models and robust policy rules

Levine, Paul; McAdam, Peter; Pearlman, Joseph - In: European economic review : EER 56 (2012) 2, pp. 246-262

Persistent link: https://www.econbiz.de/10009521685

Expectations and the stability problem for optimal monetary policies

Evans, George W.; Honkapohja, Seppo - 2000

Eine auf den Fundamentaldaten beruhende Regelbindung der Geldpolitik ohne Selbstverpflichtung, die bei vollkommen … geeigneter Weise in die optimale Geldpolitik einbezogen werden. Diese eindeutige Schlußfolgerung gilt auch dann, wenn sich der … wichtig es ist, die Geldpolitik angemessen zu gestalten und dabei nicht nur die Fundamentaldaten, sondern auch direkt die …

Persistent link: https://www.econbiz.de/10011418901

Anticipation of future consumption: a monetary perspective

Faria, João Ricardo; McAdam, Peter - 2012

Persistent link: https://www.econbiz.de/10009765171

Risk Management in action : robust monetary policy rules under structured uncertainty

Levine, Paul; McAdam, Peter; Pearlman, Joseph; Pierse, … - 2008

Recent interest in "Risk Management"has highlighted the relevance of Bayesian analysis for robust monetary-policy making. This paper sets out a comprehensive methodology for designing policy rules inspired by such considerations. We design rules that are robust with respect to model uncertainty...

Persistent link: https://www.econbiz.de/10003747990

Liquidity traps, learning and stagnation

Evans, George W.; Guse, Eran; Honkapohja, Seppo - In: European economic review : EER 52 (2008) 8, pp. 1438-1463

Persistent link: https://www.econbiz.de/10003804541

Optimal monetary policy rules for the euro area : an analysis using the area wide model

Dieppe, Alistair (contributor); Küster, Keith (contributor) - 2004

Persistent link: https://www.econbiz.de/10002125159

Near-rational exuberance

Bullard, James Brian (contributor); … - 2005

We study how the use of judgement or add-factorsʺ in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...

Persistent link: https://www.econbiz.de/10003209153

The performance and robustness of interest-rate rules in models of the euro area

Adalid, Ramón; Coenen, Günter; McAdam, Peter; … - 2005

In this paper, we examine the performance and robustness of optimised interest-rate rules in four models of the euro area which differ considerably in terms of size, degree of aggregation, relevance of forward-looking behavioural elements and adherence to micro-foundations. Our findings are...

Persistent link: https://www.econbiz.de/10003001830