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Inflation Targeting and Communication
Smídková, Katerina - 2008
methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools …
Persistent link: https://www.econbiz.de/10012677665
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Writing Clearly : ECB's Monetary Policy Communication
Cihak, Martin - 2008
The paper presents a methodology for measuring the clarity of central bank communication, illustrating it with the case … of the European Central Bank (ECB) in 1999-2007. The analysis identifies the ECB's written communication as clear about … available. We also find that the additional information contained in the ECB's Monthly Bulletins helps to improve communication …
Persistent link: https://www.econbiz.de/10014409073
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International Policy Coordination and Simple Monetary Policy Rules.
Berger, Wolfram - 2006
Intro -- Contents -- I. INTRODUCTION -- II. THE MODEL -- III. WELFARE, OUTPUT AND CONSUMPTION -- IV. OPTIMAL MONETARY POLICY AND POLICY COORDINATION -- V. SIMPLE RULES AND WELFARE -- VI. CONCLUSIONS -- REFERENCES.
Persistent link: https://www.econbiz.de/10012691073
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Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints
Kumhof, Michael - 2009
We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than automatic stabilizers, and stabilizes the income of borrowingconstrained agents,...
Persistent link: https://www.econbiz.de/10012677523
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Monetary and Fiscal Rules in an Emerging Small Open Economy
Levine, Paul - 2009
We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensures a stable government debt-GDP ratio around a specified long run. We show how such...
Persistent link: https://www.econbiz.de/10012677709
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Monetary Policy Communication and Financial Markets in India
Ahmed, Faisal - 2022
Forward-looking monetary policy communication has become a key element of flexible inflation-targeting regimes across … since 2016 has been supported by a broad set of communication tools, more recently aided by policy innovations such as … statistically significant. The results support an important role for monetary policy communication in guiding market expectations …
Persistent link: https://www.econbiz.de/10015060012
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Asset Market Participation, Monetary Policy Rules, and the Great Inflation.
Straub, Roland - 2006
Intro -- Contents -- I. Introduction -- II. Limited Asset Market Participation and Monetary Policy: Some Theory -- III …
Persistent link: https://www.econbiz.de/10012691136
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Alternative monetary policy rules for India
Patra, Michael Debabrata; Kapur, Muneesh - 2012
This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of...
Persistent link: https://www.econbiz.de/10009614983
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Green Fiscal Rules? Challenges and Policy Alternatives
Caselli, Francesca - 2024
This paper studies the impact of green fiscal rules – designed to protect climate-related spending –on debt dynamics. Simulations of green rules that exempt green spending from the rule limits for an emergingmarket economy illustrate that they can lead to unsustainable debt dynamics when the...
Persistent link: https://www.econbiz.de/10015080300
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Simple, Implementable Fiscal Policy Rules
Kumhof, Michael - 2009
This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. A more aggressively...
Persistent link: https://www.econbiz.de/10012677758