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Learning, Monetary Policy and Asset Prices

2015 - Airaudo, Marco ; Nistic�, Salvatore ; Zanna, Luis-Felipe ed

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover between long-time stock holders and asset-poor newcomers generates a financial...

Persistent link: https://www.econbiz.de/10014411926

How Does Learning Affect Inflation After a Shift in the Exchange Rate Regime?

Papi, Laura - 1994

This paper analyzes the consequences of a shift from a floating to a pegged exchange rate regime on the actual and expected inflation rate, in an environment of asymmetric information. Policymaking is endogenous and the public learns rationally. There are two main findings. First, there is a...

Persistent link: https://www.econbiz.de/10014396126

Mr. Taylor and the Central Bank : two inference exercises

Luna, Francesco - 2019

theory to model these inference exercises and to assess their general possibility of success. So, is it possible to infer …

Persistent link: https://www.econbiz.de/10012009325

Learning About Inflation Measures for Interest Rate Rules

Zanna, Luis-Felipe - 2010

Empirical evidence suggests that goods are highly heterogeneous with respect to the degree of price rigidity. We develop a DSGE model featuring heterogeneous nominal rigidities across two sectors to study the equilibrium determinacy and stability under adaptive learning for interest rate rules...

Persistent link: https://www.econbiz.de/10014402931

A Political Agency Theory of Central Bank Independence

Eggertsson, Gauti B. - 2003

We propose a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks … to an independent agency. We apply this theory to monetary policy by extending a standard dynamic ""New …-Keynesian"" stochastic general equilibrium model. This model gives a new theory of central bank independence that is unrelated to the …

Persistent link: https://www.econbiz.de/10014400234

Dynamic Incentives and the Optimal Delegation of Political Power

Le Borgne, Eric - 2007

This paper proposes a theory to explain why a politician delegates policy tasks to a technocrat in an independent … opinion. One natural application of the theory is in the field of monetary policy where the model provides a new theory of …

Persistent link: https://www.econbiz.de/10014400341

The Impact of Corporate Governance Structureson the Agency Cost of Debt

Chan-Lau, Jorge A. - 2001

This paper uses a stochastic continuous time model of the firm to study how different corporate governance structures affect the agency cost of debt. In the absence of asymmetric information, it shows that control of the firm by debtholders with a minority stake delays the exit decision and...

Persistent link: https://www.econbiz.de/10014401371