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Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
Schmitt-Grohé, Stephanie - 2009
foreign demand for its currency. In the absence of such demand, the model implies that the Friedman rule--deflation at the … foreign demand for domestic currency is taken into account, the Friedman rule ceases to be Ramsey optimal. Calibrated versions … of the model that match the range of empirical estimates of the size of foreign demand for U.S. currency deliver Ramsey …
Persistent link: https://www.econbiz.de/10013154572
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Should Central Banks Raise Their Inflation Targets? Some Relevant Issues
McCallum, Bennett T. - 2011
currency is feasible (even arguably attractive) and would remove the ZLB constraint on policy. (5) Increasing target inflation …
Persistent link: https://www.econbiz.de/10013125586
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Targets and Instruments of Monetary Policy
Friedman, Benjamin M. - 2021
The notion of targets and instruments is basic to the conceptual framework that economists have used to bring economic analysis to bear on practical issues of how central banks can and/or should conduct monetary policy. This paper surveys the literature of targets and instruments of monetary...
Persistent link: https://www.econbiz.de/10013232917
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On Consequences and Criticisms of Monetary Targeting
McCallum, Bennett T. - 2021
The purpose of this paper is to review and evaluate the most important existing criticisms of policy strategies that feature adherence to money stock targets. Four main categories of criticism (and counterargumerits) are analyzed. The first of these involves the claim that accurate money stock...
Persistent link: https://www.econbiz.de/10013228267
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What If Alexander Hamilton Had Been Argentinean? a Comparison of the Early Monetary Experiences of Argentina and the United States
Bordo, Michael D.; Vegh, Carlos A. - 2021
The contrast between the early nineteenth century Argentinean experience of high inflation and the American experience of low inflation is interpreted in terms of a dynamic monetary model of optimal taxation. It is argued that the two countries' experiences diverged because of the different...
Persistent link: https://www.econbiz.de/10013235603
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2011
-constrained consumers' access to financial markets make demand insensitive to interest rate fluctuations. The demand of credit … price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to …
Persistent link: https://www.econbiz.de/10013133080
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Money Stock Targeting, Base Drift and Price-Level Predictability : Lessons from the U.K. Experience
Bordo, Michael D. - 2010
) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does …
Persistent link: https://www.econbiz.de/10012762757
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The Swedish Experience of an Inflation Target
Svensson, Lars E. O. - 2021
The paper gives a brief account of the Swedish experience of an inflation target in a floating exchange rate regime; identifies, documents and discusses the current problems in Swedish monetary policy and their origins; considers what can be done to remedy the problems; and draws some general...
Persistent link: https://www.econbiz.de/10013216114
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Inflating Away the Public Debt? An Empirical Assessment
Hilscher, Jens - 2014
We propose and implement a method that provides quantitative estimates of the extent to which higher- than-expected inflation can lower the real value of outstanding government debt. Looking forward, we derive a formula for the debt burden that relies on detailed information about debt maturity...
Persistent link: https://www.econbiz.de/10013050141
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Escaping the Great Recession
Bianchi, Francesco - 2014
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10013052104