Narrow search
Showing 1 - 10 of 14,308
Cover Image
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/10012463155
Cover Image
On Consequences and Criticisms of Monetary Targeting
McCallum, Bennett T. - 1985
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/10012477486
Cover Image
Targets and Instruments of Monetary Policy
Friedman, Benjamin M. - 1988
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/10012476396
Cover Image
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/10012461653
Cover Image
What If Alexander Hamilton Had Been Argentinean? A Comparison of the Early Monetary Experiences of Argentina and the United States
Bordo, Michael D. - 1998
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/10012471950
Cover Image
Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2010
-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/10012462367
Cover Image
The Swedish Experience of an Inflation Target
Svensson, Lars E.O. - 1995
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/10012473913
Cover Image
Money Stock Targeting, Base Drift and Price-Level Predictability : Lessons From the U.K. Experience
Bordo, Michael D. - 1989
) 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/10012476232
Cover Image
Average Inflation Targeting : Time Inconsistency and Intentional Ambiguity
Jia, Chengcheng; Wu, Jing Cynthia - National Bureau of Economic Research - 2022
We study the implications of the Fed's new policy framework of average inflation targeting (AIT) and its ambiguous communication. The central bank has the incentive to deviate from its announced AIT and implement inflation targeting ex post to maximize social welfare. We show two motives for...
Persistent link: https://www.econbiz.de/10012814448
Cover Image
On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax
Aizenman, Joshua - 1985
This paper studies the optimal use of distortive policies aimed at raising a given real revenue, in a general equilibrium framework in which lump-sum taxes are absent. The policies analyzed are an inflation tax,commercial policy, and an implicit tax on capital inflows implemented by capital...
Persistent link: https://www.econbiz.de/10012477501