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Expectations Traps and Monetary Policy with Limited Commitment
Himmels, Christoph; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2011
multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …We study the existence and uniqueness properties of monetary policy with limited commitment in LQ RE models. We use a …
Persistent link: https://www.econbiz.de/10008866115
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Dynamic inconsistency and monetary policy management
Balaban, Georgiana; Vîntu, Denis - Volkswirtschaftliche Fakultät, … - 2010
discretion dilemma and some solutions to counteract the dynamic inconsistency of monetary policy - delegate monetary policy to an …
Persistent link: https://www.econbiz.de/10011113645
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Discretionary Policy and Multiple Equilibria in LQ RE Models
Blake, Andrew P.; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2006
We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria by...
Persistent link: https://www.econbiz.de/10008543792
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Optimality criteria of hybrid inflation-price level targeting (outdated version)
Bokor, László - Volkswirtschaftliche Fakultät, … - 2007
, and derives optimal policies implementing commitment solution under all set of hybrid expectations, social preference, and …
Persistent link: https://www.econbiz.de/10005835471
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The Eventual Failure and Price Indeterminacy of Inflation Targeting
Eagle, David - Volkswirtschaftliche Fakultät, … - 2006
In stark contrast to the previous literature, we find that IT leads to price indeterminacy even when the central bank uses a Taylor-like feedback rule to peg the nominal interest rate. We also find that there is no mechanism with IT to determine the current inflation rate or price level. We...
Persistent link: https://www.econbiz.de/10005835873
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Inflation Targeting, Capital Mobility and Macroeconomic Stability
Dai, Meixing; Sidiropoulos, Moïse - Volkswirtschaftliche Fakultät, … - 2003
In this paper we examine the macroeconomic stability in a simple dynamic open economy model, in which monetary authorities adopt an flexible inflation-targeting regime in an environment with a liberalised capital account and flexible exchange rates. In this respect, inflation targeting is an...
Persistent link: https://www.econbiz.de/10005836331
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What Should Central Banks Target? Evidence on the Impact of Monetary Policy Regimes on Economic Growth
Chong, Terence Tai Leung; Wong, Kin Ming - Volkswirtschaftliche Fakultät, … - 2015
Economists and policy-makers have long sought the ideal framework for monetary policy as it is arguably one of the most important tools for government to influence the economy. Exchange rate and inflation are believed to be the most appealing anchors for providing guidance to the conduct of...
Persistent link: https://www.econbiz.de/10011240777
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Does Monetary Policy Matter For Trade?
Chong, Terence Tai Leung; Wong, Kin Ming - Volkswirtschaftliche Fakultät, … - 2015
There is a large literature on the effect of exchange rate arrangements on trade. The monetary policy used in the floating exchange rate regime, however, is usually ignored and unidentified in the empirical studies. This makes the effect of alternative monetary policy regimes on trade remains...
Persistent link: https://www.econbiz.de/10011240782
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Central bank independence: monetary policies in selected jurisdictions (III)
Ojo, Marianne; Ayadi, Felix - Volkswirtschaftliche Fakultät, … - 2013
A sufficient and appropriate degree of central bank independence is widely acknowledged to be necessary for the goal of achieving price stability. However, despite the levels of independence claimed to be enjoyed by several central banks, recent events indicate shifts in focus of monetary policy...
Persistent link: https://www.econbiz.de/10011257824
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Development of an explicit rule of monetary policy for the economy of Ukraine
Kozmenko, Serhiy; Savchenko, Taras - Volkswirtschaftliche Fakultät, … - 2013
The paper explains the expediency of developing an explicit rule of monetary policy for the economy of Ukraine. It studies the stages of its development, proving the expediency of formation of monetary rules for money aggregates, evaluates equilibrium values of the rule’s parameters based on...
Persistent link: https://www.econbiz.de/10011258292