Showing 1 - 10 of 10
This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP...
Persistent link: https://www.econbiz.de/10010750291
Persistent link: https://www.econbiz.de/10010754449
The Monetary Authority of Singapore conducts policy by adjusting the Singapore dollarfs effective exchange rate so as to achieve macroeconomic goals for the economyfs inflation rate and output gap. Estimates of a policy rule of the Taylor type, except with exchange rate appreciation serving as...
Persistent link: https://www.econbiz.de/10008472586
It is well known that the concept of "determinacy"-a single stable solution-plays a major role in contemporary monetary policy analysis. But while determinacy is desirable, other things equal, it is not necessary for a solution to be plausible and is not sufficient for a solution to be...
Persistent link: https://www.econbiz.de/10008472596
The paper reviews issues related to the zero lower bound (ZLB) on interest rates and argues that all of the following propositions are invalid: (1) in a ZLB situation, gshaping interest rate expectations is essentially the only tool that central bankers haveh (Bernanke, Reinhart, and Sack...
Persistent link: https://www.econbiz.de/10004971216
These remarks were presented at the 2008 International Conference, gFrontiers in Monetary Theory and Policy,h held by the Institute for Monetary and Economic Studies, Bank of Japan, in Tokyo on May 28-29, 2008. I am grateful to Marvin Goodfriend for many helpful discussions.
Persistent link: https://www.econbiz.de/10004978218
Persistent link: https://www.econbiz.de/10010819354
Persistent link: https://www.econbiz.de/10010819356
Persistent link: https://www.econbiz.de/10010819383
Persistent link: https://www.econbiz.de/10010819384