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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie David; Dooley, Michael P. - 2021
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy … rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese … that, with minor adjustments, the same specification provides a useful framework for understanding monetary policy in Japan …
Persistent link: https://www.econbiz.de/10013245712
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Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?
Estrella, Arturo - 2006
We examine the potential policy role of monetary aggregates by attempting to use them as effectively as possible in the analysis of empirical relationships. We consider three possible roles: as information variables, as indicators of policy actions and as instruments in a policy rule. These...
Persistent link: https://www.econbiz.de/10012783973
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Inflation Forecast Targeting : Implementing and Monitoring Inflation Targets
Svensson, Lars E. O. - 2011
Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how...
Persistent link: https://www.econbiz.de/10013125561
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Should Central Banks Raise Their Inflation Targets? Some Relevant Issues
McCallum, Bennett T. - 2011
Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian reasoning, lies between the Friedman-rule value of...
Persistent link: https://www.econbiz.de/10013125586
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Targeting Rules for Monetary Policy
Aizenman, Joshua; Frenkel, Jacob A. - 2021
This paper develops an analytical framework for the analysis of targeting rules for monetary policy. We derive the optimal money supply rule and analyze the implications of other monetary rules including rules that target nominal GNP, the price level, the monetary growth rate and the...
Persistent link: https://www.econbiz.de/10013215376
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The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective : Should New Keynesian Central Bankers Pursue Price Stability?
Buiter, Willem H. - 2021
The paper studies the inflation rate associated with optimal monetary policy in a standard suite of DSGE models, when fiscal policy is either unrestricted optimal or restricted but supportive of monetary policy. Full nominal price flexibility, nominal prices set one period in advance and...
Persistent link: https://www.econbiz.de/10013215380
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Price Level Targeting vs. Inflation Targeting : A Free Lunch?
Svensson, Lars E. O. - 2021
Price level targeting (without base drift) and inflation targeting (with base drift) are compared under commitment and discretion, with persistence in unemployment. Price level targeting is often said to imply more short-run inflation variability and thereby more employment variability than...
Persistent link: https://www.econbiz.de/10013215703
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Inflation Targeting in a St. Louis Model of the 21st Century
King, Robert G.; Wolman, Alexander L. - 2021
Inflation targeting is a monetary policy rule that has implications for both the average performance of an economy and its business cycle behavior. We use a modern, rational expectations model to study the twin effects of this policy rule. The model highlights forward- looking consumption and...
Persistent link: https://www.econbiz.de/10013218907
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How Should Monetary Policy Be Conducted in an Era of Price Stability?
Svensson, Lars E. O. - 2021
The paper discusses several issues related to how monetary policy should be conducted in an era of price stability. Low inflation (with base drift in the price level) and price-level stability (without such base drift) are compared, and a suitable loss function (corresponding to flexible...
Persistent link: https://www.econbiz.de/10013219290
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Targeting Nominal Income : a Note
West, Kenneth D. - 2021
This paper compares nominal income and monetary targets in a standard aggregate demand - aggregate supply framework. If the desirability of policies is measured by their effect on the unconditional variance of output, nominal income targeting is preferable if and only if the aggregate elasticity...
Persistent link: https://www.econbiz.de/10013220426