Similar Search Results

Cochrane, John H. - National Bureau of Economic Research - 2022

The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …

Persistent link: https://www.econbiz.de/10013361983

Optimal interest-rate rules

Giannoni, Marc Paolo; Woodford, Michael - 2002

Persistent link: https://www.econbiz.de/10001731309

Helicopter Drops and Liquidity Traps

Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2023

We show that if the central bank operates without commitment and faces constraints on its balance sheet, helicopter drops can be a useful stabilization tool during a liquidity trap. With commitment, even with balance sheet constraints, helicopter drops are irrelevant

Persistent link: https://www.econbiz.de/10014247967

The Present and Future of Monetary Policy Rules

McCallum, Bennett T. - 2000

To consider the prospects, looking 20-30 years into the future, for monetary policymaking in accordance with policy rules, one must evaluate their present importance. That requires some definition of what constitutes rule-based monetary policy in practice, since no actual central bank will ever...

Persistent link: https://www.econbiz.de/10012470821

How Should Monetary Policy be Conducted in an Era of Price Stability?

Svensson, Lars E.O. - 2000

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/10012471258

Inflation Targeting as a Monetary Policy Rule

Svensson, Lars E.O. - 1998

The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to...

Persistent link: https://www.econbiz.de/10012472023

Optimal Interest-Rate Rules in a Forward-Looking Model, and Inflation Stabilization versus Price-Level Stabilization

Giannoni, Marc P. - 2010

This paper characterizes the properties of various interest-rate rules in a basic forward-looking model. We compare simple Taylor rules and rules that respond to price-level fluctuations (called Wicksellian rules). We argue that by introducing an appropriate amount of history dependence in...

Persistent link: https://www.econbiz.de/10012462667

Optimal Interest-Rate Rules : II. Applications

Giannoni, Marc P. - 2003

In this paper we calculate robustly optimal monetary policy rules for several variants of a simple optimizing model of the monetary transmission mechanism with sticky prices and/or wages. We discuss representations of optimal policy both in terms of interest-rate feedback rules that generalize...

Persistent link: https://www.econbiz.de/10012469283

Optimal Interest-Rate Rules : I. General Theory

Giannoni, Marc P. - 2003

This paper proposes a general method for deriving an optimal monetary policy rule in the case of a dynamic linear rational-expectations model and a quadratic objective function for policy. A commitment to a rule of the type proposed results in a determinate equilibrium in which the responses to...

Persistent link: https://www.econbiz.de/10012469284

Monetary Policy, Interest Rate Rules, and Inflation Targeting : Some Basic Equivalences

Vegh, Carlos A. - 2001

Policymakers increasingly view short-term nominal interest rates as the main instrument of monetary policy, often in conjunction with some inflation target. Interest rates on short-term indexed government debt (i.e., a real interest rate) have also been used as policy instruments. To understand...

Persistent link: https://www.econbiz.de/10012470031

1
2
3
4
5
6
7
8
9
10
Next
Last