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Are bygones not bygones? : modeling price level targeting with an escape clause and lessons from the gold standard

Masson, Paul R. (contributor); Shukayev, Malik (contributor) - 2008

Like the gold standard, price level targeting (PT) involves not letting past deviations of inflation be bygones; both regimes return the price level (or price of gold) to its target. The experience of suspension of the gold standard in World War I, resumption in the 1920s (for some countries at...

Persistent link: https://www.econbiz.de/10003749248

Limited commitment, endogenous credibility and the challenges of price-level targeting

Cateau, Gino; Shukayev, Malik - 2018

This paper studies the cost of limited commitment when a central bank has the discretion to adjust policy whenever the … costs of honoring its past commitments become high. Specifically, we consider a central bank that seeks to implement optimal … policy in a New Keynesian model by committing to a price-level target path. However, the central bank retains the flexibility …

Persistent link: https://www.econbiz.de/10011946949

The extensive margin of trade and monetary policy

Imura, Yuko; Shukayev, Malik - 2018

This paper studies the effects of monetary policy shocks on firms' participation in exporting. We develop a two-country dynamic stochastic general equilibrium model in which heterogeneous firms make forward-looking decisions on whether to participate in the export market and prices are staggered...

Persistent link: https://www.econbiz.de/10011878727