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the ten countries, the United Kingdom has conducted inflation targeting most in line with the theory of rational …
Persistent link: https://www.econbiz.de/10010321410
Monetary policy is most effective when public beliefs about future policies are actively managed. This is the appeal of policy rules and commitment strategies, typically absent under discretion. But when a policymaker has some private information - as is the case in reality - belief management...
Persistent link: https://www.econbiz.de/10011430072
We use a TVP-VAR model to investigate possible changes in the time series properties of key Norwegian macroeconomic variables since the 1980s. The sample period is characterised by deregulation, globalization, sizable petroleum revenues, a switch from exchange rate to inflation targeting and...
Persistent link: https://www.econbiz.de/10012143879
We assess Lars E O Svensson's prominent critique of the Swedish Riksbank. We reject his two major claims: first that the Riksbank has anchored inflation expectations at the 2 percent inflation target, and second, that the original version of the Phillips curve, based constant inflation...
Persistent link: https://www.econbiz.de/10013208696
We analyse the implications of asymmetric monetary policy rules by estimating Markovswitching DSGE models for the euro area (EA) and the US. The estimations show that until mid-2014 the ECB's response to inflation was more forceful when inflation was above 2% than below 2%. Since then, the ECB's...
Persistent link: https://www.econbiz.de/10012661581
In the last decades, many developing countries abandoned their existing policy regimes and adopted inflation targeting (IT) by which they aimed to control inflation through the use of policy interest rates. During the period before the crisis, most of these countries experienced large...
Persistent link: https://www.econbiz.de/10011636631
conditions. The results support the theory of flexible inflation targeting under discretion for the United Kingdom. For New … the wind. The central banks of Canada, Sweden, and Australia have behaved in line with the theory of flexible inflation …
Persistent link: https://www.econbiz.de/10010321392
When a policymaker is better informed than the public, public beliefs about the hidden informationemerge as additional state variables, managed by the policymaker. General methodsare presented to compute optimal commitment and discretion policies.Under commitment, policy is additive in two...
Persistent link: https://www.econbiz.de/10005868710
Monetary policy is most effective when public beliefs about future policies are activelymanaged. This is the appeal of policy rules and commitment strategies, typically absent underdiscretion. But when a policymaker has some private information — as is the case in reality— belief management...
Persistent link: https://www.econbiz.de/10005868716
This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network.
Persistent link: https://www.econbiz.de/10010336066