Showing 1 - 10 of 18
The financial crisis has prompted macroeconomists to think of new policy instruments that could help ensure financial stability. Policymakers are interested in understanding how these should be set in conjunction with monetary policy. We contribute to this debate by analyzing how monetary and...
Persistent link: https://www.econbiz.de/10010202642
Persistent link: https://www.econbiz.de/10011708022
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the … paper is that, once the open economy aspect of the policy problem is considered, it is not optimal to smooth taxes following … economy, the introduction of sticky prices can reduce the optimal volatility of taxes. …
Persistent link: https://www.econbiz.de/10003867915
Persistent link: https://www.econbiz.de/10008823669
Persistent link: https://www.econbiz.de/10003830464
Persistent link: https://www.econbiz.de/10009657068
Persistent link: https://www.econbiz.de/10003887113
-quadratic approach, the present paper addresses this question in a New Keynesian small open economy framework. Our results reveal that …
Persistent link: https://www.econbiz.de/10003868113
This paper undertakes a Bayesian analysis of optimal monetary policy for the United Kingdom. We estimate a suite of monetary policy models that include both forward and backward-looking representations as well as large and small-scale models. We find an optimal simple Taylor-type rule that...
Persistent link: https://www.econbiz.de/10008900903
Using an endogenous portfolio choice model, this paper examines how different monetary policy regimes can lead to different foreign currency positions by changing the cyclical properties of the nominal exchange rate. We find that strict inflation-targeting regimes are associated with a short...
Persistent link: https://www.econbiz.de/10008702821