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Fear of Liftoff : Uncertainty, Rules, and Discretion in Monetary Policy Normalization

Orphanides, Athanasios - 2019

As the author describes it, the Federal Reserveâ€™s muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to...

Persistent link: https://www.econbiz.de/10012903929

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in...

Persistent link: https://www.econbiz.de/10010392194

Fear of Liftoff : Uncertainty, Rules and Discretion in Monetary Policy Normalization

Orphanides, Athanasios - 2015

The Federal Reserve's muddled mandate to attain simultaneously the incompatible goals of maximum employment and price stability invites short-term-oriented discretionary policymaking inconsistent with the systematic approach needed for monetary policy to contribute best to the economy over time....

Persistent link: https://www.econbiz.de/10013017027

Complexity and monetary policy

Orphanides, Athanasios; Wieland, Volker - 2012

Persistent link: https://www.econbiz.de/10009622453

Inflation expectations, uncertainty, the Phillips curve, and monetary policy

Sims, Christopher A. - In: Understanding inflation and the implications for …, (pp. 247-265). 2009

Persistent link: https://www.econbiz.de/10003963791

Uncertainty and disagreement in economic forecasting

D'Amico, Stefania; Orphanides, Athanasios - 2008

Persistent link: https://www.econbiz.de/10003830494

Inflation uncertainty and disagreement in bond risk premia

D'Amico, Stefania; Orphanides, Athanasios - 2014

-based ex-post measures of macroeconomic risk. Inflation uncertainty is an important driver of bond premia, but the relation …

Persistent link: https://www.econbiz.de/10010441139

The Term Structure and Inflation Uncertainty

Breach, Tomas - 2016

dynamics of inflation risk premia over the 1983-2013 period by allowing for time-varying market prices of inflation risk and … ten-year yield suggests a decline in the estimated inflation risk premium of 1.7 percentage points from the early 1980s to … recovery, in 2010-2012. The model's ability to generate sensible estimates of the inflation risk premium has important …

Persistent link: https://www.econbiz.de/10012977368

Inflation Scares and Forecast-Based Monetary Policy

Orphanides, Athanasios; Williams, John C. - 2014

Central banks pay close attention to inflation expectations. In standard models, however, inflation expectations are tied down by the assumption of rational expectations and should be of little independent interest to policy makers. In this paper, we relax the assumption of rational expectations...

Persistent link: https://www.econbiz.de/10014048604

Imperfect Knowledge, Inflation Expectations, and Monetary Policy

Orphanides, Athanasios; Williams, John C. - 2004

This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to...

Persistent link: https://www.econbiz.de/10014114786