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The decline of activist stabilization policy

Orphanides, Athanasios; Williams, John C. - 2004

We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s...

Persistent link: https://www.econbiz.de/10009639391

Robust monetary policy with imperfect knowledge

Orphanides, Athanasios; Williams, John C. - 2007

We examine the performance and robustness properties of monetary policy rules in an estimated macroeconomic model in which the economy undergoes structural change and where private agents and the central bank possess imperfect knowledge about the true structure of the economy. Policymakers...

Persistent link: https://www.econbiz.de/10011604810

Liquidity and asset prices: how strong are the linkages?

Dreger, Christian; Wolters, Jürgen - 2009

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...

Persistent link: https://www.econbiz.de/10010291772

Imperfect knowledge, inflation expectations, and monetary policy

Orphanides, Athanasios; Williams, John C. - 2003

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/10010298276

The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations

Orphanides, Athanasios; Williams, John C. - 2004

Persistent link: https://www.econbiz.de/10010298293

The optimal supply of central bank reserves under uncertainty

Afonso, Gara; La Spada, Gabriele; Mertens, Thomas; … - 2023

This paper provides an analytically tractable theoretical framework to study the optimal supply of central bank reserves when the demand for reserves is uncertain and nonlinear. We fully characterize the optimal supply of central bank reserves and associated market equilibrium. We find that the...

Persistent link: https://www.econbiz.de/10014480469

Geldpolitik und Vermögensmärkte

Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65

. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …

Persistent link: https://www.econbiz.de/10010377866