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Optimal commitment policy under noisy information

Aoki, Kosuke - London School of Economics and Political Science - 2005

, if current policy turns outto be too expansionary (contractionary) because of the bank’s information problem …

Persistent link: https://www.econbiz.de/10005870372

PRICE-LEVEL DETERMINATION UNDER DISPERSED INFORMATION AND MONETARY POLICY

Aoki, Kosuke - London School of Economics and Political Science - 2006

This paper considers the determination of aggregate price level under dispersed information.A Central Bank sets policy …. Information revealed to theagents and the bank is determined endogenously. It is shown that the aggregate state ofthe economy is … representative agent has perfect informationwhile the Bank has partial information. The Bank’s information set affects fluctuations …

Persistent link: https://www.econbiz.de/10005870374

Leading Economic Indexes for New York State and New Jersey

Orr, James; Rich, Robert; Rosen, Rae - Federal Reserve Bank <New York, NY> - 2001

[...]This article describes a method by which we may moreaccurately predict regional economic activity. Specifically, wedevelop an index of leading economic indicators (LEI) forNew York State and for New Jersey over the 1972-99 period.We extend our earlier work (Orr, Rich, and Rosen 1999),...

Persistent link: https://www.econbiz.de/10005869901

Informational Easing: Improving Credit Conditions through the Release of Information

Pritsker, Matthew - London School of Economics and Political Science

[...]This paper addresses how central banks can resuscitatelending chains by providing information that reduces …

Persistent link: https://www.econbiz.de/10005869396

Monetary Policy’s New Trade-Offs?

Schürz, Martin - Österreichische Nationalbank <Wien>; Fachhochschule … - 2005

There is a broad consensus that a central bank has to be independent of politics and that its primaryobjective is to ensure price stability. Financial crises, however, refuel the debate about the roles ofmonetary policy. This is because financial bubbles can also develop in a low-inflation...

Persistent link: https://www.econbiz.de/10005867483

Central Bank Tools and Liquidity Shortages

Cecchetti, Stephen G.; Disyatat, Piti - London School of Economics and Political Science

The global financial crisis that began in mid-2007 has renewedconcerns about financial instability and focused attention onthe fundamental role of central banks in preventing andmanaging systemic crises. In response to the turmoil, centralbanks have made extensive use of both new and existing...

Persistent link: https://www.econbiz.de/10005869394

Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis

Artuç, Erhan; Demiralp, Selva - Koç Üniversitesi <İstanbul>; London School of …

In this paper, we assess the effects of changes to the primarycredit facility since August 2007 by performing out-of-samplesimulations based on a model developed by Artuç andDemiralp (2008). Our results are highly consistent with thepredictions of our 2008 study—that is, the revised...

Persistent link: https://www.econbiz.de/10005869395

Divorcing Money from Monetary Policy

Keister, Todd; Martin, Antoine; McAndrews, James - London School of Economics and Political Science - 2008

Monetary policy has traditionally been viewed as theprocess by which a central bank uses its influence overthe supply of money to promote its economic objectives. Forexample, Milton Friedman (1959, p. 24) defined the tools ofmonetary policy to be those “powers that enable the [FederalReserve]...

Persistent link: https://www.econbiz.de/10005869403

The Poole Analysis in the New Open Economy Macroeconomic Framework

Hoffmann, Mathias; Kempa, Bernd - 2006

Die vorliegende Studie beschäftigt sich mit der Frage nach dem geeigneten operativenZiel der Geldpolitik, wenn …

Persistent link: https://www.econbiz.de/10005855960

A Framework for the Pursuit of Price Stability

McDonough, William J. - Federal Reserve Bank <New York, NY> - 1997

[...]In my view, a goal of price stability requires thatmonetary policy be oriented beyond the horizon of itsimmediate impact on inflation and the economy. Thisimmediate horizon is on the order of two to three years.This orientation properly puts the focus of a forwardlookingpolicy on the time...

Persistent link: https://www.econbiz.de/10005870224