Narrow search
Showing 1 - 10 of 317
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Do Asymmetric Central Bank Preferences Help ExplainObserved Inflation Outcomes?
Doyle, Matthew; Falk, Barry - Iowa State University of Science and Technology <Ames, … - 2006
Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in°ation outcomes when the central banker's loss functionis asymmetric. We show that previous evidence offered in support of the propositionthat the volatility of unemployment helps...
Persistent link: https://www.econbiz.de/10009360871
Cover Image
The Non-monotonic Relationship BetweenSeigniorage and Inequality
Bhattacharya, Joydeep; Bunzel, Helle; Haslag, Joseph H. - Iowa State University of Science and Technology <Ames, … - 2003
Central banks typically find it difficult to turn off the "political pressure valve". This has important consequences for the types of monetary policies they implement. This paper presents an analysis of how political factors may come into play in the equilibrium determination of inflation. We...
Persistent link: https://www.econbiz.de/10009418940
Cover Image
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
Cover Image
The Rationale for Inflation Targeting
Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997
[...]The first intellectual development challenging the use ofan activist monetary policy to stimulate output and reduceunemployment is the finding, most forcefully articulatedby Milton Friedman, that the effects of monetary policyhave long and variable lags.1 The uncertainty of the timingand...
Persistent link: https://www.econbiz.de/10005870226
Cover Image
Part IV.New Zealand
Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997
[...]Inflation targeting in New Zealand followed legislationthat mandated a Policy Targets Agreement (PTA)between the elected government and the newlyindependent central bank, which resulted in a jointlydecided numerical target for inflation.[...]
Persistent link: https://www.econbiz.de/10005870261
Cover Image
Part V. Canada
Mishkin, Frederic S.; Posen, Adam Simon - Federal Reserve Bank <New York, NY> - 1997
[...]Inflation targeting in Canada was not the result oflegislation. However, as in New Zealand, the inflationtarget in Canada is jointly determined and announcedby both the government and the central bank.[...]
Persistent link: https://www.econbiz.de/10005870263