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The optimal degree of discretion in monetary policy
Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - 2004
How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...
Persistent link: https://www.econbiz.de/10009639392
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INTEGRIERTE LEITLINIEN FÜR WACHSTUM UND BESCHÄFTIGUNG (2005-2008)
Europäische Kommission / Generalsekretariat - 2005
Persistent link: https://www.econbiz.de/10009637979
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What happened to CIT collection? : Solving the rates-revenues puzzle
Nicodème, Gaëtan - 2018
Persistent link: https://www.econbiz.de/10011998874
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A quarterly fiscal database for the euro area based on intra-annual fiscal information
Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - 2009
The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the … a quarterly database of euro area fiscal variables for the period 1980-2008 for a quite disaggregated set of fiscal … data for the euro area period (2000-2009). All models are multivariate, state space mixed-frequencies models estimated with …
Persistent link: https://www.econbiz.de/10009640447
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Myopic governments and welfare-enhancing debt limits
Rieth, Malte - 2011
This paper studies welfare consequences of a soft borrowing constraint on sovereign debt which is modeled as a proportional fine per unit of debt exceeding some reference value. Debt is the result of myopic fiscal policy where the government is assumed to have a smaller discount factor than the...
Persistent link: https://www.econbiz.de/10009640642
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Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …
Persistent link: https://www.econbiz.de/10009635926
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The natural real rate of interest in the euro area
Giammarioli, Nicola; Valla, Natacha - 2003
prevailed in the euro area since the early 1970s, and present the implied "real rate gap" as a possible additional indicator to …
Persistent link: https://www.econbiz.de/10009635981
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Describing the Fed's conduct with Taylor rules
Castelnuovo, Efrem - 2003
In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...
Persistent link: https://www.econbiz.de/10009635982
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Monetary discretion, pricing complementarity and dynamic multiple equilibria
King, Robert G.; Wolman, Alexander L. - 2004
In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point in...
Persistent link: https://www.econbiz.de/10009639397
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Optimal monetary policy rules for the euro area
Dieppe, Alistair; Küster, Keith; McAdam, Peter - 2004
In this paper, we analyze optimal monetary policy rules in a model of the euro area, namely the ECB’s Area Wide Model …. Thus, the paper contributes to the debate on optimal monetary policy in the euro area, as well as to the conduct of …
Persistent link: https://www.econbiz.de/10009639414