Narrow search
Showing 1 - 10 of 471
Cover Image
The credibility of the monetary policy "free lunch"
Yetman, James - 2003
impose costs on society rather than benefits. While rational expectations and perfect credibility are generally beneficial with …-of-thumb to form inflation expectations, or does not fully understand the nature of the target, price level targeting may in fact …
Persistent link: https://www.econbiz.de/10009635890
Cover Image
Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …
Persistent link: https://www.econbiz.de/10009636527
Cover Image
Optimal monetary policy under commitment with a zero bound on nominal interest rates
Adam, Klaus; Billi, Roberto M. - 2004
We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S....
Persistent link: https://www.econbiz.de/10009639431
Cover Image
Optimal monetary policy under discretion with a zero bound on nominal interest rates
Adam, Klaus; Billi, Roberto M. - 2004
. Such ‘preemptive easing’ is optimal because expectations of a possibly binding bound in the future amplify the effects of …
Persistent link: https://www.econbiz.de/10009639434
Cover Image
the anchoring of long-term inflation expectations
Castelnuovo, Efrem; Nicoletti-Altimari, Sergio; … - 2003
help anchoring inflation expectations. We use survey data on long-term inflation expectations in 15 industrial countries … since the early nineties to investigate how well anchored are inflation expectations. We find that in all countries except … Japan long-term inflation expectations are well anchored and, generally, increasingly so over the past decade. When …
Persistent link: https://www.econbiz.de/10009635904
Cover Image
Swiss monetary policy targeting 1974 - 1996
Rich, Georg - 2003
After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNBu0092s internal policy analysis, an aspect of Swiss monetary targeting that has...
Persistent link: https://www.econbiz.de/10009635971
Cover Image
The great inflation of the 1970s
Collard, Fabrice; Dellas, Harris - 2004
Was the high inflation of the 1970s mostly due to incomplete information about the structure of the economy (an unavoidable mistake as suggested by Orphanides, 2000)? Or, to weak reaction to expected inflation and/or excessive policy activism that led to indeterminacies (a policy mistake, a...
Persistent link: https://www.econbiz.de/10009639390
Cover Image
Euro area inflation differentials
Angeloni, Ignazio; Ehrmann, Michael - 2004
We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory factor. Other more frequently mentioned reasons, like...
Persistent link: https://www.econbiz.de/10009639448
Cover Image
Monetary policy in a low pass-through environment
Monacelli, Tommaso - 2003
We study the effects on the optimal monetary policy design problem of allowing for deviations from the law of one price in import goods prices. We reach three basic results. First, incomplete pass-through renders the analysis of monetary policy of an open economy fundamentally different from the...
Persistent link: https://www.econbiz.de/10009639840
Cover Image
The EAGLE
Gomes, Sandra; Jacquinot, Pascal; Pisani, Massimiliano - 2010
Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...
Persistent link: https://www.econbiz.de/10009640345