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In this paper, we derive a modification of a forward-looking Taylor rule, which integrates two variables measuring the uncertainty of inflation and GDP growth forecasts into an otherwise standard New Keynesian model. We show that certainty-equivalence in New Keynesian models is a consequence of...
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multivariates Zustandsraummodell, das eine erhebliche Erweiterung des traditionell verwendeten Fehlerkorrekturrahmens darstellt, um … kann. Schließlich illustrieren wir auf der Grundlage unserer Schätzungen die Konsequenzen der jüngsten Geldpolitik der … der Exit-Strategie. -- Umlaufsgeschwindigkeit ; multivariates Zustandsraummodell ; Inflation ; Geldmenge …
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This paper analyzes the interest rate setting of the European Central Bank (ECB) both before and after the outbreak of the global financial crisis. In the current monetary policy literature, researchers typically select one Taylor rule-based model in order to analyze the interest rate setting of...
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This paper reviews some of the more critical policy dilemmas facing the Reserve Bank of India (RBI) in its pursuit of inflation stabilization and balanced growth objectives. The challenge in meeting these objectives further increased in the mid-2000s with the advent of large capital flows into...
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