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Discretionary Policy and Multiple Equilibria in a New Keynesian Model
Hahn, Volker - 2014
provide an alternative explanation for the high degree of inflation persistence found in the data …
Persistent link: https://www.econbiz.de/10013055980
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Monetary Policy Delegation and Equilibrium Coordination
Blake, Andrew P. - 2013
This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and...
Persistent link: https://www.econbiz.de/10013094818
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On the Sources of the Inflationary Bias
Piga, Gustavo - 2000
Why do dynamic inconsistencies in monetary policy exist? In this paper we present a traditional model with output inefficiencies, but we allow for monetary policy to be influenced by the various constituencies in the economy, that pressure the Congress to in turn pressure the central bank to...
Persistent link: https://www.econbiz.de/10014208793
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Verteilungskampf und geldpolitische Sanktion
Pusch, Toralf - 2007
Zur makroökonomischen Interaktion von Zentralbank und Gewerkschaften hat es in den letzten Jahren vermehrt spieltheoretische Beiträge gegeben. Der Vorzug der spieltheoretischen Methode ist dabei, dass sie den Blick auf die Handlungslogiken der makroökonomischen Akteure erweitert....
Persistent link: https://www.econbiz.de/10008663784
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...
Persistent link: https://www.econbiz.de/10003982016
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...
Persistent link: https://www.econbiz.de/10003983623
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Pure theories of policy mix : Nordhaus's destructive game and the case of high inflation
Le Page, Jean-Marie - In: Review of Economic Analysis : REA 16 (2024) 1, pp. 1-18
inflation rate and the unemployment rate. Moreover, as in traditional macroeconomic theory, according to this version of the …Nordhaus's theory of the "destructive game" (1994) is a central analysis of the policy mix. His theory showed that a … the inflation rate lower than either of the authorities would want. It explains indeed why Central Bank independence can …
Persistent link: https://www.econbiz.de/10014503270
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Verteilungskampf und geldpolitische Sanktion
Pusch, Toralf - 2007
Zur makroökonomischen Interaktion von Zentralbank und Gewerkschaften hat es in den letzten Jahren vermehrt spieltheoretische Beiträge gegeben. Der Vorzug der spieltheoretischen Methode ist dabei, dass sie den Blick auf die Handlungslogiken der makroökonomischen Akteure erweitert....
Persistent link: https://www.econbiz.de/10010302514
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Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence
Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016
We implement a repeated version of the Barro-Gordon monetary policy game in the laboratory and ask whether reputation serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the inefficient, time-inconsistent one-shot Nash...
Persistent link: https://www.econbiz.de/10011572114
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Monetary and macroprudential policy games in a monetary union
Dennis, Richard; Ilbas, Pelin - 2016
We use the two-country model of the euro area developed by Quint and Rabanal (2014) to study policymaking in the European Monetary Union (EMU). In particular, we focus on strategic interactions: 1) between monetary policy and a common macroprudential authority, and; 2) between an EMU-level...
Persistent link: https://www.econbiz.de/10011786059