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Learning Dynamics in Monetary Policy : The Robustness of an Aggressive Price Stabilizing Policy

Wong, M. C. Sunny - 2003

This paper investigates the effect of an aggressive price stabilizing monetary policy on the ability of agents to reach a rational expectations equilibrium (REE) for inflation and output. We provide a more robust policy implication than the one suggested by Bullard and Mitra (2002a,b). Using an...

Persistent link: https://www.econbiz.de/10014104898

Determinacy and learnability of equilibrium in a small open economy with sticky wages and prices

Araujo, Eurilton - 2014

Persistent link: https://www.econbiz.de/10010471887

Determinacy and learnability of equilibrium in a small-open economy with sticky wages and prices

Araujo, Eurilton - In: International review of economics & finance : IREF 45 (2016), pp. 16-32

Persistent link: https://www.econbiz.de/10011626276

Trend Inflation, Wage Indexation, and Determinacy in the U.S.

Ascari, Guido; Branzoli, Nicola; Castelnuovo, Efrem - 2011

the likelihood of equilibrium determinacy to be both modest and limited to the second half of the 1970s. In contrast, our … inflation, wage indexation and determinacy in the post-WWII U.S. economic environment. Further simulations show that rising the …

Persistent link: https://www.econbiz.de/10010343856

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - 2002

This paper studies the implication, in terms of welfare and monetary policy, of unequal degrees of competition across members of a currency area. We look at two ways in which the degree of competition in the market for goods can affect welfare in a currency area. One is through different average...

Persistent link: https://www.econbiz.de/10010295738

Two-pillar monetary policy and bootstrap expectations

Spahn, Heinz-Peter - 2007

The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...

Persistent link: https://www.econbiz.de/10010327331

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

Countercyclical versus Procyclical Taylor Principles

Chatelain, Jean-Bernard - 2016

Assuming inflation is a forward variable in Taylor (1999) model, this paper finds opposite policy rule recommandations with counter-cyclical policy rule parameters (Taylor principle: inflation rule larger than one and bounded upwards) in the case of optimal policy under commitment versus...

Persistent link: https://www.econbiz.de/10011444004

Determinacy and learnability of monetary policy rules in small open economies

Llosa, Gonzalo (contributor); Tuesta R., Vicente (contributor) - 2006

principle and both determinacy and learnability of equilibrium in small open economies. More importantly, the degree of openness …This paper evaluates under which conditions different Taylor-type rules lead to determinacy and expectational stability … Gali and Monacelli (2005). In particular, we extend the Bullard and Mitra (2002) results of determinacy and E-stability in …

Persistent link: https://www.econbiz.de/10003774580

Imperfect competition, monetary policy and welfare in a currency area

Lombardo, Giovanni - 2002

Persistent link: https://www.econbiz.de/10011431763

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