Similar Search Results

A nonparametric approach to evaluating inflation-targeting regimes

Razzak, Weshah A.; Nasser, Rabie - 2008

We use a variety of nonparametric test statistics to evaluate the inflation- targeting regimes of Australia, Canada …, New Zealand, Sweden and the UK. We argue that a sensible approach of evaluation must rely on a variety of methods, among …

Persistent link: https://www.econbiz.de/10011523636

Foreign exchange intervention as a monetary policy instrument : evidence for inflation targeting countries

Hüfner, Felix - 2004

Persistent link: https://www.econbiz.de/10001785158

Price and Output Stability Under Price Level Targeting

Cover, James Peery; Pecorino, Paul - 2001

It is commonly believed that a monetary policy that targets the price level reduces the long-term variability of the price level but only at the cost of increased variability in both inflation and output. This paper shows that this result may not hold so long as increases in the real rate of...

Persistent link: https://www.econbiz.de/10014130355

The Bank of Canada's "horse race" of alternative monetary policy frameworks: some interim results from model simulations

Dorich, José; Mendes, Rhys; Zhang, Yang - 2021

Since 1991, the Bank of Canada has had an inflation‐targeting (IT) framework established by a joint agreement between … the Bank and the Government of Canada. The framework is reviewed every five years as part of the process for renewing the … 2020 workshop, "Towards the 2021 Renewal of the Bank of Canada's Monetary Policy Framework." The Bank will publish updated …

Persistent link: https://www.econbiz.de/10012613645

An assessment of inflation targeting in a quantitative monetary business cycle framework : evidence from four early adopters

Cho, Dooyeon; Rhee, Dong-Eun - In: Applied economics 47 (2015) 31/33, pp. 3395-3413

Persistent link: https://www.econbiz.de/10011293537

Price Level and Inflation Dynamics in Heterogeneous Agent Economies

Kaplan, Greg; Nikolakoudis, Georgios; Violante, Giovanni L. - National Bureau of Economic Research - 2023

We study equilibria in a heterogeneous-agent incomplete-market economy with nominal government debt and flexible prices. Unlike in representative agent economies, steady-state equilibria exist when the government runs persistent deficits, provided that the level of deficits is not too large. In...

Persistent link: https://www.econbiz.de/10014322820

Long-Term Debt and Optimal Policy in the Fiscal Theory of the Price Level

Cochrane, John H. - 2009

The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the debt matters. For example, it determines whether news...

Persistent link: https://www.econbiz.de/10014147212

Optimal Monetary Policy and Correlation between Prices and Output

Cover, James Peery; Pecorino, Paul - 2003

Several authors have reported finding a negative correlation between prices and output for the U.S. in the post WW II data. This paper presents a simple aggregate supply and demand model to show that this correlation may reflect the actions of an optimizing monetary policy maker rather than the...

Persistent link: https://www.econbiz.de/10014148025

Inflation Targeting and Target Instability

Tetlow, Robert J. - 2015

Monetary policy is modeled as governed by a known rule, except for a time-varying target rate of inflation. The variable target is taken as representing either discretionary deviations from the rule, or as the outcome of a policymaking committee that is unable to arrive at a consensus....

Persistent link: https://www.econbiz.de/10014154059

Alternatives to Inflation Targeting Monetary Policy for Stable and Egalitarian Growth : A Brief Research Summary

Epstein, Gerald - 2011

Many countries in the developing world have adopted an approach to monetary policy that focuses on maintaining a low level of inflation, to the exclusion of other important objectives such as employment generation, increasing investment or reducing poverty, despite the widespread evidence that...

Persistent link: https://www.econbiz.de/10014076155