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Forward guidance at the zero lower bound in a model of price-level targeting
Illing, Gerhard; Siemsen, Thomas - In: CESifo economic studies : CESifo, a joint initiative of … 62 (2016) 1, pp. 47-67
We study monetary policy at the zero lower bound in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare...
Persistent link: https://www.econbiz.de/10011458706
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Forward guidance at the zero lower bound in a model of price-level targeting
Illing, Gerhard; Siemsen, Thomas - 2015 - First Version: December 2013, This Version: February 9, 2015
We study monetary policy at the ZLB in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare losses are...
Persistent link: https://www.econbiz.de/10010481126
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Flexible inflation targeting with active fiscal policy
Harrison, Richard - 2021
Persistent link: https://www.econbiz.de/10012795094
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Monetary and fiscal policy in the Great Moderation and the Great Recession
Allsopp, Christopher; Vines, David - In: Oxford review of economic policy 31 (2015) 2, pp. 134-167
Persistent link: https://www.econbiz.de/10011431411
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Die Grenzen einer Geldpolitik mit negativen Zinsen
Illing, Gerhard - In: Credit and capital markets : Kredit und Kapital 51 (2018) 4, pp. 561-585
Persistent link: https://www.econbiz.de/10011975091
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Lessons from the Swedish experience with negative central bank rates
Andersson, Fredrik N. G.; Jonung, Lars - 2020
Persistent link: https://www.econbiz.de/10012510931
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The redistributive effects of forward guidance
Baek, Seungjun - In: Economics letters 182 (2019), pp. 118-121
Persistent link: https://www.econbiz.de/10012122446
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Inflation target and its impact on macroeconomy in the zero lower bound environment : the case of the Czech economy
Hloušek, Miroslav - In: Národohospodářský obzor : časopis věnovaný … 16 (2016) 1, pp. 3-16
Persistent link: https://www.econbiz.de/10011477218
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Could a higher inflation target enhance macroeconomic stability?
Dorich, José; Labelle, Nicholas; Lepetyuk, Vadym; … - 2018
Persistent link: https://www.econbiz.de/10011867291
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The macroeconomic effects of low and falling inflation at the zero lower bound
Neri, Stefano; Notarpietro, Alessandro - 2015
Persistent link: https://www.econbiz.de/10011721092