by inertial interest rate adjustments or by money injections. These equilibria are associated with lower welfare losses … than a forward-looking solution implemented by interest rate adjustments. The welfare gain from a history dependent …

by inertial interest rate adjustments or by money injections. These equilibria are associated with lower welfare losses … than a forward-looking solution implemented by interest rate adjustments. The welfare gain from a history dependent …

sensitive with respect to specification uncertainty implying substantial welfare gains of a robust-optimal rule that …

targeting in an estimated DSGE model fit to Canadian data. The policy implications are based on social welfare evaluations …. Compared to the historical inflation targeting rule, an optimal price level targeting regime substantially reduces the welfare … model, significantly contributes to quantify the welfare gains of price level targeting. -- Financial stability ; Inflation …

an interest rate peg, can be welfare enhancing: The minimum state variable solution and an autoregessive solution under a … peg can lead to lower welfare losses than the unique solution under an active interest rate rule. Given that a peg is … equilibrium determinacy. -- Interest rate rules ; welfare losses ; equilibrium determinacy ; fundamental solutions …

Various papers have suggested that Price-Level targeting is a welfare improving policy relative to Inflation targeting … adjustments. However, using the expenditure weights instead of the optimal ones results in very small welfare cost. -- Monetary …

(1995) show that monetary expansion under producer currency pricing increases domestic and foreign overall welfare, in cases … beggar-thyself policy that reduces domestic welfare and increases foreign welfare (Corsetti & Pesenti 2001; Tille 2001). In …

by inertial interest rate adjustments or by money injections. These equilibria are associated with lower welfare losses … than a forward-looking solution implemented by interest rate adjustments. The welfare gain from a history dependent …

In this we investigate the welfare effects of optimal monetary policy measurements within a high-frequency New …-Keynesian model i.e. under variation of the period length. Our results indicate that the policy maker faces a higher welfare loss on a …