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This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions over time,...
Persistent link: https://www.econbiz.de/10011937351
information to the model of [Berentsen and Waller, 2011], a divide between an interest rate policy and a money stock policy …
Persistent link: https://www.econbiz.de/10011969207
information to the model of [Berentsen and Waller, 2011], a divide between an interest rate policy and a money stock policy …
Persistent link: https://www.econbiz.de/10011900176
This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions over time,...
Persistent link: https://www.econbiz.de/10012010058
. However, the Friedman rule is Pareto optimal. It requires to set the gross growth rate of the money supply equal to the … discount factor of the most patient agents. Second, we look at the real effects of a money supply shock. In contrast to …
Persistent link: https://www.econbiz.de/10005130236
Research background: The core of coordinating a monetary and fiscal policy (policy mix) is based on combining both policies to achieve goals related to price stability, as well as economic growth and employment. In turn, the decisions of economic authorities in the monetary-fiscal game have a...
Persistent link: https://www.econbiz.de/10013204656
This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...
Persistent link: https://www.econbiz.de/10010398364
The global financial crisis of 2007-2008 had a negative impact on many countries, including Vietnam. Many policies have been applied to stabilize the macro-economic indicators. However, most of them are based on old qualitative models, which do not help policy makers understand deeply how each...
Persistent link: https://www.econbiz.de/10011708742
This theoretical contribution shows a simple way in which the quantity equation can be derived as a long-term equilibrium solution for the case of a closed economy and an open economy, respectively. It is shown first for the case of a closed economy which parameters stand behind "velocity" and...
Persistent link: https://www.econbiz.de/10010398774
Research background: The core of coordinating a monetary and fiscal policy (policy mix) is based on combining both policies to achieve goals related to price stability, as well as economic growth and employment. In turn, the decisions of economic authorities in the monetary-fiscal game have a...
Persistent link: https://www.econbiz.de/10012664601