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Discretionary monetary policy in the Calvo model
Van Zandweghe, Willem; Wolman, Alexander L. - In: Quantitative economics : QE ; journal of the … 10 (2019) 1, pp. 387-418
We study discretionary equilibrium in the Calvo pricing model for a monetary authority that chooses the money supply, producing three main contributions. First, price‐adjusting firms have a unique equilibrium price for a broad range of parameterizations, in contrast to earlier results for the...
Persistent link: https://www.econbiz.de/10011994913
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Disinflation and monetary independence in Romania
Goczek, Lukasz - In: Baltic journal of economics 15 (2015) 1, pp. 65-79
In this article, the issue of the monetary independence problem in view of the Romania's European Monetary Union accession is investigated empirically. It is frequently argued that for such a country, the main cost of participation in a currency area is the loss of monetary policy independence....
Persistent link: https://www.econbiz.de/10011890553
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The optimal degree of monetary-discretion in a New Keynesian model with private information
Waki, Yuichiro; Dennis, Richard J.; Fujiwara, Ippei - In: Theoretical economics : TE ; an open access journal in … 13 (2018) 3, pp. 1319-1368
This paper considers the optimal degree of monetary-discretion when the central bank conducts policy based on its … "constrained discretion" to the central bank by imposing both upper and lower bounds on permissible inflation, and that these … bounds should be set in a history-dependent way. The optimal degree of discretion varies over time with the severity of the …
Persistent link: https://www.econbiz.de/10011937351
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Policy responses to Turkey's crisis : independent central bank and international credit
Kriwoluzky, Alexander; Rieth, Malte - In: DIW weekly report : economy, politics, science : a … 8 (2018) 38/39, pp. 355-363
The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment will fall, and the Turkish lira would depreciate...
Persistent link: https://www.econbiz.de/10011904395
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Monetary policy rule and taylor principle in Mongolia : GMM and DSGE approaches
Taguchi, Hiroyuki; Gunbileg, Ganbayar - In: International Journal of Financial Studies : open … 8 (2020) 4/71, pp. 1-16
This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of-moments (GMM) estimation and a New Keynesian...
Persistent link: https://www.econbiz.de/10012322123
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Central bank intervention in the inflation targeting
Krušković, Borivoje D. - In: Journal of central banking theory and practice 11 (2022) 1, pp. 67-85
This paper analyses the impact of central bank interven-tions in the inflation targeting regime. The results of empirical stud-ies in this paper show if there is a shock of the exchange rate, which would lead to depreciation of the exchange rate, a central bank may decide to mush instability on...
Persistent link: https://www.econbiz.de/10012805926
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Does monetary policy credibility help in anchoring inflation expectations? : evidence from six inflation targeting emerging economies
Güler, Aslı - In: Journal of central banking theory and practice 10 (2021) 1, pp. 93-111
Most emerging market central banks have adopted inflation targeting as their monetary policy system. The heart of inflation targeting system is inflation expectations. The success of a central bank in achieving targets depends on to the extent to which inflation expectations are formed by the...
Persistent link: https://www.econbiz.de/10012548972
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Interest rate policy and exchange rates volatility lessons from Indonesia
Kuncoro, Haryo - In: Journal of central banking theory and practice 9 (2020) 2, pp. 19-42
Whether or not inflation targeting adoption leads to increased volatility of exchange rates is controversial. The volatility increases with inflation targeting as a result of the flexible exchange rate regime. Others argue that inflation targeting delivers the best outcomes in terms of lower...
Persistent link: https://www.econbiz.de/10012305740
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Exchange rate targeting versus inflation targeting : empirical analysis of the impact on employment and economic growth
Krušković, Borivoje - In: Journal of central banking theory and practice 9 (2020) 2, pp. 67-85
This paper analyses the effects of two alternative monetary strategies (exchange rate targeting and inflation targeting) on economic growth and employment. On the panel of 18 countries for the period from 1996 to 2013, I tested the hypothesis that countries in exchange rate targeting have a...
Persistent link: https://www.econbiz.de/10012305750
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Optimal monetary policy under learning and structural uncertainty in a New Keynesian model with a cost channel and inflation inertia
Bask, Mikael; Proaño Acosta, Christian - In: Journal of economic dynamics & control 69 (2016), pp. 112-126
Persistent link: https://www.econbiz.de/10011708437