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The natural rate hypothesis and real determinacy
Meyer-Gohde, Alexander - 2008
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information à … determinacy in the associated full-information, flex-price equivalent. The analysis follows from boundedness considerations on the …
Persistent link: https://www.econbiz.de/10010263742
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The natural rate hypothesis and real determinacy
Meyer-Gohde, Alexander (contributor) - 2008
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information `a … determinacy in the associated full-information, flex-price equivalent. The analysis follows from boundedness considerations on the …. -- Nonautonomous difference equations ; indeterminacy ; Taylor rule ; sticky information ; sticky prices …
Persistent link: https://www.econbiz.de/10003770783
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The Natural Rate Hypothesis and Real Determinacy
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information `a … determinacy in the associated full-information, flex-price equivalent. The analysis follows from boundedness considerations on the …
Persistent link: https://www.econbiz.de/10005652783
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Price level targeting and risk management
Billi, Roberto M. - 2015
Many argue that, in the presence of a lower bound on nominal interest rates, central banks should use a risk management approach for setting policy, which implies commit- ting to a more expansionary policy to deal with uncertainty about the economic recovery. Using a standard model for monetary...
Persistent link: https://www.econbiz.de/10011287540
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Price Level Targeting and Risk Management
Billi, Roberto M. - 2015
Many argue that, in the presence of a lower bound on nominal interest rates, central banks should use a risk management approach for setting policy, which implies committing to a more expansionary policy to deal with uncertainty about the economic recovery. Using a standard model for monetary...
Persistent link: https://www.econbiz.de/10013018823
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The Central Bank as a Risk Manager : Quantifying and Forecasting Inflation Risks
Kilian, Lutz; Manganelli, Simone - 2021
We propose to regard the central banker as a risk manager who aims to contain inflation within pre-specified bounds. We develop formal tools of risk management that may be used to quantify and forecast the risks of failing to attain that objective. We illustrate the use of these risk measures in...
Persistent link: https://www.econbiz.de/10013319941
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A Simple Algorithm for Solving Ramsey Optimal Policy with Exogenous Forcing Variables
Chatelain, Jean-Bernard - 2019
This article presents an algorithm that extends Ljungqvist and Sargent's (2012) dynamic Stackelberg game to the case of dynamic stochastic general equilibrium models including forcing variables. Its first step is the solution of the discounted augmented linear quadratic regulator as in Hansen...
Persistent link: https://www.econbiz.de/10012901171
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Optimal commitment policy under noisy information
Aoki, Kosuke - London School of Economics and Political Science - 2005
, if current policy turns outto be too expansionary (contractionary) because of the bank’s information problem …
Persistent link: https://www.econbiz.de/10005870372
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PRICE-LEVEL DETERMINATION UNDER DISPERSED INFORMATION AND MONETARY POLICY
Aoki, Kosuke - London School of Economics and Political Science - 2006
This paper considers the determination of aggregate price level under dispersed information.A Central Bank sets policy …. Information revealed to theagents and the bank is determined endogenously. It is shown that the aggregate state ofthe economy is … representative agent has perfect informationwhile the Bank has partial information. The Bank’s information set affects fluctuations …
Persistent link: https://www.econbiz.de/10005870374
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Can we Identify the Fed's Preferences?
Chatelain, Jean-Bernard; Ralf, Kirsten - 2017
Durbin (1970) pre-tests of Ramsey optimal policy versus time-consistent policy rejects time-consistent policy and optimal simple rule for the U.S. Fed during 1960 to 2006, assuming the reference new-Keynesian Phillips curve transmission mechanism with auto-correlated cost-push shock, including...
Persistent link: https://www.econbiz.de/10011719797