Showing 1 - 10 of 78,798
A widely agreed proposition in modern economics is that policy rules have greater advantage over discretion in improving economic performance. Simple monetary policy instrument rules are feasible options for developing countries lacking the pre-requisites for more sophisticated targeting rules....
Persistent link: https://www.econbiz.de/10005745349
A near-consensus position in modern macroeconomics is that policy rules have greater advantage over discretion in improving economic performance. For developing countries in particular, simple instrument rules appear to be feasible options as prerequisites since more sophisticated targeting...
Persistent link: https://www.econbiz.de/10008685176
This paper examines the uniqueness and learnability of rational expectations equilibrium when the policy rate is occasionally pegged at the zero lower bound (ZLB). We consider a model that features recurring, transient ZLB regimes and compare various interest rate rules which respond to...
Persistent link: https://www.econbiz.de/10013231398
We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, transient zero lower bound regimes. We use determinacy and expectational...
Persistent link: https://www.econbiz.de/10012665278
We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, transient zero lower bound regimes. We use determinacy and expectational...
Persistent link: https://www.econbiz.de/10013314662
This study estimates the output gaps for Pakistan, using both the statistical and the structural methods and comparing their results. Though they show some degree of association, the measures reveal inherent differences in the measures of output gap. Based on the annual data of GDP (1951-2007)...
Persistent link: https://www.econbiz.de/10010851965
This study estimates the output gaps for Pakistan, using both the statistical and the structural methods and comparing their results. Though they show some degree of association, the measures reveal inherent differences in the measures of output gap. Based on the annual data of GDP (1951-2007)...
Persistent link: https://www.econbiz.de/10010711326
National Bank of Rwanda (BNR) modernized monetary policy and transited to the price-based policy framework in January 2019. The Forecasting and Policy Analysis System (FPAS) is the cornerstone for the new forward-looking framework, which mobilizes and organizes resources and sets processes for...
Persistent link: https://www.econbiz.de/10013249729
In light of the recent financial and real economic crisis, it seems clear that macroeconomists need to better account for the influence of financial markets. This paper explores the consequences of treating the interaction between different financial markets, monetary policy, and the real...
Persistent link: https://www.econbiz.de/10010126892
We develop a dynamic stochastic full equilibrium New Keynesian model of two open economies based on stochastic differential equations to analyse the interdependence between monetary policy and financial markets in the context of the recent financial crisis. The effect of bubbles on stock and...
Persistent link: https://www.econbiz.de/10010336205