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The Optimal Degree of Discretion in Monetary Policy

Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - 2013

How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...

Persistent link: https://www.econbiz.de/10014029267

Janus’s Money Demand and Time Inconsistency : A New Impossibility Theorem

Faria, Joao Ricardo; McAdam, Peter - 2023

We derive a very general ("Janus") money demand function, which reflects backward and forward-looking habit formation. This generality offers an explanation for the breakdown of money-demand functions and policy relevance of monetary aggregates. Integrating our Janus money demand into a...

Persistent link: https://www.econbiz.de/10014354736

Countercyclical versus procyclical Taylor principles

Chatelain, Jean-Bernard; Ralf, Kirsten - 2016

Assuming inflation is a forward variable in Taylor (1999) model, this paper finds opposite policy rule recommandations with counter-cyclical policy rule parameters (Taylor principle: inflation rule larger than one and bounded upwards) in the case of optimal policy under commitment versus...

Persistent link: https://www.econbiz.de/10011451810

Non-benevolent central banks

Lambsdorff, Johann; Schinke, Michael - 2002

Corruption at central banks induces distorted policies by generating a tendency to increase inflation. An inflation …

Persistent link: https://www.econbiz.de/10010300177

Non-Benevolent Central Banks

Lambsdorff, Johann Graf; Schinke, Michael - Center for Globalization and Europeanization of the … - 2002

Corruption at central banks induces distorted policies by generating a tendency to increase inflation. An inflation …

Persistent link: https://www.econbiz.de/10005593819

Non-benevolent central banks

Lambsdorff, Johann; Schinke, Michael - Center for European, Governance and Economic … - 2002

Corruption at central banks induces distorted policies by generating a tendency to increase inflation. An inflation …

Persistent link: https://www.econbiz.de/10010980758

Institutional design and credibility

Kala, Jyotsana; Srinivasan, Naveen - 2020

Persistent link: https://www.econbiz.de/10013470992

Does talk matter after all? : Inflation targeting and central bank behavior

Kuttner, Kenneth N.; Posen, Adam Simon - 1999

Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without...

Persistent link: https://www.econbiz.de/10009768267

Corruption, Rule of Law, and Economic Efficiency : Virginia vs. Chicago Public Choice Theories

Otáhal, Tomáš; Grochová, Ladislava - 2012

Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of … law (Smith 2001, Chap 5). The modern Public Choice proponents argue that corruption might influence the efficiency of the … rule of law. While Chicago Public Choice scholars model how corruption improves efficiency of the rule of law and thus the …

Persistent link: https://www.econbiz.de/10014178681

Corruption, the Rule of Law, and Economic Efficiency : Virginia vs. Chicago Public Choice Theories

Otáhal, Tomáš; Grochová, Ladislava - 2014

Can corruption improve economic efficiency? Classical political economists argue that corruption undermines the rule of … law (Smith 2001, chap 5). Modern Public Choice proponents argue that corruption and lobbying might influence the rule of …’s efficiency and thus overall economic efficiency, the Virginia Public Choice models explain how corruption and lobbying reduces …

Persistent link: https://www.econbiz.de/10014149245