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Escaping Expectation Traps: How Much Commitment is Required?
Himmels, Christoph; Kirsanova, Tatiana - Department of Economics, Adam Smith Business School - 2012
, which arise if the policy maker acts under pure discretion. We apply a framework developed by Schaumburg and Tambalotti … of expectation traps under limited commitment and identify the minimum degree of commitment which is needed to escape …
Persistent link: https://www.econbiz.de/10010896989
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Expectations Traps and Monetary Policy with Limited Commitment
Himmels, Christoph; Kirsanova, Tatiana - Business School, University of Exeter - 2011
multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …We study the existence and uniqueness properties of monetary policy with limited commitment in LQ RE models. We use a …
Persistent link: https://www.econbiz.de/10008852486
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Expectations Traps and Monetary Policy with Limited Commitment
Himmels, Christoph; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2011
multiple equilibria under pure discretion, and under full commitment there are two distinct determinate regimes. We study how … these properties change over the continuum of intermediate cases between commitment and discretion. We find that although …We study the existence and uniqueness properties of monetary policy with limited commitment in LQ RE models. We use a …
Persistent link: https://www.econbiz.de/10008866115
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Infrequent Fiscal Stabilization
Bai, Yuting; Kirsanova, Tatiana - Department of Economics, Adam Smith Business School - 2013
This paper studies discretionary non-cooperative monetary and fiscal policy stabilization in a New Keynesian model, where the fiscal policymaker uses a distortionary taxe as the policy instrument and operates with long periods between optimal time-consistent adjustments of the instrument. We...
Persistent link: https://www.econbiz.de/10010896999
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Monetary policy delegation and equilibrium coordination
Blake, Andrew P.; Kirsanova, Tatiana; Yates, Tony - Department of Economics, Adam Smith Business School - 2013
This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and...
Persistent link: https://www.econbiz.de/10010896981
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Discretionary Policy and Multiple Equilibria in LQ RE Models
Blake, Andrew P.; Kirsanova, Tatiana - Volkswirtschaftliche Fakultät, … - 2006
We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary equilibria by...
Persistent link: https://www.econbiz.de/10008543792
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Discretionary Policy and Multiple Equilibria in LQ RE Models
Blake, Andrew; Kirsanova, Tatiana - Business School, University of Exeter - 2008
We study discretionary equilibria in dynamic linear-quadratic rational expectations models. In contrast to the assumptions that pervade this literature we show that these models do have multiple equilibria in some situations. We investigate general properties of discretionary equilibria. We...
Persistent link: https://www.econbiz.de/10008862989
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Price level targeting with strategic fiscal policy and the value of fiscal leadership
Bai, Yuting - Department of Economics, Management School - 2014
This paper investigate the stabilization bias that arises in a model of non-cooperative monetary and fiscal policy stabilisation of the economy, when monetary authority implements price level targeting but fiscal policy remains benevolent. We demonstrate the gain in welfare improvement depends...
Persistent link: https://www.econbiz.de/10011165291
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Infrequent fiscal stabilization
Bai, Yuting; Kirsanova, Tatiana - Department of Economics, Management School - 2014
This paper studies discretionary non-cooperative monetary and …fiscal policy stabilization in a New Keynesian model, where the …fiscal policymaker uses a distortionary tax as the policy instrument and operates with long periods between optimal time-consistent adjustments of the...
Persistent link: https://www.econbiz.de/10011165349
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Inflation-Conservatism and Monetary-Fiscal Policy Interactions
Blake, Andrew P.; Kirsanova, Tatiana - Business School, University of Exeter - 2008
This paper investigates the stabilization bias that arises in a model of monetary and fiscal policy stabilization of the economy, when assuming that the monetary authority put higher weight on inflation stabilization than society. We demonstrate that inflation-conservatism unambiguously leads to...
Persistent link: https://www.econbiz.de/10008852470