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Do People Understand Monetary Policy?
Carvalho, Carlos; Nechio, Fernando - 2013
We combine questions from the Michigan Survey about the future path of prices, interest rates, and unemployment to investigate whether households are aware of the basic features of U.S. monetary policy. Our Öndings support the view that at least some groups of households form their expectations...
Persistent link: https://www.econbiz.de/10011807442
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Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules
Adolfson, Malin - 2002
other reaction coefficients, on inflation and output, are sub-optimal. However, an indirect exchange rate response, through … a policy reaction to Consumer Price Index (CPI) inflation rather than to domestic inflation, is welfare enhancing. This … result is independent of whether society values domestic or CPI inflation stabilization. …
Persistent link: https://www.econbiz.de/10010321265
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Incomplete exchange rate pass-through and simple monetary policy rules
Adolfson, Malin - 2001
reaction to Consumer Price Index (CPI) inflation rather than to domestic inflation, is welfare enhancing in all pass …-through cases. This result is moreover independent of whether society values domestic or CPI inflation stabilization. The only case … inflation and output, are sub-optimal. …
Persistent link: https://www.econbiz.de/10010281386
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Political Business Cycles and Monetary Policy Revisited – An Application of a Two-Dimensional Asymmetric Taylor Reaction Function
Klose, Jens - 2011
reactions to the inflation rate and output by central banks before or after an election of the fiscal authorities in the … whether the inflation rate and output are below or above their target or potential value because this information shows …-countries there are political business cycles in monetary policy with respect to the inflation and output response. However, the …
Persistent link: https://www.econbiz.de/10010287433
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How to escape a liquidity trap with interest rate rules
Duarte, Fernando - 2016
rely on the Neo-Fisherian mechanism of inducing an increase in inflation by first increasing interest rates. …
Persistent link: https://www.econbiz.de/10011538006
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Monetary policy dynamics in the United States
Shodipe, Oladimeji Tomiwa; Shobande, Olatunji Abdul - In: Open Economics 4 (2021) 1, pp. 14-30
The recognised approach to designing an optimal monetary policy model is based on the central bank's ability to mitigate losses using a quadratic criterion subject to the linear structure of the economy. This study examines the United States Federal Reserve's (Fed) monetary policy in different...
Persistent link: https://www.econbiz.de/10012598250
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The tress of having a single monetary policy in Europe
Sturm, Jan-Egbert (contributor);  … - 2008
This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical … not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years …
Persistent link: https://www.econbiz.de/10003767708
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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 la Mankiw and Reis (2002). The main results are tighter bounds on monetary policy than in sticky-price models, irrelevance of the degree of output-gap targeting for determinacy,...
Persistent link: https://www.econbiz.de/10003770783
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Opting out of the Great Inflation : German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina - 2009
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …
Persistent link: https://www.econbiz.de/10003831853
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Opting out of the great inflation : German monetary policy after the breakdown of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …
Persistent link: https://www.econbiz.de/10003837787