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Interest rate rules, rigidities and inflation risks in a macro-finance model
Horváth, Roman; Kaszab, Lorant; Mars, Ales - 2021
Long-term bond yields contain a risk-premium, an important part of which is compensation for inflation risks. The …
Persistent link: https://www.econbiz.de/10012584286
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Price level targeting with evolving credibility
Honkapohja, Seppo; Mitra, Kaushik - In: Journal of monetary economics 116 (2020), pp. 88-103
Persistent link: https://www.econbiz.de/10012495162
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Forward guidance at the zero lower bound in a model of price-level targeting
Illing, Gerhard; Siemsen, Thomas - In: CESifo economic studies : CESifo, a joint initiative of … 62 (2016) 1, pp. 47-67
We study monetary policy at the zero lower bound in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare...
Persistent link: https://www.econbiz.de/10011458706
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Forward guidance at the zero lower bound in a model of price-level targeting
Illing, Gerhard; Siemsen, Thomas - 2015 - First Version: December 2013, This Version: February 9, 2015
We study monetary policy at the ZLB in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare losses are...
Persistent link: https://www.econbiz.de/10010481126
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Inflation and Price Level Targeting in a New Keynesian Model
Chadha, Jagjit S.; Nolan, Charles - 2004
In a New Keynesian macroeconomic model under credible commitment, price level targeting dominates inflation targeting …. But with sufficient inflation aversion the inflation-targeting central bank can produce quantitatively similar results to … one targeting the price level. The current degree of inflation aversion demonstrated by the Bank of England may be …
Persistent link: https://www.econbiz.de/10014113963
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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - In: Journal of money, credit and banking : JMCB 45 (2013) 7, pp. 1335-1350
Persistent link: https://www.econbiz.de/10010197463
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Monetary regime switches and Central Bank preferences
Debortoli, Davide; Nunes, Ricardo - In: Journal of money, credit and banking : JMCB 46 (2014) 8, pp. 1591-1625
Persistent link: https://www.econbiz.de/10010470097
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Optimal monetary and fiscal policy with a zero bound on nominal interest rates
Schmidt, Sebastian - 2012
I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy,...
Persistent link: https://www.econbiz.de/10010391983
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Optimal interest rate rules and inflation stabilization versus price-level stabilization
Giannoni, Marc Paolo - 2012
This paper compares the properties of interest rate rules such as simple Taylor rules and rules that respond to price-level fluctuations - called Wicksellian rules - in a basic forward-looking model. By introducing appropriate history dependence in policy, Wicksellian rules perform better than...
Persistent link: https://www.econbiz.de/10009522769
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RBI's Neutral Interest Rate Policy - Neither Aims at Price Stability Nor Economic Growth
Kundu, Sridhar - 2012
Reserve Bank of India's present interest rate policy for maintaining price stability in the economy is not highly commendable. Precisely, when the economic and industrial growth is facing a downturn, this downward rigidity in interest policy of the highest monetary of the country is beyond...
Persistent link: https://www.econbiz.de/10013104374