Suche nach Schlagworten '19547-1'

6 entries found on 1 pages. starting on record 1 ending on 6

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Title: The credibility of the monetary policy "free lunch"
Abstract
Price level targeting has been proposed as an alternative to in?ation targeting that may confer bene?ts if a central bank sets policy under discretion, even if society's loss function is speci?ed in terms of in?ation (instead of price level) volatility. This paper demonstrates the sensitivity of this argument. If even a small portion of agents use a rule-of-thumb to form in?ation expectations, or does not fully understand the nature of the target, price level targeting may in fact impose costs on society rather than bene?ts. While rational expectations and perfect credibility are generally bene?cial with either a price level or an in?ation target, an in?ation target is more robust to alternative assumptions. These results suggest that caution should be exercised in considering a price level target as the basis for monetary policy, unless society has preferences speci?ed in terms of price level, rather than in?ation, volatility. [James Yetman]
Author: Yetman, James
Series Title: Working paper series / European Central Bank ; 284
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Monetary PolicyCredibilityInflation targetingPrice stabilityRational expectationsTheoryCentral Bank
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Measuring the time-inconsistency of US monetary policy
Abstract
This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias through the private sector expectations of a larger policy response in recessions than in booms. Reduced-form estimates of US monetary policy rules indicate that while the inflation target declines from the pre- to the post-Volcker regime, the average inflation bias, which is about one percent before 1979, tends to disappear over the last two decades. This result can be rationalized in terms of the preference on output stabilization, which is found to be large and asymmetric in the former but not in the latter period. [Paolo Surico]
Author: Surico, Paolo
Series Title: Working paper series / European Central Bank ; 291
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Monetary PolicyInflation targetingAnti-inflation policyTheory of preferencesUnited StatesTime consistency
Subject: Economic development. Economic growthCurrency. Monetary policy
Countries Scheme: USA
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Designing targeting rules for international monetary policy cooperation
Abstract
This study analyzes international monetary policy cooperation in a twocountry dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers. It is shown that only under special conditions there are no gains from cooperation and moreover that the paths of the exchange rate and prices in the constrained-e±cient solution depend on the kind of disturbance that affects the economy. It might be the case either fixed or floating exchange rates. Despite this result, simple targeting rules that involve only targets for the growth of output and for both domestic GDP and CPI in°ation rates can replicate the cooperative allocation. [Gianluca Benigno ; Pierpaolo Benigno]
Author: Benigno, Gianluca | Benigno, Pierpaolo
Series Title: Working paper series / European Central Bank ; 279
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Inflation targetingCurrency agreementEconomic policy coordinationTheory
Subject: Currency. Monetary policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Inflation targets and the liquidity trap
Abstract
The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria. Such complications can be ruled out under a number of alternative assumptions. In this paper we analyse the relevance of the zero lower bound for alternative levels of inßation in a stan- dard Neo-Keynesian model, where stability is assured by assuming that Þscal policy turns expansionary at the zero lower bound. [Matt Klaeffling ; Victor Lopez Perez]
Author: Klaeffling, Matt | Perez, Victor Lopez
Series Title: Working paper series / European Central Bank ; 272
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Fiscal PolicyMonetary PolicyInflation targetingTheory
Subject: Taxation. Fiscal policyCurrency. Monetary policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Definition of price stability, range and point inflation targets
Title (other): the anchoring of long-term inflation expectations
Abstract
Announcing a quantitative objective for price developments has become a common practice in modern monetary policy making. While the specific features of such announced objectives vary across countries, a common rationale for this is to help anchoring inflation expectations. We use survey data on long-term inflation expectations in 15 industrial countries since the early nineties to investigate how well anchored are inflation expectations. We find that in all countries except Japan long-term inflation expectations are well anchored and, generally, increasingly so over the past decade. When comparing this evidence across types of announcements of the inflation objectives, we find that the specific features of announcements have no visible effect on the performance at anchoring inflation expectations. In particular, there does not seem to be evidence that the announcement of a quantitative objective in the form of a point or of a range for admissible inflation rates makes any appreciable difference. [Efrem Castelnuovo, Sergio Nicoletti-Altimari and Diego Rodriguez-Palenzuela]
Author: Castelnuovo, Efrem | Nicoletti-Altimari, Sergio | Rodriguez-Palenzuela, Diego
Series Title: Working paper series / European Central Bank ; 273
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: EU countriesMonetary PolicyInflation targetingInflation expectationsPrice stability
Subject: Economic and growth policiesCurrency. Monetary policy
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
Title: Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Abstract
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ?nd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the 1980s and 1990s, the consequences of the zero bound are negligible for target in?ation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the in?ation target and produce a quantitatively signi?cant deterioration of the performance of the economy with targets between 0 and 1 percent. The variability of output increases signi?cantly and that of in?ation also rises somewhat. Also, we show that the asymmetry of the policy ineffectiveness induced by the zero bound generates a non-vertical long-run Phillips curve. Output falls increasingly short of potential with lower in?ation targets. [Günter Coenen, Athanasios Orphanides and Volker Wieland]
Author: Coenen, Günter | Orphanides, Athanasios | Wieland, Volker
Series Title: Working paper series / European Central Bank ; 231
Publisher: European Central Bank
Year: 2003
Language: en
Ressource: Einzelne Arbeitspapiere, Preprints
Keyword: Monetary PolicyInflation targetingLiquidity preferencePrice stabilityEstimationUnited StatesInterest Rate
Subject: Economic development. Economic growth
Countries Scheme: USA
Online Ressource: vorübergehend nicht erreichbar!
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int)
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