Search Results - subject:"Inflation Targeting"

Flood, Robert P. - 1988

The paper considers the merits of rules and discretion for monetary policy when the structure of the macroeconomic model and the probability distributions of disturbances are not well defined. It is argued that when it is costly to delay policy reactions to seldom-experienced shocks until formal...

Persistent link: https://www.econbiz.de/10012476290

Optimal Monetary Policy with Endogenous Contracts: Should we Return to a Commodity Standard?

Minford, Patrick; Nowell, Eric - C.E.P.R. Discussion Papers - 2000

A representative agent who is employed chooses an optimal degree of wage indexation (to prices and the auction wage) in response to the monetary regime. Should that regime target the growth rate or the level of the money supply, or of prices (as in a commodity standard)? We find that, contrary...

Persistent link: https://www.econbiz.de/10005497896

Austria's Hard-Currency Policy: The Mechanics of Successful Exchange-Rate Peg

Dueker, Michael; Fischer, Andreas M - C.E.P.R. Discussion Papers - 2000

One test of an exchange-rate peg is to ask whether the implicit inflation target of the pegging country is the same as that of the anchor country. If the inflation targets of the two countries are different, the peg's long-run credibility should be rejected. We examine the Austrian experience...

Persistent link: https://www.econbiz.de/10005498050

Destabilizing effects of a successful stabilization: a forward-looking explanation of the second Hungarian hyperinflation

Paal, Beatrix - In: Economic Theory 15 (2000) 3, pp. 599-630

The extreme severity of the second Hungarian hyperinflation is argued to be related to the unusual way in which the inflation was eventually stabilized. The historical features of this episode are represented in a general equilibrium model, which incorporates a transition from one monetary...

Persistent link: https://www.econbiz.de/10005370707

Eurosystem Monetary Targeting: Lessons from US Data

Rudebusch, Glenn D; Svensson, Lars E O - C.E.P.R. Discussion Papers - 2000

of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with …

Persistent link: https://www.econbiz.de/10005661693

Central Bank Independence: An Update of Theory and Evidence

Berger, Helge; de Haan, Jakob; Eijffinger, Sylvester C W - C.E.P.R. Discussion Papers - 2000

This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, the literature on optimal inflation contracts is discussed, followed by research in which the inflationary bias is endogenized. Finally, the various...

Persistent link: https://www.econbiz.de/10005662256

Macroeconomic Stabilization: Fixed Exchange Rates Vs Inflation Targeting Vs Price Level Targeting

Dehejia, Vivek; Rowe, Nicholas - C.E.P.R. Discussion Papers - 2000

exchange rates vs. inflation targeting vs. price level targeting?'. We then build a simple macroeconomic model of a small open … economy. The model incorporates an 'outside lag' in the effect of monetary policy on aggregate demand, so that inflation … targeting and price level targeting are always imperfect. We use this model to compare the stabilization properties of three …

Persistent link: https://www.econbiz.de/10005124168

Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000

Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Persistent link: https://www.econbiz.de/10005124252

Further monetary easing policies under the non-negativity constraints of nominal interest rates : summary of the discussion based on Japan's experience

Oda, Nobuyuki; Okina, Kunio - 2000

Persistent link: https://www.econbiz.de/10001512419

A dynamic approach to inflation targeting in transition economies

Orłowski, Lucjan T. - 2000

Persistent link: https://www.econbiz.de/10001512691