We study the Ramsey optimal monetary policy within the Golosov and Lucas (2007) state-dependent pricing framework. The …

We study for a benchmark small open emerging economy an optimal robust monetary policy à la Hansen and Sargent (2003 … findings are threefold. First, conducting a global robust optimal monetary policy can be limited since the departure from the … demand and cost-push shocks. Third, a sensitivity analysis suggests that conducting a global robust optimal monetary policy …

in incentivizing central bank monetary policies from the monetary policy rate to the money market rates, lending rates … weakens the impact of monetary policy on the interest rate pass-through process, while the analysis of the asymmetric mean … analysis. Therefore, it is imperative that policymakers should account for financial development when designing monetary policy …

Galí (2014) showed that a monetary policy rule that raises interest rates in response to bubbles can paradoxically lead …

I have assessed changes in the monetary policy stance in the euro area since its inception by applying a Bayesian time …

We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset …

about 20 basis points over a fouryear transition period. Monetary policy faces a tradeoff: pursuing a strict inflation … durables. We propose a New Keynesian model that features both, "brown" and "green" durable goods and show that if monetary … policy follows a business-as-usual approach, the green transition will be inflationary, with headline inflation increasing by …