Search Results - subject:"Monetary Targeting"

The Implications of an Endogenous Money Supply for Monetary Neutrality

King, Robert G.; Trehan, Bharat - 2021

This paper examines the implications of an endogenous money supply for the perceived(by econometricians) and actual nonneutrality of money in rational expectations models of the class put forward by Lucas (1972, 1973) and Barro(1976, 1980) that stress incomplete information. First,if there is...

Persistent link: https://www.econbiz.de/10013239178

Optimal Fiscal and Monetary Policy Under Sticky Prices

Schmitt-Grohé, Stephanie; Uribe, Martín - 2021

This paper studies optimal .scal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary income taxes, printing money, and issuing one-period...

Persistent link: https://www.econbiz.de/10013240611

The Impact of Quantitative Easing on Inequality in Japan

Yuksel, U. Furkan - 2021

This paper studies the distributional impact of unconventional monetary policy in Japan afterthe 2008 financial crisis. I use a structural vector autoregression model to estimate the impactof quantitative easing on income inequality. The results show that quantitative easing hasincreased...

Persistent link: https://www.econbiz.de/10013241633

Financial Innovation and the Control of Monetary Aggregates : Some Evidence from Canada

Lucas, Robert E. - 2021

This paper presents an empirical test of the proposition that control of a monetary aggregate will generate a rise in its velocity.The test is carried out utilizing the Canadian experience of controlling Ml growth from 1975:3 to 1982:3. Section One of the paper presents evidence of the...

Persistent link: https://www.econbiz.de/10013244757

Central Bank Behavior and the Strategy of Monetary Policy : Observations from Six Industrialized Countries

Bernanke, Ben; Mishkin, Frederic S. - 2021

Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....

Persistent link: https://www.econbiz.de/10013245111

Monetary Rules for Small, Open, Emerging Economies

Laxton, Douglas; Pesenti, Paolo A. - 2021

This paper develops a variant of the IMF's Global Economic Model (GEM) suitable to analyze macroeconomic dynamics in open economies, and uses it to assess the effectiveness of Taylor rules and Inflation-Forecast-Based (IFB) rules in stabilizing variability in output and inflation. Our findings...

Persistent link: https://www.econbiz.de/10013246046

Monetary Aggregates as Targets : Some Theoretical Aspects

Freedman, Charles - 2021

to the techniques developed within central banks to implement the policy of monetary targeting. In this paper the author …

Persistent link: https://www.econbiz.de/10013247225

Does the P* Model Provide Any Rationale for Monetary Targeting?

Svensson, Lars E. O. - 2021

The so-called P* model is frequently used or referred to in discussions of monetary targeting. This gives the … impression that the P* model might provide some rationale for monetary targeting or for the monetary reference value used by the …

Persistent link: https://www.econbiz.de/10013247402

Inflation Inertia and Credible Disinflation - the Open Economy Case

Calvo, Guillermo; Celasun, Oya; Kumhof, Michael - 2021

This paper develops a model of inflation inertia based on optimizing forward looking staggered price setting in a small open economy. Unlike in current models of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated...

Persistent link: https://www.econbiz.de/10013247405

Monetary Policy Issues for the Eurosystem

Svensson, Lars E. O. - 2021

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the … the Eurosystem. The choice between inflation targeting and monetary targeting is, in effect, a choice between high and low … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting …

Persistent link: https://www.econbiz.de/10013247637