Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation targeting dominates under commitment; and strict price level targeting...

Optimal monetary policy under discretion, commitment, and optimal simple rules regimes is analyzed through a behavioral New Keynesian model. Flexible price level targeting dominates under discretion; flexible inflation targeting dominates under commitment; and strict price level targeting...

The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...

The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...

This paper investigates the crowding out effect hypothesis in Morocco. Accordingly, the interest rate reacts to the change of the level of government spending. The Empirical results obtained from the impulse response analysis of the structural VAR model indicate the absence of such an effect....

This paper investigates the crowding out effect hypothesis in Morocco. Accordingly, the interest rate reacts to the change of the level of government spending. The Empirical results obtained from the impulse response analysis of the structural VAR model indicate the absence of such an effect....

Many studies predict massive job losses and real wage declines as a result of automation, which at the same time raises productivity and output. This paper studies these equity-efficiency trade-offs by focusing on fiscal policies that redistribute the gains from automation and address income...