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Faced with real and nominal shocks, what should a benevolent central bank do, fix the money growth rate or target the inflation rate? In this paper, we make a first attempt at studying the optimal choice of monetary policy instruments in a micro-founded model of money. Specifically, we produce...
Persistent link: https://www.econbiz.de/10012721779
Die vorherrschende geldtheoretische Schule in Deutschland erklärt die Geldmenge als Produkt aus Basisgeldmenge und …. -- Das geldpolitische Konzept der Bundesbank einer indirekten Steuerung der Geldmenge über die Refinanzierungszinsen wird als … repräsentativen Geschäftsbank ein. Die Analyse zeigt, daß der quantitative Anker für die volkswirtschaftliche Geldmenge bei einer …
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monetary policy rules. This new model has better microfoundations than earlier IS-LM models and explicitly incorporates …
Persistent link: https://www.econbiz.de/10013102347
This talk emphasizes the connection between inflation targeting and monetary policy rules. Inflation targeting is not enough. You need to have a policy procedure - a policy rule - to achieve the target. And one cannot design or evaluate a monetary policy rule without a target inflation rate....
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due to excess supply of reserves. This so-called excess liquidity trap has adverse economic consequences, is persistent … provide an example of supporting policies that are effective in escaping the excess liquidity trap. …
Persistent link: https://www.econbiz.de/10014518597