rule cannot be implemented when the central bank uses standing facilities, while it can be implemented with open market …

This paper presents a model comparing the optimal degree of asset class diversification abroad by a central bank and a … sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments …

This paper takes the parameters in central bank loss functions as fundamental preferences to be estimated from the data … with senior central bank appointments. Optimizing central banks apply policy rules whose feedback coefficients are …

imply implicit instrument rules, may be closer to actual operating procedures of inflation-targeting central banks. We find … that inflation forecasts are central for good policy rules under inflation targeting. Some simple instrumental and …

We use a version of the Fuhrer-Moore model to study the effects of expectations and central bank credibility on the … model that vary according to the way that expectations are formed (rations versus adaptive) and the degree of central bank … central bank may face diminishing returns in its efforts to enhance credibility. …

credibility of the central bank can be considered in assessing the cost of deliberate and opportunistic disinflation. …