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Nominal and real interest rates during an optimal disinflation in New Keynesian models.
Hagedorn, Marcus - 2008
Central bankers’ conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest...
Persistent link: https://www.econbiz.de/10011604924
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Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models
Hagedorn, Marcus - Institut für Volkswirtschaftslehre, … - 2007
Central bankers' conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest rates,...
Persistent link: https://www.econbiz.de/10005627779
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - 2008
disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation …-targeting countries, in particular the gradual Chilean disinflation with temporary annual targets. At the start of the disinflation … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …
Persistent link: https://www.econbiz.de/10010298400
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Nominal and Real Interest Rates During an Optimal Disinflation in New Keynesian Models
Hagedorn, Marcus - 2008
Central bankers' conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest rates,...
Persistent link: https://www.econbiz.de/10012772496
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The power of helicopter money revisited : a new Keynesian perspective
Carter, Thomas J.; Mendes, Rhys R. - 2020
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...
Persistent link: https://www.econbiz.de/10012159954
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Friedman's Monetary Economics in Practice
Nelson, Edward - 2011
This paper views the policy response to the recent financial crisis from the perspective of Milton Friedman's monetary economics. Five major aspects of the policy response are: 1) discount window lending has been provided broadly to the financial system, at rates low relative to the market rates...
Persistent link: https://www.econbiz.de/10013124914
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A Monetary Base Analysis and Control Model
Gursel, Haluk Ferden - 2019
This report is one of the first studies discussing monetary base analysis and control model, a concept even today is alive and more developed by, for example, by IMF to use its analysis. The study presents monetary base approach to control of money flows and the links between monetary base,...
Persistent link: https://www.econbiz.de/10012892419
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Croatian Monetary Strategy in the Conditions of Globalization
Matic, Branko - 2008
The author starts from the assumption that Croatia will access the European Union. Following this assumption, he analyzes the possible scenarios of Croatian monetary strategy based on the achievements of the country's monetary policy, on the degree of acceptance of the convergence criteria and...
Persistent link: https://www.econbiz.de/10012772105
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Do Central Banks‘ repo Transactions and Liquidity Infusions Increase Financial Stability Risks? A Case for Circular Monetary Economics
Kouam, Henri - 2020
Central banks repo market operations and liquidity infusions occasion a structural liquidity mismatch in bank balance sheets and increase the dependence on central bank liquidity. This paper argues for what I term “Circular Monetary Economics”, an approach to monetary policy that seeks to...
Persistent link: https://www.econbiz.de/10012825201
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Modern Monetary Theory from a Monetarist Angle
Heartspring, William - 2019
This paper presents an alternative presentation of Modern Monetary Theory (MMT). The main thesis of this paper is that when a nation has monetary sovereignty and fiat currency, government is quite flexible its methods in controlling price level through market mechanisms, as Warren Mosler - one...
Persistent link: https://www.econbiz.de/10012869400