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  • Search: subject_exact:"Geldpolitisches Ziel"
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Year of publication
Subject
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Geldpolitisches Ziel 2,033 Monetary target 1,969 Geldpolitik 1,224 Monetary policy 1,181 Theorie 893 Theory 870 Inflationssteuerung 517 Inflation targeting 513 Zentralbank 289 USA 284 Central bank 278 United States 276 EU-Staaten 262 EU countries 248 Inflationsbekämpfung 245 Anti-inflation policy 238 Regelbindung versus Diskretion 218 Rules versus discretion 215 Eurozone 172 Euro area 170 Geldmengensteuerung 159 Monetary targeting 155 Inflation 138 Welt 136 Preisstabilität 133 World 133 Price stability 131 Wechselkurspolitik 131 Exchange rate policy 129 Taylor-Regel 123 Taylor rule 119 Wirkungsanalyse 116 Impact assessment 113 Zins 113 Deutschland 110 Germany 108 Interest rate 107 Zinspolitik 102 Schätzung 97 Interest rate policy 95
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Online availability
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Free 725 Undetermined 155
Type of publication
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Book / Working Paper 1,174 Article 853 Journal 6
Type of publication (narrower categories)
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Article in journal 641 Aufsatz in Zeitschrift 641 Working Paper 608 Graue Literatur 590 Non-commercial literature 590 Arbeitspapier 557 Aufsatz im Buch 202 Book section 202 Hochschulschrift 48 Thesis 42 Collection of articles of several authors 27 Sammelwerk 27 Konferenzschrift 25 Conference proceedings 16 Collection of articles written by one author 14 Sammlung 14 Bibliografie enthalten 13 Bibliography included 13 Aufsatzsammlung 10 Conference paper 10 Konferenzbeitrag 10 Amtsdruckschrift 6 Article 6 Government document 6 Systematic review 6 Übersichtsarbeit 6 Research Report 5 Case study 4 Fallstudie 4 Rezension 4 Statistik 3 Book review 2 Handbook 2 Handbuch 2 Statistics 2 Bibliografie 1 CD-ROM, DVD 1 Elektronischer Datenträger 1 Festschrift 1 Lehrbuch 1
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Language
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English 1,845 German 121 French 21 Spanish 15 Polish 12 Czech 4 Hungarian 4 Russian 3 Swedish 3 Italian 2 Dutch 2 Portuguese 2 Slovenian 2 Croatian 1 Macedonian 1
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Author
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Svensson, Lars E. O. 91 McCallum, Bennett T. 40 Mishkin, Frederic S. 40 Taylor, John B. 26 Galí, Jordi 19 Nelson, Edward 18 Bofinger, Peter 17 Orphanides, Athanasios 16 Williams, John C. 16 Reis, Ricardo 15 Walsh, Carl E. 15 Wieland, Volker 15 Rudebusch, Glenn D. 14 Uribe, Martín 14 Woodford, Michael 14 Hagen, Jürgen von 13 Levin, Andrew T. 13 Thornton, Daniel L. 13 Ascari, Guido 12 King, Robert G. 12 Kuttner, Kenneth N. 12 Collard, Fabrice 11 Frankel, Jeffrey A. 11 Hefeker, Carsten 11 Issing, Otmar 11 Merkl, Christian 11 Smets, Frank 11 Berg, Andrew 10 De Grauwe, Paul 10 Jensen, Henrik 10 Posen, Adam Simon 10 Svensson, Lars E.O. 10 Debortoli, Davide 9 Friedman, Benjamin M. 9 Gerlach, Stefan 9 Lindé, Jesper 9 Pierdzioch, Christian 9 Schmitt-Grohé, Stephanie 9 Belke, Ansgar 8 Blanchard, Olivier 8
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Institution
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National Bureau of Economic Research 69 Institut für Weltwirtschaft 7 Federal Reserve Bank of Kansas City 5 Centre for Economic Policy Research 3 Conference on Monetary Policy Rules <1998, Stockholm> 3 Federal Reserve Bank of San Francisco 3 Federal Reserve Bank of St. Louis 3 Internationaler Währungsfonds / European Department <1> 3 Narodna Banka na Republika Makedonija 3 Reserve Bank of New Zealand 3 Sveriges Riksbank 3 Australian National University / Faculty of Economics and Commerce 2 Banca d'Italia 2 Centro di Economia Monetaria e Finanziaria Paolo Baffi 2 Ekonomiska forskningsinstitutet <Stockholm> 2 Europäische Zentralbank 2 Europäisches Parlament / Generaldirektion Wissenschaft 2 Federal Reserve Bank of Cleveland 2 Federal Reserve Bank of San Francisco / Center for Pacific Basin Monetary and Economic Studies 2 Federal Reserve System / Board of Governors 2 Goethe-Universität Frankfurt am Main 2 Innocenzo Gasparini Institute for Economic Research <Mailand> 2 Institutet för Internationell Ekonomi <Stockholm> 2 International Monetary Fund 2 Internationaler Währungsfonds / Monetary and Exchange Affairs Department 2 Oesterreichische Nationalbank 2 University of California Davis / Department of Economics 2 Università commerciale Luigi Bocconi 2 World Bank / Financial Sector Strategy and Policy Group 2 Aarhus Universitet / Afdeling for Nationaløkonomi 1 African Economic Research Consortium 1 Amalgamated Banks of South Africa 1 Atlantic Economic Society 1 Banco Central de Chile 1 Banco Central do Brasil 1 Bank of Canada 1 Centre for Banking and International Finance at the City University 1 Centre for European Policy Studies 1 Centre for International Economic Studies 1 Challenges for Monetary Policy / Veranstaltung <2019, Jackson Hole> 1
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Published in...
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NBER working paper series 67 Working paper / National Bureau of Economic Research, Inc. 65 NBER Working Paper 63 Discussion paper / Centre for Economic Policy Research 40 Review / Federal Reserve Bank of St. Louis 28 Journal of monetary economics 27 Journal of money, credit and banking : JMCB 22 Working paper 19 IMF working papers 17 Journal of economic dynamics & control 16 Journal of macroeconomics 16 IMF working paper 15 Working paper series / European Central Bank 15 Sveriges Riksbank working paper series 12 Economic modelling 11 ECB Working Paper 10 Seminar paper / Institute for International Economic Studies, University of Stockholm 10 Working paper series / European Central Bank ; Eurosystem 10 Applied economics 9 Economics letters 9 European economic review : EER 9 Finance and economics discussion series 9 Intereconomics : review of European economic policy 9 Reserve Bank of New Zealand bulletin 9 The American economic review 9 Bank of Finland research discussion papers 8 Discussion paper series 8 IMES discussion paper series / Englische Ausgabe 8 Macroeconomic dynamics 8 Monetary policy in transition in East and West : strategies, instruments and transmission mechanisms ; Vienna, November 17 - 19, 1996 8 The Cato journal : an interdisciplinary journal of public policy analysis 8 The economic journal : the journal of the Royal Economic Society 8 CESifo working papers 7 International journal of central banking : IJCB 7 Journal of policy modeling : JPMOD ; a social science forum of world issues 7 Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 7 Working Paper 7 BIS working papers 6 Discussion paper 6 FEDS Working Paper 6
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Source
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ECONIS (ZBW) 1,967 EconStor 62 ArchiDok 2 OLC EcoSci 1 RePEc 1
Showing 1 - 50 of 2,033
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Monetary policy strategies for the euro area : optimal rules in the presence of the ELB
Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023
We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...
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Revisiting the Fiscal Theory of Sovereign Risk from a DSGE Viewpoint
Okano, Eiji; Inagaki, Kazuyuki - 2023
In this study, we revisit Uribe's (2006, Journal of Monetary Economics) `fiscal theory of sovereign risk,' which suggests a trade-off between stabilizing inflation and suppressing default. Unlike Uribe (2006), we develop a class of dynamic stochastic general equilibrium models in which the...
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Let the sun shine in! : policy transparency improves economic outcomes : the experience of monetary policy, with lessons for fiscal policy
Globerman, Steven; Schembri, Lawrence - 2023
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The forward guidance trap
Orphanides, Athanasios - 2023
This paper examines the policy experience of the Fed, ECB and BOJ during and after the Covid-19 pandemic and draws lessons for monetary policy strategy and its communication. All three central banks provided appropriate accommodation during the pandemic but two failed to unwind this...
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The forward guidance trap
Orphanides, Athanasios - 2023
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UK monetary policy in an estimated DSGE model with state-dependent price and wage contracts
Chen, Haixia; Le, Vo Phuong Mai; Meenagh, David; … - 2023
Considerable micro-level evidence suggests that price/wage contract durations fluctuate with the state of the economy, particularly inflation; nonetheless, macro-level evidence for this is scarce. We incorporate state-dependent price/wage setting into an open economy DSGE model to investigate...
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Inflation of objectives instead of focus on inflation? Evidence on the ECB objective function from a textual analysis
Heinemann, Friedrich; Kemper, Jan - 2022
In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The study measures the attention which ECB Council members pay to various implicit and explicit monetary policy objectives. While price stability, according to the Maastricht Treaty, is...
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In Search of Targeting Rules for Monetary and Macroprudential Policy
Xia, Tian; Xu, Mingzhi - 2022
This paper examines jointly optimal monetary and macroprudential policies through the lens of targeting rules that are both implementable and optimal. Based on a DSGE framework that features nominal rigidity, housing, and an incomplete financial market, our targeting rules outperform an optimal...
Persistent link: https://ebtypo.dmz1.zbw/10013310439
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Quantitative forward guidance through interest rate projections
Hofmann, Boris; Xia, Fan Dora - 2022 - This version: 21st March 2022
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Monetary policy and endogenous financial crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
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Monetary Policy Strategies for Latin America
Mishkin, Frederic S.; Savastano, Miguel A. - 2022
The paper examines possible monetary policy strategies for Latin America that may help lock-in the gains in the fight against inflation attained by the region during the 1990s. We start by calling for a refocus of the debate about the conduct of monetary policy away from thinking that it is...
Persistent link: https://ebtypo.dmz1.zbw/10013323456
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Efficient Rules for Monetary Policy
Ball, Laurence - 2022
This paper defines an efficient rule for monetary policy as one that minimizes a weighted sum of output variance and inflation variance. It derives several results about the efficiency of alternative rules in a simple macroeconomic model. First, efficient rules can be expressed as 'Taylor rules'...
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Revisiting Monetary Policy Objectives and Strategies : International Experience and Challenges from the ELB
Cecioni, Martina; Grasso, Adriana; Notarpietro, Alessandro - 2022
We review the experience of central banks in 12 advanced economies in formulating their price stability objectives during the last 20 years. All central banks under review target a small and positive inflation rate (typically 2%). In most cases, they set a point target, in some a range or a...
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Monetary Policy and the Term Structure of Inflation Expectations with Information Frictions
McNeil, James - 2022
I estimate how the term structure of inflation expectations in the United States responds to monetary policy shocks from 1982 to 2019. Studying the entire term structure uses all available data and allows me to examine whether forecasts at different horizons respond differently to the same...
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International Experiences with Different Monetary Policy Regimes
Mishkin, Frederic S. - 2022
This paper examines the international experiences with four basic types of monetary policy regimes: 1) exchange-rate targeting, 2) monetary targeting, 3) inflation targeting, and 4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this...
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Monetary policy and endogenous financial crises
Boissay, Frederic; Collard, Fabrice; Galí, Jordi; … - 2022
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Monetary Policy Objectives and Instruments Used by the Privileged National Bank of the Kingdom of Serbia (1884-1914)
Sojic, Milan; Djurdjevic, Ljiljana - 2022
In the first thirty years of its operations, key functions of the privileged National Bank of the Kingdom of Serbia (1884-1914) were those of a creditor of the economy, issuer of currency and banker to the government. The National Bank’s success in the performance of its functions was mainly...
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Testing Long-Run Purchasing Power Parity Under Exchange Rate Targeting
Brissimis, Sophocles N.; Sideris, Dimitrios; Voumvaki, … - 2022
The present paper exploits the idea that empirical estimates of the long-run PPP relationship may compound two distinct influences coming from the behavior of market participants and policy makers when the latter are targeting the exchange rate. This tends to bias tests of long-run PPP against...
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Should Monetary Policy Target Financial Stability?
Chen, William; Phelan, Gregory - 2022
Monetary policy can promote financial stability and improve household welfare. We con- sider a macro model with a financial sector in which banks do not actively issue equity, output and growth depend on the aggregate level of bank equity, and equilibrium is inefficient. Monetary policy rules...
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Monetary targeting revisited
Kern, Florian; Sigl-Glöckner, Philippa; Krahé, Max - 2022
Central banks define a monetary policy strategy in which they set out the instruments they use to achieve their monetary policy objectives as well as the incoming data they take into account when using these instruments. Independent central banks in particular are expected to provide a detailed...
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Monetary Policy and Endogenous Financial Crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2022
We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New Keynesian model augmented with capital accumulation and microfounded endogenous financial crises. We compare several interest rate...
Persistent link: https://ebtypo.dmz1.zbw/10013492381
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Inflation of objectives instead of focus on inflation? : evidence on the ECB objective function from a textual analysis : study supported by the Brigitte Strube Foundation
Heinemann, Friedrich; Kemper, Jan - 2022
In this analysis, we investigate ECB communication by analyzing more than 3,800 speeches from 1999 until 2022. The study measures the attention which ECB Council members pay to various implicit and explicit monetary policy objectives. While price stability, according to the Maastricht Treaty, is...
Persistent link: https://ebtypo.dmz1.zbw/10013492997
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Policy rules consistent with the FOMC's longer-run goals and monetary policy strategy
Papell, David H.; Prodan, Ruxandra - In: The Economists' voice 19 (2022) 2, pp. 147-160
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An Introduction to Monetary Policy Framework of Pakistan Instruments, Objectives, and Mechanism
Shah, Dr. Syed Muhammad Abdul Rehman - 2021
In an economy, a central bank's behaviour in formulating monetary policy is characterized by some specific actions. These actions meet the complex process of decisions about how a central bank regulates its policy instruments responding to the macroeconomic environment. In case of Pakistan,...
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A New Measure of Monetary Shocks : Derivation and Implications
Romer, Christina D.; Romer, David H. - 2021
Conventional measures of monetary policy, such as the federal funds rate, are surely influenced by forces other than monetary policy. More importantly, central banks adjust policy in response to a wide range of information about future economic developments. As a result, estimates of the effects...
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A Model for the Federal Funds Rate Target
Hamilton, James D.; Jorda, Oscar - 2021
This paper is a statistical analysis of the manner in which the Federal Reserve determines the level of the Federal funds rate target, one of the most publicized and anticipated economic indicators in the financial world. The analysis presents two econometric challenges: (1) changes in the...
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Targeting Rules for Monetary Policy
Aizenman, Joshua; Frenkel, Jacob A. - 2021
This paper develops an analytical framework for the analysis of targeting rules for monetary policy. We derive the optimal money supply rule and analyze the implications of other monetary rules including rules that target nominal GNP, the price level, the monetary growth rate and the...
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The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective : Should New Keynesian Central Bankers Pursue Price Stability?
Buiter, Willem H. - 2021
The paper studies the inflation rate associated with optimal monetary policy in a standard suite of DSGE models, when fiscal policy is either unrestricted optimal or restricted but supportive of monetary policy. Full nominal price flexibility, nominal prices set one period in advance and...
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Price Level Targeting vs. Inflation Targeting : A Free Lunch?
Svensson, Lars E. O. - 2021
Price level targeting (without base drift) and inflation targeting (with base drift) are compared under commitment and discretion, with persistence in unemployment. Price level targeting is often said to imply more short-run inflation variability and thereby more employment variability than...
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Can Central Bank Transparency Go Too Far?
Mishkin, Frederic S. - 2021
This paper asks the question: can central bank transparency go too far? Transparency is beneficial only when it serves to simplify communication with the public and helps generate support for central banks to conduct monetary policy optimally with an appropriate focus on long-run objectives....
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Monetary Policy and the Volatility of Real Exchange Rates in New Zealand
West, Kenneth D. - 2021
The relationship between interest rates and exchange rates is puzzling and poorly understood. But under some standard assumptions, interest rates can be adjusted to smooth real exchange rate movements at the possible price of increased volatility in other variables. In New Zealand, estimates...
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Inflation Targeting in a St. Louis Model of the 21st Century
King, Robert G.; Wolman, Alexander L. - 2021
Inflation targeting is a monetary policy rule that has implications for both the average performance of an economy and its business cycle behavior. We use a modern, rational expectations model to study the twin effects of this policy rule. The model highlights forward- looking consumption and...
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How Should Monetary Policy Be Conducted in an Era of Price Stability?
Svensson, Lars E. O. - 2021
The paper discusses several issues related to how monetary policy should be conducted in an era of price stability. Low inflation (with base drift in the price level) and price-level stability (without such base drift) are compared, and a suitable loss function (corresponding to flexible...
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Assessing the Dual Mandates of Sustainability-Linked Monetary Policy
George, Ammu; HUANG, JINGONG; Xie, Taojun - 2021
Central banks and financial institutions are now playing their part in promoting environmental sustainability. We incorporate a sustainability-linked monetary policy (SLMP), comprising an interest rate and a collateral constraint responding to carbon emission activity, into a New Keynesian model...
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The Case for Price Stability
Goodfriend, Marvin; King, Robert G. - 2021
Reasoning within the New Neoclassical Synthesis (NNS) we previously recommended that price stability should be the primary objective of monetary policy. We called this a neutral policy because it keeps output at its potential, defined as the outcome of an imperfectly competitive real business...
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Targeting Nominal Income : a Note
West, Kenneth D. - 2021
This paper compares nominal income and monetary targets in a standard aggregate demand - aggregate supply framework. If the desirability of policies is measured by their effect on the unconditional variance of output, nominal income targeting is preferable if and only if the aggregate elasticity...
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Monetary Policy with Judgment : Forecast Targeting
Svensson, Lars E. O. - 2021
"Forecast targeting," forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule. This...
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The Empirics of Monetary Policy Rules in Open Economies
Clarida, Richard - 2021
This paper was prepared as a Keynote Address for the ESRC Conference on the Future of Macroeconomics held at the Bank of England Conference Center on April 14, 2000. It uses the empirical framework for formulating and estimating forward looking monetary policy rules developed in Clarida, Gali,...
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Targeting vs. Instrument Rules for Monetary Policy
McCallum, Bennett T.; Nelson, Edward - 2021
Svensson (JEL, 2003) argues strongly that specific targeting rules first order optimality conditions for a specific objective function and model are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely upon four main objections to the latter...
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An Historical Analysis of Monetary Policy Rules
Taylor, John B. - 2021
This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s,...
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Targeting Rules vs. Instrument Rules for Monetary Policy : What is Wrong with Mccallum and Nelson?
Svensson, Lars E. O. - 2021
McCallum and Nelson's (2004) criticism of targeting rules for the analysis of monetary policy is rebutted. First, McCallum and Nelson's preference to study the robustness of simple monetary-policy rules is no reason at all to limit attention to simple instrument rules; simple targeting rules may...
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Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts
Svensson, Lars E. O. - 2021
Inflation target regimes (like those of New Zealand, Canada, U.K., Sweden and Finland) are interpreted as having explicit inflation targets and implicit output/unemployment targets. Without output-unemployment persistence delegation of monetary policy to a discretionary instrument-independent...
Persistent link: https://ebtypo.dmz1.zbw/10013229046
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Inflation Targeting : Some Extensions
Svensson, Lars E. O. - 2021
Previous analysis of the implementation of inflation targeting is extended to monetary policy responses to different shocks, consequences of model uncertainty, effects of interest rate smoothing and stabilization, a comparison with nominal GDP targeting, and implications of forward-looking...
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Targets and Instruments of Monetary Policy
Friedman, Benjamin M. - 2021
The notion of targets and instruments is basic to the conceptual framework that economists have used to bring economic analysis to bear on practical issues of how central banks can and/or should conduct monetary policy. This paper surveys the literature of targets and instruments of monetary...
Persistent link: https://ebtypo.dmz1.zbw/10013232917
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The Use of Monetary Aggregate to Target Nominal GDP
Feldstein, Martin S.; Stock, James H. - 2021
This paper studies the possibility of using the broad monetary aggregate M2 to target the quarterly rate of growth of nominal GDP. Our findings indicate that the Federal Reserve could probably guide M2 in a way that reduces not only the long-term average rate of inflation but also the variance...
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Real Wage Rigidities and the New Keynesian Model
Blanchard, Olivier J.; Galí, Jordi - 2021
Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant...
Persistent link: https://ebtypo.dmz1.zbw/10013235306
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Nominal Income Targeting in an Open-Economy Optimizing Model
McCallum, Bennett T.; Nelson, Edward - 2021
This paper presents stochastic simulation results pertaining to the performance of nominal income targeting, here represented as a monetary policy rule that sets quarterly values of an interest rate instrument in response to deviations on existing studies of nominal income growth from a...
Persistent link: https://ebtypo.dmz1.zbw/10013236691
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Optimal Inflation Targeting Rules
Giannoni, Marc P.; Woodford, Michael - 2021
This paper characterizes optimal monetary policy for a range of alternative economic models in terms of a flexible inflation targeting rule, with a target criterion that depends on the model specification. It shows which forecast horizons should matter, and which variables besides inflation...
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie David; Dooley, Michael P. - 2021
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://ebtypo.dmz1.zbw/10013245712
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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...
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