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Year of publication
Subject
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Geldpolitisches Ziel 1,833 Monetary target 1,833 Geldpolitik 1,097 Monetary policy 1,089 Theorie 794 Theory 794 Inflation targeting 479 Inflationssteuerung 467 USA 276 United States 275 Zentralbank 262 Central bank 261 EU countries 234 EU-Staaten 234 Inflationsbekämpfung 218 Anti-inflation policy 214 Regelbindung versus Diskretion 196 Rules versus discretion 196 Euro area 163 Eurozone 163 Monetary targeting 146 Geldmengensteuerung 145 Price stability 124 Inflation 123 Preisstabilität 123 Welt 122 World 122 Taylor-Regel 111 Exchange rate policy 110 Taylor rule 110 Wechselkurspolitik 110 Impact assessment 103 Wirkungsanalyse 103 Zins 100 Deutschland 99 Germany 99 Interest rate 97 Geldpolitische Transmission 89 Monetary transmission 89 Interest rate policy 87
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Online availability
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Free 615 Undetermined 145
Type of publication
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Book / Working Paper 1,051 Article 836 Journal 6
Type of publication (narrower categories)
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Article in journal 634 Aufsatz in Zeitschrift 634 Graue Literatur 582 Non-commercial literature 582 Arbeitspapier 542 Working Paper 542 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 Commentary 12 Kommentar 12 Aufsatzsammlung 10 Conference paper 10 Konferenzbeitrag 10 Amtsdruckschrift 6 Government document 6 Systematic review 6 Übersichtsarbeit 6 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 1,683 German 112 Undetermined 31 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. 83 McCallum, Bennett T. 37 Mishkin, Frederic S. 35 Taylor, John B. 26 Galí, Jordi 17 Nelson, Edward 17 Bofinger, Peter 15 Williams, John C. 15 Orphanides, Athanasios 14 Wieland, Volker 14 Woodford, Michael 14 Hagen, Jürgen von 13 Reis, Ricardo 13 King, Robert G. 12 Levin, Andrew T. 12 Rudebusch, Glenn D. 12 Thornton, Daniel L. 12 Uribe, Martín 12 Walsh, Carl E. 12 Collard, Fabrice 11 Frankel, Jeffrey A. 11 Issing, Otmar 10 Kuttner, Kenneth N. 10 Posen, Adam Simon 10 Smets, Frank 10 Svensson, Lars E.O. 10 Wagner, Helmut 10 Berg, Andrew 9 Debortoli, Davide 9 Friedman, Benjamin M. 9 Gerlach, Stefan 9 Hefeker, Carsten 9 Jensen, Henrik 9 Lindé, Jesper 9 Ascari, Guido 8 Borchert, Manfred 8 Goodhart, Charles A. E. 8 Guender, Alfred V. 8 Hendrickson, Joshua R. 8 Kim, Jinill 8
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Institution
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National Bureau of Economic Research 69 International Monetary Fund (IMF) 60 International Monetary Fund 11 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 Oesterreichische Nationalbank 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 Internationaler Währungsfonds / Monetary and Exchange Affairs Department 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
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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 60 IMF Working Papers 51 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 21 Working paper 17 Journal of economic dynamics & control 16 Journal of macroeconomics 16 IMF working paper 15 Working paper series / European Central Bank 14 Sveriges Riksbank working paper series 12 Economic modelling 11 Finance and economics discussion series 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 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 IMF Staff Country Reports 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 Würzburg economic papers 8 CESifo working papers 7 European economic review : EER 7 IMES discussion paper series / Englische Ausgabe 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 BIS working papers 6 Discussion paper 6 German economic review 6
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Source
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ECONIS (ZBW) 1,831 RePEc 60 ArchiDok 2
Showing 1 - 50 of 1,893
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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 and endogenous financial crises
Boissay, Frederic; Collard, Fabrice; Galí, Jordi; … - 2022
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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...
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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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Quantitative forward guidance through interest rate projections
Hofmann, Boris; Xia, Fan Dora - 2022 - This version: 21st March 2022
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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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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...
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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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Monetary Policy Regimes and Economic Performance : The Historical Record
Bordo, Michael D.; Schwartz, Anna J. - 2021
Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This paper surveys the historical experience of both international and domestic (national)...
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Monetary Policy for Inattentive Economies
Ball, Laurence; Mankiw, N. Gregory; Reis, Ricardo - 2021
This paper is a contribution to the analysis of optimal monetary policy. It begins with a critical assessment of the existing literature, arguing that most work is based on implausible models of inflation-output dynamics. It then suggests that this problem may be solved with some recent...
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Gradualism in Monetary Policy : A Time-Consistency Problem?
Stein, Jeremy C.; Sunderam, Aditya - 2021
We develop a model of monetary policy with two key features: (i) the central bank has private information about its long-run target for the policy rate; and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy is gradualist, or inertial, in the...
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Monetary Policy and Real Stabilization
Svensson, Lars E. O. - 2021
Monetary policy can achieve average inflation equal to a given inflation target and, at best, a good compromise between inflation variability and output-gap variability. Monetary policy cannot completely stabilize either inflation or the output gap. Increased credibility in the form of inflation...
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International Capital Mobility and the Coordination of Monetary Rules
Carlozzi, Nicholas; Taylor, John B. - 2021
The paper develops a two-country model with flexible exchange rates and perfect capital mobility, for evaluating the alternative macroeconomic policy rules. Macroeconomic performance is measured in terms of fluctuations in inflation and output. Expectations are rational, and prices are sticky;...
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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...
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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...
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A Fiscal Theory of Sovereign Risk
Uribe, Martín - 2021
This paper presents a fiscal theory of sovereign risk and default. Under certain monetary-fiscal regimes, the risk of default, and thus the emergence of sovereign risk premia, are inevitable. The paper characterizes the equilibrium processes of the sovereign risk premium and the default rate...
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The Alleged Instability of Nominal Income Targeting
McCallum, Bennett T. - 2021
Recently it has been argued that a monetary policy of nominal income and targeting" would result in dynamically unstable processes for output and inflation. That results holds in a" theoretical model that includes backward-looking IS an Phillips curve relations rather special and theoretically...
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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...
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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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Nominal Income Targeting
Hall, Robert E.; Mankiw, N. Gregory - 2021
This paper discusses nominal income targeting as a possible rule for the conduct of monetary policy. We begin by discussing why a rule for monetary policy may be desirable and the characteristics that a good rule should have. We emphasize, in particular, three types of nominal income targets,...
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Does the P* Model Provide Any Rationale for Monetary Targeting?
Svensson, Lars E. O. - 2021
The so-called P* model is frequently used or referred to in discussions of monetary targeting. This gives the impression that the P* model might provide some rationale for monetary targeting or for the monetary reference value used by the Eurosystem. The P* model implies that inflation is...
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Monetary Policy Issues for the Eurosystem
Svensson, Lars E. O. - 2021
The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy the Eurosystem announced in the fall of 1998, the framework for policy decisions appropriate for achieving the goals of the Eurosystem, the role of exchange...
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What is Wrong with Taylor Rules? Using Judgment in Monetary Policy Through Targeting Rules
Svensson, Lars E. O. - 2021
It is argued that inflation targeting is best understood as a commitment to a targeting rule rather than an instrument rule, either a general targeting rule (explicit objectives for monetary policy) or a specific targeting rule (a criterion for (the forecasts of) the target variables to be...
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Inflation Targeting in Canada, New Zealand, Sweden, the United Kingdom, and in General
McCallum, Bennett T. - 2021
This paper begins with a description of the inflation targeting arrangements currently in place in the four above-mentioned countries and their performance records through mid-1995 are reviewed. It is argued, however, that too little time has passed for conclusions to be drawn, so that tentative...
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Monetary policy and endogenous financial crises
Boissay, Frédéric; Collard, Fabrice; Galí, Jordi; … - 2021
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Monetary policy and endogenous financial crises
Boissay, Frederic; Collard, Fabrice; Galí, Jordi; … - 2021
Persistent link: https://ebtypo.dmz1.zbw/10012872647
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Revisiting monetary policy objectives and strategies : international experience and challenges from the ELB
Cecioni, Martina; Grasso, Adriana; Notarpietro, Alessandro - 2021
Persistent link: https://ebtypo.dmz1.zbw/10012887557
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Monetary policy and endogenous financial crises
Boissay, Frederic; Collard, Fabrice; Galí, Jordi; … - 2021
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The ECB'sreview of its monetary policy strategy
Corbisiero, Giuseppe; Lawton, Neil - In: Quarterly bulletin (2021) Q4, pp. 70-103
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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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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...
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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...
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The implications of globalisation for the ECB monetary policy strategy
2021
This paper assesses how globalisation has shaped the economic environment in which the ECB operates and discusses whether this warrants adjustments to the monetary policy strategy. The paper first looks at how trade and financial integration have evolved since the last strategy review in 2003....
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Unconventionally green : a monetary policy between engagement and conflicting goals
Liebich, Lena; Nöh, Lukas; Rutkowski, Felix Joachim; … - 2021
In light of its recently completed strategy review, the ECB has presented a climate action plan, which schedules the consideration of climate criteria within the corporate sector purchase program (CSPP). We study the potential role of the ECB in supporting the transition to a low-carbon economy...
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Welfare gains in a small open economy with a dual mandate for monetary policy
Jacob, Punnoose; Özbilgin, Murat - 2021
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Should monetary policy target financial stability?
Chen, William; Phelan, Gregory - 2021 - This version: August 3, 2021
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