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Author : Klaus Schmidt-Hebbel
Publisher :
ISBN 13 : 9789567421329
Total Pages : 601 pages
Book Rating : 4.23/5 ( download)
Download or read book Monetary Policy Under Uncertainty and Learning written by Klaus Schmidt-Hebbel and published by . This book was released on 2009 with total page 601 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451943148
Total Pages : 38 pages
Book Rating : 4.46/5 ( download)
Download or read book Model Uncertainty. Learning, and the Gains from Coordination written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-12-27 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.
Author : Klaus Schmidt-Hebbel
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.24/5 ( download)
Download or read book Monetary Policy Uncertainty and Learning written by Klaus Schmidt-Hebbel and published by . This book was released on 2008 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John B. Taylor
Publisher : University of Chicago Press
ISBN 13 : 0226791262
Total Pages : 460 pages
Book Rating : 4.65/5 ( download)
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Author : James Yetman
Publisher :
ISBN 13 : 9780662290025
Total Pages : 27 pages
Book Rating : 4.2X/5 ( download)
Download or read book Probing Potential Output written by James Yetman and published by . This book was released on 2000 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brian Sack
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.31/5 ( download)
Download or read book Uncertainty, Learning, and Gradual Monetary Policy written by Brian Sack and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gustavo Adler
Publisher : International Monetary Fund
ISBN 13 : 1475520417
Total Pages : 40 pages
Book Rating : 4.15/5 ( download)
Download or read book Foreign Exchange Intervention under Policy Uncertainty written by Gustavo Adler and published by International Monetary Fund. This book was released on 2016-03-17 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.
Author : Alan S. Blinder
Publisher : MIT Press
ISBN 13 : 9780262522601
Total Pages : 116 pages
Book Rating : 4.08/5 ( download)
Download or read book Central Banking in Theory and Practice written by Alan S. Blinder and published by MIT Press. This book was released on 1999-01-07 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."
Author : Kosuke Aoki
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.21/5 ( download)
Download or read book Uncertainty About Perceived Inflation Target and Monetary Policy written by Kosuke Aoki and published by . This book was released on 2016 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Under those two uncertainties, the learning process of both private agents and the central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also find that the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes.
Author : Yevgeniy Teryoshin
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.78/5 ( download)
Download or read book Monetary Policy Uncertainty and Its Effects written by Yevgeniy Teryoshin and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters that study the effects of monetary policy uncertainty and deviations from rule-based policy. In the first chapter, I develop an extension of the standard New Keynesian model to monetary policy regime switching to study the impact of uncertainty around the future inflation target. First, I fully characterize how the responses of current inflation and output to inflation target uncertainty depend on the monetary policy rule. If monetary policy is passive, inflation may increase far beyond the anticipated increase in the inflation target, while a strong monetary response to expected inflation results in an immediate drop in the inflation rate. Next, I derive the optimal response of the central bank, which can be achieved by adjusting the current inflation target. A central bank unwilling to adjust the inflation target can optimally adjust other policy rule parameters and can often obtain comparatively similar welfare benefits. Finally, I examine the implications of a perfectly anticipated change in the inflation target and find it is likely to generate cyclical dynamics for inflation and output under a constant policy rule. An optimal time varying policy rule or uncertainty in the period of the inflation target change eliminates cyclical fluctuations and improves welfare. In the second chapter, I apply the New Keynesian model with regime switching of the policy rule to study other dimensions of monetary policy uncertainty. I find that expectations of a regime shift in the future affect current inflation stability in the direction of the expected policy shift, but paradoxically expectations of a shift to a sub-optimal regime may result in better outcomes under the current regime due to the asymmetric effect on output and inflation stability. Additionally, I find that the central bank's first best response is to completely eliminate the uncertainty and that regime switching can only be part of an optimal policy if eventually monetary policy converges to the optimal single regime policy. In the final chapter, I construct the differences between rule-based monetary policy for multiple interest rate rules and the actual interest rates for nine countries using real-time data available to policymakers at the time. I document that more rule-like policy is associated with greater economic stability. Additionally, I find evidence that the association between rule-like policy and greater economic stability is causal by examining the timing of the structural breaks and the changes in central bank policy, using vector autoregressions, and regression specifications relying on the temporal ordering of lagged deviations from the policy rules.
