An Optimizing Model For Monetary Policy Analysis
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An Optimizing Model For Monetary Policy Analysis
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Author : Jeffrey C. Fuhrer
language : en
Publisher:
Release Date : 1998
An Optimizing Model For Monetary Policy Analysis written by Jeffrey C. Fuhrer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Consumption (Economics) categories.
An Optimizing Is Lm Specification For Monetary Policy And Business Cycle Analysis
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Author : Bennett T. McCallum
language : en
Publisher:
Release Date : 1997
An Optimizing Is Lm Specification For Monetary Policy And Business Cycle Analysis written by Bennett T. McCallum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business cycles categories.
Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization
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Author : Mr.Peter Isard
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01
Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization written by Mr.Peter Isard and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-02-01 with Business & Economics categories.
The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.
A Simple Framework For International Monetary Policy Analysis
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Author : Richard H. Clarida
language : en
Publisher:
Release Date : 2002
A Simple Framework For International Monetary Policy Analysis written by Richard H. Clarida and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Banks and banking, Central categories.
We study the international monetary policy design problem within an optimizing two-country sticky price model, where each country faces a short run tradeoff between output and inflation. The model is sufficiently tractable to solve analytically. We find that in the Nash equilibrium, the policy problem for each central bank is isomorphic to the one it would face if it were a closed economy. Gains from cooperation arise, however, that stem from the impact of foreign economic activity on the domestic marginal cost of production. While under Nash central banks need only adjust the interest rate in response to domestic inflation, under cooperation they should respond to foreign inflation as well. In either scenario, flexible exchange rates are desirable.
Practical Model Based Monetary Policy Analysis
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Author : Andrew Berg
language : en
Publisher:
Release Date : 2006
Practical Model Based Monetary Policy Analysis written by Andrew Berg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Nber Macroeconomics Annual 2018
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Author : Martin Eichenbaum
language : en
Publisher: University of Chicago Press Journals
Release Date : 2019-08-05
Nber Macroeconomics Annual 2018 written by Martin Eichenbaum and has been published by University of Chicago Press Journals this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-05 with Business & Economics categories.
This volume contains six studies on current topics in macroeconomics. The first shows that while assuming rational expectations is unrealistic, a finite-horizon forward planning model can yield results similar to those of a rational expectations equilibrium. The second explores the aggregate risk of the U.S. financial sector, and in particular whether it is safer now than before the 2008 financial crisis. The third analyzes “factorless income,” output that is not measured as capital or labor income. Next, a study argues that the financial crisis increased the perceived risk of a very bad economic and financial outcome, and explores the propagation of large, rare shocks. The next paper documents the substantial recent changes in the manufacturing sector and the decline in employment among prime-aged Americans since 2000. The last paper analyzes the dynamic macroeconomic effects of border adjustment taxes.
A Practical Model Based Approach To Monetary Policy Analysis Overview
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Author : Philippe D Karam
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2006-03-01
A Practical Model Based Approach To Monetary Policy Analysis Overview written by Philippe D Karam and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-01 with categories.
This paper motivates and describes an approach to forecasting and monetary policy analysis based on the use of a simple structural macroeconomic model, along the lines of those in use in a number of central banks. It contrasts this approach with financial programming and its emphasis on monetary aggregates, as well as with more econometrically driven analyses. It presents illustrative results from an application to Canada. A companion paper provides a more detailed how-to guide and introduces a set of tools designed to facilitate this approach.
Practical Model Based Monetary Policy Analysis
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Author : Philippe D Karam
language : en
Publisher: International Monetary Fund
Release Date : 2006-03
Practical Model Based Monetary Policy Analysis written by Philippe D Karam and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03 with Business & Economics categories.
This paper provides a how-to guide to model-based forecasting and monetary policy analysis. It describes a simple structural model, along the lines of those in use in a number of central banks. This workhorse model consists of an aggregate demand (or IS) curve, a price-setting (or Phillips) curve, a version of the uncovered interest parity condition, and a monetary policy reaction function. The paper discusses how to parameterize the model and use it for forecasting and policy analysis, illustrating with an application to Canada. It also introduces a set of useful software tools for conducting a model-consistent forecast.
Monetary Policy Analysis And Forecasting In The World Economy
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Author : Francis Vitek
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01
Monetary Policy Analysis And Forecasting In The World Economy written by Francis Vitek and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-01 with Business & Economics categories.
This paper develops a panel unobserved components model of the monetary transmission mechanism in the world economy, disaggregated into its fifteen largest national economies. This structural macroeconometric model features extensive linkages between the real and financial sectors, both within and across economies. A variety of monetary policy analysis and forecasting applications of the estimated model are demonstrated, based on a novel Bayesian framework for conditioning on judgment.
Monetary Theory And Policy Third Edition
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2010-02-12
Monetary Theory And Policy Third Edition written by Carl E. Walsh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-12 with Business & Economics categories.
A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.