Evaluating Monetary Policy Regimes
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Evaluating Monetary Policy Regimes
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Author : Massimiliano Marzo
language : en
Publisher:
Release Date : 2001
Evaluating Monetary Policy Regimes written by Massimiliano Marzo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Evaluating Policy Regimes
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Author : Ralph Bryant
language : en
Publisher: Brookings Institution Press
Release Date : 2010-12-01
Evaluating Policy Regimes written by Ralph Bryant and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
Economists have long debated the theoretical merits—for an individual nation and for a multi-nation world economy—of alternative approaches to the conduct of economic policy. Yet theory alone cannot resolve the important issues at stake. Only after the robustness of policy regimes has been carefully examined with empirical evidence will policymakers and economists be able to reach more of a consensus. This pathbreaking volume takes major steps forward in meeting the need for a combination of theoretical and empirical evaluations of alternative policy regimes. Bringing together individuals and groups doing pioneering research on macroeconomic interaction, it explores what approach to monetary policy would lead to superior performance by individual national economies and the world economy as a whole. Many parts of the book use the analytical techniques of stochastic simulation, an evaluation procedure increasingly employed at the frontier of empirical economic analysis. The book provides a summary of the hey issues involved in evaluating policy regimes and clarifies the relationships among those issues. The authors examine the stabilization properties of alternative monetary-policy regimes and analyze how well various regime types perform in the face of unexpected shocks to national economies. Among their conclusions, they find that some simplified regimes for monetary policy are markedly less promising than others for achieving the stabilization objectives commonly sought by policymakers. Evaluating Policy Regimes is another major installment in a continuing world wide research project, sponsored by the Brookings Institution, to improve empirical knowledge about the interdependence of national economies.
Evaluating Monetary Policy Regimes The Role Of Nominal Rigidities
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Author :
language : en
Publisher:
Release Date : 2001
Evaluating Monetary Policy Regimes The Role Of Nominal Rigidities written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
I compare four basic monetary policy rules belonging to the interest-rate pegging rules class in two different analystical frameworks representing the way through which nominal rigidities are designed. A first model consider the Calvo-Woodford mechanism of price adjustment, as has become customary in the literature on monetary policy rules. A second model, instead, considers the cost of price adjustment function, as proposed by Rotemberg (1982). The two models are simulated to find the optimal monetary policy rule, maximizing the welfare of the representative agent. The results show that the optimal monetary policy rule for the model based on the Calvo price setting method is a simple contemporaneous interest-pegging rule with a lagged nominal interest rate. However, with a model based on the cost of price adjustment, the optimal rule is given by an interest rate rule with a expected inflation, contemporaneous output gap and a lagged interes rate term as arguments. Impulse respnse functions for different vallues of the parameters of the respective optimal monetary poliy function are plotted for both models, for an expansionary public expenditure shock and a contractionary monetary policy shock. The calculation of the model are empirically robust. For the first time fiscal policy is explicitly inserted in the model through a assive tax policy rule. An explicit analysi f about the determinacy of the equilibrium is contained in the model.
Conditionality In Evolving Monetary Policy Regimes
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-03
Conditionality In Evolving Monetary Policy Regimes written by International Monetary Fund 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 2014-05-03 with Business & Economics categories.
With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Monetary Policy And Exchange Rate Volatility In A Small Open Economy
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Author : Jonas Böhmer
language : en
Publisher: GRIN Verlag
Release Date : 2009-10-02
Monetary Policy And Exchange Rate Volatility In A Small Open Economy written by Jonas Böhmer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-02 with Political Science categories.
Seminar paper from the year 2008 in the subject Business economics - Economic Policy, grade: 1,3, University of Bonn (Wirtschaftspolitische Abteilung der Rechts- und Staatswissenschaftlichen Fakultät), course: Geldtheorie- und politik, language: English, abstract: Does inflation reduce welfare? What is worse, a volatile exchange rate or a high inflation rate? And is the central bank able to drive these variables? These questions are the topic of a paper by Jordi Gali and Tommaso Monacelli, published in 2005 and titled “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”. As apparent by the title Gali and Monacelli (G+M) analyze the influence of monetary policy on the volatility of the exchange rate, more precisely the nominal exchange rate and the terms of trade. For this purpose they create a small open economy with sticky prices of Calvo-type. Due to its minor size this economy does not influence the world economy. However, depending on the degree of openness this economy is affected by the rest of the world. Having specified this framework, G+M introduce three different monetary regimes and evaluate the resulting exchange rate volatilities . Using a central bank loss function G+M rank these three rules according to the implied welfare which shows a positive correlation between welfare and exchange rate volatility. Thence G+M prefer Taylor rules over an exchange rate pegging. To get a general idea of Gali and Monacelli`s argumentation this expose will start in chapter 2 with an abbreviated overlook over G+M’s model of a small open economy. In the following chapter there will be the introduction of the three central bank rules, necessary to close the model, as well as an analysis of the underlying welfare levels. Since the welfare evaluation is based on some special assumptions, chapter 4 will give an overview of recent literature which discusses possible extensions as well as their implications for G+M’s ranking of implied welfare. Concluding chapter 5 will summarize G+M’s most important results as well as evaluate if the possible extensions render G+M’s analysis, respectively their results, worthless.
An Evaluation Of Monetary Regime Options For Latin America
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Author : Andrew Berg
language : en
Publisher: International Monetary Fund
Release Date : 2002-12
An Evaluation Of Monetary Regime Options For Latin America written by Andrew Berg 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 2002-12 with Business & Economics categories.
We assess monetary regime options for Latin American countries. The costs of a common currency are likely to outweigh its benefits, as those countries face diverse economic shocks, do not trade much with each other, and are affected by common international financial shocks only to the same extent as the average pair of emerging markets. Unilateral dollarization would be desirable only for those countries where there are strong links to the U.S. economy, the credibility of the monetary authorities is irreversibly lost, and there is keen demand for dollar-denominated financial assets. Finally, some countries in the region seem to be good candidates for meaningful and useful floating.
Assessing Monetary Policy Targeting Regimes For Small Open Economies
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Author : Harsha Paranavithana
language : en
Publisher:
Release Date : 2018
Assessing Monetary Policy Targeting Regimes For Small Open Economies written by Harsha Paranavithana and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Evaluating Monetary Policy
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Author : Lars E. O. Svensson
language : en
Publisher:
Release Date : 2009
Evaluating Monetary Policy written by Lars E. O. Svensson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Anti-inflationary policies categories.
Abstract: Evaluating inflation-targeting monetary policy is more complicated than checking whether inflation has been on target, because inflation control is imperfect and flexible inflation targeting means that deviations from target may be deliberate in order to stabilize the real economy. A modified Taylor curve, the forecast Taylor curve, showing the tradeoff between the variability of the inflation-gap and output-gap forecasts can be used to evaluate policy ex ante, that is, taking into account the information available at the time of the policy decisions, and even evaluate policy in real time. In particular, by plotting mean squared gaps of inflation and output-gap forecasts for alternative policy-rate paths, it may be examined whether policy has achieved an efficient stabilization of both inflation and the real economy and what relative weight on the stability of inflation and the real economy has effectively been applied. Ex ante evaluation may be more relevant than evaluation ex post, after the fact. Publication of the interest-rate path also allows the evaluation of its credibility and the effectiveness of the implementation of monetary policy
Evaluating Policy Regimes
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Author : Ralph C. Bryant
language : en
Publisher: Brookings Institution Press
Release Date : 1993
Evaluating Policy Regimes written by Ralph C. Bryant and has been published by Brookings Institution Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
This pathbreaking volume takes major steps forward in meeting the need from a combination of theoretical and empirical evaluations of alternative policy regimes.
A Welfare Evaluation Of East Asian Monetary Policy Regimes Under Foreign Output Shock
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Author : Joseph Dennis Alba
language : en
Publisher:
Release Date : 2012
A Welfare Evaluation Of East Asian Monetary Policy Regimes Under Foreign Output Shock written by Joseph Dennis Alba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
