Increasing Returns And Optimal Oscillating Labor Supply
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Optimal Monetary Policy In A Micro Founded Model With Parameter Uncertainty
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Author : Takeshi Kimura
language : en
Publisher:
Release Date : 2003
Optimal Monetary Policy In A Micro Founded Model With Parameter Uncertainty written by Takeshi Kimura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Monetary policy categories.
In this paper, we structurally model uncertainty with a micro-founded model, and investigate its implications for optimal monetary policy. Uncertainty about deep parameters of the model implies that the central bank simultaneously faces both uncertainty about the structural dynamic equations and about the social loss function. Considering both uncertainties with cross-parameter restrictions based on the micro-foundations of the model, we use Bayesian methods to determine the optimal monetary policy that minimizes the expected loss. Our analysis shows how uncertainty can lead the central bank to pursue a more aggressive monetary policy, overturning Brainard's common wisdom. As the degree of uncertainty about inflation dynamics increases, the central bank should place much more weight on price stability, and should respond to shocks more aggressively. In addition, when the central bank is uncertain about output dynamics, an aggressive policy response can be justified by the positive correlation between policy multiplier and transmission of natural rate of interest shock as well as the effect of loss-function uncertainty. We also show that combining a more aggressive policy response with a highly inertial interest rate policy reduces Bayesian risk.
Market Based Measures Of Monetary Policy Expectations
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Author : Refet S. Gurkaynak
language : en
Publisher:
Release Date : 2002
Market Based Measures Of Monetary Policy Expectations written by Refet S. Gurkaynak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Monetary policy categories.
Market Structure And Competition Among Retail Depository Institutions
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Author : Andrew Cohen
language : en
Publisher:
Release Date : 2004
Market Structure And Competition Among Retail Depository Institutions written by Andrew Cohen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Banks and banking categories.
Monetary Policy And The Yield Curve
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Author : Antúlio Neves Bomfim
language : en
Publisher:
Release Date : 2003
Monetary Policy And The Yield Curve written by Antúlio Neves Bomfim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Interest rates categories.
The Impact Of Credit Unions On The Rates Offered For Retail Deposits By Banks And Thrift Institutions
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Author : Timothy H. Hannan
language : en
Publisher:
Release Date : 2003
The Impact Of Credit Unions On The Rates Offered For Retail Deposits By Banks And Thrift Institutions written by Timothy H. Hannan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Bank deposits categories.
The Institutional Memory Hypothesis And The Procyclicality Of Bank Lending Behaviour
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Author : Allen N. Berger
language : en
Publisher:
Release Date : 2003
The Institutional Memory Hypothesis And The Procyclicality Of Bank Lending Behaviour written by Allen N. Berger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Bank loans categories.
Money Demand And Equity Markets
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Author : Seth B. Carpenter
language : en
Publisher:
Release Date : 2003
Money Demand And Equity Markets written by Seth B. Carpenter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Demand for money categories.
Money demand in part reflects a portfolio decision. As equities have become a significant store of household wealth, it seems plausible that variations in equity markets could affect money demand. We re-specify a standard money demand equation to include stock market volatility and revisions to analyst earnings projections. We find that these equity market variables are statistically significant and reduce the errors from money demand models.
Does Monetary Policy Affect Stock Prices And Treasury Yields An Error Correction And Simultaneous Equation Approach
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Author : J. Benson Durham
language : en
Publisher:
Release Date : 2003
Does Monetary Policy Affect Stock Prices And Treasury Yields An Error Correction And Simultaneous Equation Approach written by J. Benson Durham and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Monetary policy categories.
The Economic Effects Of Technological Progress
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Author : Allen N. Berger
language : en
Publisher:
Release Date : 2002
The Economic Effects Of Technological Progress written by Allen N. Berger 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 categories.
The Effects Of The 1986 And 1993 Tax Reforms On Self Employment
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Author : Kevin Moore
language : en
Publisher:
Release Date : 2004
The Effects Of The 1986 And 1993 Tax Reforms On Self Employment written by Kevin Moore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Income tax categories.