Optimal Monetary Policy Under Bounded Rationality
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Optimal Monetary Policy Under Bounded Rationality
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Author : Jonathan Benchimol
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-02
Optimal Monetary Policy Under Bounded Rationality written by Jonathan Benchimol 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 2019-08-02 with Business & Economics categories.
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To the extent that bygones are not bygones under price level targeting, rational inflation expectations is a minimal condition for optimality in a behavioral world. Instrument rules implementation of this optimal policy is shown to be infeasible, questioning the ability of simple rules à la Taylor (1993) to assist the conduct of monetary policy. Bounded rationality is not necessarily associated with welfare losses.
Optimal Monetary Policy Under Uncertainty Second Edition
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Author : Richard T. Froyen
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Optimal Monetary Policy Under Uncertainty Second Edition written by Richard T. Froyen and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Mathematical optimization categories.
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Monetary Policy Rules Under Bounded Rationality
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Author : Michael Dobrew
language : en
Publisher:
Release Date : 2023
Monetary Policy Rules Under Bounded Rationality written by Michael Dobrew and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Expectations And The Stability Problem For Optimal Monetary Policies
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Author : George W. Evans
language : en
Publisher:
Release Date : 2001
Expectations And The Stability Problem For Optimal Monetary Policies written by George W. Evans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economic stabilization categories.
Optimal Monetary Policy Under Uncertainty
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Author : Richard T. Froyen
language : en
Publisher:
Release Date : 2007
Optimal Monetary Policy Under Uncertainty written by Richard T. Froyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Mathematical optimization categories.
The Inflation Targeting Debate
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Author : Ben S. Bernanke
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
The Inflation Targeting Debate written by Ben S. Bernanke and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
The Impacts Of Monetary Policy In The 21st Century
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Author : Ramesh Chandra Das
language : en
Publisher: Emerald Group Publishing
Release Date : 2019-09-02
The Impacts Of Monetary Policy In The 21st Century written by Ramesh Chandra Das and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-02 with Business & Economics categories.
The Impacts of Monetary Policy in the 21st Century illustrates the effect of financial policies upon global economic indicators, with special reference made to issues effecting East Asian nations generally and with a particular focus on Indian economic development since 2000.
Bounded Rationality
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Author : Sanjit Dhami
language : en
Publisher: MIT Press
Release Date : 2022-07-12
Bounded Rationality written by Sanjit Dhami and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-12 with Business & Economics categories.
Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Monetary Policy And Exchange Rate Dynamics In A Behavioral Open Economy Model
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Author : Marcin Kolasa
language : en
Publisher: International Monetary Fund
Release Date : 2022-06-03
Monetary Policy And Exchange Rate Dynamics In A Behavioral Open Economy Model written by Marcin Kolasa 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 2022-06-03 with Business & Economics categories.
We develop an extension of the open economy New Keynesian model in which agents are boundedly rational à la Gabaix (2020). Our setup nests rational expectations (RE) as a special case and it can successfully mitigate many “puzzling” aspects of the relationship between exchange rates and interest rates. Since the model implies an uncovered interest rate parity (UIP) condition featuring behavioral expectations, our results are also consistent with recent empirical evidence showing that several UIP puzzles vanish when actual exchange rate expectations are used (instead of realizations implicitly coupled with the RE assumption). We find that cognitive discounting dampens the effects of current monetary shocks and lowers the efficacy of forward guidance (FG), but its relative importance in mitigating the so-called FG puzzle is decreasing in openness. Finally, we show that accounting for myopia exacerbates the small open economy unit-root problem, makes positive monetary spillovers more likely, and increases the persistence of net foreign assets and the real exchange rate.
Nber Macroeconomics Annual 2003
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Author : Mark Gertler
language : en
Publisher: MIT Press
Release Date : 2004
Nber Macroeconomics Annual 2003 written by Mark Gertler and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.