Optimal Monetary Policy Under Uncertainty
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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 Electronic books 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 Under Uncertainty
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Author : Oliver Sauter
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-01-31
Monetary Policy Under Uncertainty written by Oliver Sauter and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-31 with Political Science categories.
Oliver Sauter analyzes three aspects of monetary policy under uncertainty. First he shows that the terms risk and uncertainty are often wrongly used as synonyms despite their different meanings. The second aspect is the proper examination and incorporation of uncertainty into a monetary policy framework. The author undertakes systematization with a closer look at each identified form of uncertainty. Thirdly, he focuses on the quantification of uncertainty from two different perspectives, either from a market perspective or from a central bank perspective.
Interest Rate Sensitivity Scenarios To Guide Monetary Policy
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Author : Allan Dizioli
language : en
Publisher: International Monetary Fund
Release Date : 2025-05-30
Interest Rate Sensitivity Scenarios To Guide Monetary Policy written by Allan Dizioli 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 2025-05-30 with categories.
This paper examines the challenges of formulating monetary policy in the face of heightened uncertainty. We develop a framework to assess the optimal monetary policy path under uncertainty, focusing on four key dimensions: the expectation formation process, inflation persistence, the measurement of the neutral interest rate, and the slope of the Phillips curve. Our framework provides a flexible tool for policymakers to address uncertainty and enhance decision-making in pursuit of economic stability. This framework is helpful to improve the risk management approach to monetary policy by showing how scenarios can quantify different sources of uncertainty faced by the ECB and give market participants an idea of how the ECB would react if those scenarios materialize.
Nber Macroeconomics Annual 2005
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Author : Kenneth S. Rogoff
language : en
Publisher: MIT Press
Release Date : 2006-04
Nber Macroeconomics Annual 2005 written by Kenneth S. Rogoff and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04 with Business & Economics categories.
The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Handbook Of Monetary Economics
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Author : Benjamin M. Friedman
language : en
Publisher: Elsevier
Release Date : 2010-11-16
Handbook Of Monetary Economics written by Benjamin M. Friedman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-16 with Business & Economics categories.
"What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship." [source : 4e de couv.].
Handbook Of Monetary Economics Vols 3a 3b Set
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Author : Benjamin M. Friedman
language : en
Publisher: Elsevier
Release Date : 2010-11-10
Handbook Of Monetary Economics Vols 3a 3b Set written by Benjamin M. Friedman and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11-10 with Business & Economics categories.
How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. - Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis - Explores the policies and practices used in formulating and transmitting monetary policies - Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself - Observes changes in the formulation of monetary policies over the last 25 years
Optimal Fiscal Adjustment Under Uncertainty
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Author : Rossen Rozenov
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-17
Optimal Fiscal Adjustment Under Uncertainty written by Rossen Rozenov 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 2016-03-17 with Business & Economics categories.
The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some pre-specified compact set. Such an approach is appropriate when the decision maker does not have enough information to form probabilistic beliefs or when considerations for robustness are important. Solution of the model in the minimax sense when disturbance sets are ellipsoids is obtained and the application of the method is illustrated using the example of Portugal.
Instructor S Manual For Money Theory And Practice
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Author : Jin Cao
language : en
Publisher: Springer Nature
Release Date : 2019-12-09
Instructor S Manual For Money Theory And Practice written by Jin Cao and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-09 with Business & Economics categories.
This instructor’s manual complements the textbook Money: Theory and Practice which provides an introduction to modern monetary economics for advanced undergraduates, highlighting the lessons learned from the recent financial crisis. The manual provides teachers with exercises and examples that reflect both the core New Keynesian model and recent advances, taking into account financial frictions, and discusses recent research on an intuitive level based on simple static and two-period models.
Output Gap In Presence Of Financial Frictions And Monetary Policy Trade Offs
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Author : Francesco Furlanetto
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-18
Output Gap In Presence Of Financial Frictions And Monetary Policy Trade Offs written by Francesco Furlanetto 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 2014-07-18 with Business & Economics categories.
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure of output gap that accounts for frictions in financial market. Furthermore we illustrate that, in the presence of financial frictions, a benevolent central bank faces a substantial trade-off between nominal and real stabilization; optimal monetary policy significantly reduces fluctuations in price and wage inflations but fails to alleviate the output gap volatility. This suggests a role for macroprudential policies.
Monetary Theory And Policy Fourth Edition
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Author : Carl E. Walsh
language : en
Publisher: MIT Press
Release Date : 2017-05-12
Monetary Theory And Policy Fourth 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 2017-05-12 with Business & Economics categories.
The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook 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. Striking a balance of insight, accessibility, and rigor, the book 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. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered. Monetary Theory and Policy continues to be the most 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.