Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies

DOWNLOAD

Download Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies

DOWNLOAD
Author : Mr.Bennett T. McCallum
language : en
Publisher: International Monetary Fund
Release Date : 1992-06-01

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies written by Mr.Bennett T. McCallum 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 1992-06-01 with Business & Economics categories.

Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies, it has become standard practice to consider alternative policy rules of a particular form that calls for departures of a policy instrument, from some “baseline” reference path, that are proportional to deviations of a specified target variable from its own baseline path. The present paper argues, however, that this standard rule form is seriously defective for evaluating such issues because the implied rules (1) often fail to be operational and (2) have associated performance measures that can be misleading in important cases. An example is presented that concerns the international “assignment problem” of optimally pairing instruments with policy objectives.

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies

DOWNLOAD
Author : Bennett T. McCallum
language : en
Publisher:
Release Date : 2006

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies 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 2006 with categories.

Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies, it has become standard practice to consider alternative policy rules of a particular form that calls for departures of a policy instrument, from some quot;baselinequot; reference path, that are proportional to deviations of a specified target variable from its own baseline path. The present paper argues, however, that this standard rule form is seriously defective for evaluating such issues because the implied rules (1) often fail to be operational and (2) have associated performance measures that can be misleading in important cases. An example is presented that concerns the international quot;assignment problemquot; of optimally pairing instruments with policy objectives.

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies

DOWNLOAD
Author : Bennett McCallum
language : en
Publisher:
Release Date : 1992

Specification Of Policy Rules And Performance Measures In Multicountry Simulation Studies written by Bennett McCallum and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Fiscal policy categories.

Much recent analysis of international monetary and fiscal policy issues, such as the choice of an exchange-rate regime or the design of a policy coordination scheme, has been conducted by stochastic simulations with multicountry econometric models. In these studies it has become standard practice to consider alternative policy rules of a particular form that calls for departures of a policy instrument, from some "baseline" reference path, that are proportional to deviations of a specified target variable from its own baseline path. The present paper argues, however, that this standard rule form is seriously defective for evaluating such issues because the implied rules (I) often fail to be operational and (2) have associated performance measures that can be misleading in important cases. An example is presented that concerns the international "assignment problem" of optimally pairing instruments with policy objectives

Specification And Analysis Of A Monetary Policy Rule For Japan

DOWNLOAD
Author : Bennett T. McCallum
language : en
Publisher:
Release Date : 1993

Specification And Analysis Of A Monetary Policy Rule For Japan 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 1993 with Monetary policy categories.

This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP close to targets that grow smoothly at a noninflationary rate. Simulations with quarterly data for the period 1972-1992 yield predominantly favorable results. Experiments with an interest rate instrument are also conducted but the simulated performance is less desirable. One section discusses issues concerning monetary base control in Japan.

Handbook Of Macroeconomics

DOWNLOAD
Author : John B. Taylor
language : en
Publisher: Elsevier
Release Date : 1999-12-13

Handbook Of Macroeconomics written by John B. Taylor and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-12-13 with Business & Economics categories.

Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).

Monetary Policy Rules

DOWNLOAD
Author : John B. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

Monetary Policy Rules written by John B. Taylor 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 2007-12-01 with Business & Economics categories.

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Monetary Union Employment And Growth

DOWNLOAD
Author : Pier Carlo Padoan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2001-01-01

Monetary Union Employment And Growth written by Pier Carlo Padoan 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 2001-01-01 with Business & Economics categories.

'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.

Working Paper Summaries Wp 92 1 Wp 92 47

DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1992-08-01

Working Paper Summaries Wp 92 1 Wp 92 47 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 1992-08-01 with Business & Economics categories.

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

International Macroeconomics

DOWNLOAD
Author : Victor Argy
language : en
Publisher: Routledge
Release Date : 2013-01-11

International Macroeconomics written by Victor Argy and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-11 with Business & Economics categories.

International Macroeconomics: Theory and Policy offers phenomenal coverage across the entire subject of international macroeconoimics in an open economy context. The book has four objectives: * to describe the evolution of and experiences with global exchange rate regimes * to introduce the reader to a rigorous analysis of open economy models * to apply the model framework to address key policy issues * to review individual country experiences of macro policy

Discretionary Monetary Policy Versus Rules

DOWNLOAD
Author : Mr.Guy Meredith
language : en
Publisher: International Monetary Fund
Release Date : 1992-08-01

Discretionary Monetary Policy Versus Rules written by Mr.Guy Meredith 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 1992-08-01 with Business & Economics categories.

This paper compares the hypothetical performance of various monetary policy rules with that of the discretionary policies actually pursued in Japan over the 1986-91 period. The results suggest that simple rules based on targeting growth in either the money supply, nominal income, or prices would have failed to stabilize economic variables more successfully than discretionary policies. At the same time, it appears that an indicator of monetary conditions incorporating movements in the real exchange rate and the real interest rate would have been useful in assessing the effect of current policies on future activity.