The Empirics Of Monetary Policy Rules In Open Economies
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The Empirics Of Monetary Policy Rules In Open Economies
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Author : Richard H. Clarida
language : en
Publisher:
Release Date : 2001
The Empirics Of Monetary Policy Rules In Open Economies written by Richard H. Clarida and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Foreign exchange rates categories.
The Empirics Of Monetary Policy Rules In Open Economies
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Author : Richard H. Clarida (Professor of Economics and International Affairs.)
language : en
Publisher:
Release Date : 2001
The Empirics Of Monetary Policy Rules In Open Economies written by Richard H. Clarida (Professor of Economics and International Affairs.) 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.
The Empirics Of Monetary Policy Rules In Open Economics
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Author : Richard H. Clarida
language : en
Publisher:
Release Date : 2001
The Empirics Of Monetary Policy Rules In Open Economics written by Richard H. Clarida and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Economics categories.
Policy Rules For Open Economies
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Author : Laurence Ball
language : en
Publisher:
Release Date : 1998
Policy Rules For Open Economies written by Laurence Ball and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Foreign exchange rates categories.
This paper examines the choice of a monetary-policy rule in a simple macroeconomic model. In a closed economy, the optimal policy is a output and inflation. In an open economy, the optimal rule changes in two ways. First, the policy instrument is a Conditions Index the exchange rate. Second, on the right side of the rule, inflation is replaced by filters out the transitory effects of exchange-rate movements. The model also implies that pure inflation targeting is dangerous in an open economy, because it creates large fluctuations in exchange rates and output. Targeting long-run inflation avoids this problem and produces a close approximation to the optimal instrument rule.
Monetary Policy Rules
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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.
The Timeless Perspective Vs Discretion
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Author : Alfred V. Guender
language : de
Publisher:
Release Date : 2007
The Timeless Perspective Vs Discretion written by Alfred V. Guender and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
This paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP)involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount factor as well as IS and Phillips Curve parameters. This isin sharp contrast to a closed economy where the target rule depends only on the changein the output gap, the current rate of inflation and the structural parameter in the Phillips Curve. Because of the additional history dependence in an open economy, price level targeting is no longer consistent with optimal policy. If a real exchange rate channel does not exist in the Phillips Curve, monetary policy eases in the wake of a positive cost-push disturbance under policy from a TP and is thus diametrically opposed to same under discretion. Maximum gains accrue from commitment relative to discretion in an open economy where the real exchange rate is absent from the Phillips Curve and the policymaker places strong emphasis on maintaining price stability.
Stabilization Policies In Open Economies
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Author : Richard C. Marston
language : en
Publisher:
Release Date : 1983
Stabilization Policies In Open Economies written by Richard C. Marston and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Foreign exchange categories.
This study analyzes the theory of stabilization policy as it has developed from the trade oriented models of the 1950's to the recent models employing rational expectations. Throughout the study one model is presented with appropriate modifications to take into account international capital mobility, wage flexibility, and rational expectations. The Mundell-Fleming model is presented but with an asset sector based on modern portfolio theory. This same model is analyzed under conditions of full wage and price flexibility, and the propositions associated with the monetary approach to the balance of payments and the exchange rate are discussed. A simplified version of the model is then used to examine the policy ineffectiveness propositions of the new classical economics (as applied to open economies). The study concludes with a brief review of the literature on the choice between exchange rate regimes.
Monetary Policy Rule In Theory And Practice
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Author : Nicolas Barbaroux
language : en
Publisher: Routledge
Release Date : 2013-08-21
Monetary Policy Rule In Theory And Practice written by Nicolas Barbaroux and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-08-21 with Business & Economics categories.
This new volume sheds new light on current monetary issues, in particular the debate on monetary policy making, by blending theoretical economic analysis, history of economics, and historical case studies. A discretionary monetary policy refers to cases in which the central bank is free to change its policy actions or key instruments when the need arises, whilst a monetary policy rule can be defined as a commitment from (independent) central banks to reach one or several objective(s) by way of systematic policy actions. This book uses case studies from France and Sweden, and places them in the context of Keynes’ argument from his 1923 ‘Tract on Monetary Reforms’, to support the argument that the use of discretionary practices within a monetary policy rule (such as in the Gold Standard era) is the best approach. This book takes an innovative approach in combining a theoretical analysis (mainly the work of New Neoclassical Synthesis throughout Woodford's model) a history of economic thought analysis (based on the monetary works from Wicksell, Cassel and Keynes) and an historical study of central bank practices both in France (based on Bank of France archives materials) and in Sweden. The final section of the book explores the debate on monetary policy rule in light of the 2008 financial crisis. As such, the book provides a unique synthesis that will be of interest not only to scholars of history of economic thought and economic theory, but also to anyone with an interest in monetary economics and contemporary monetary policy.
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.
Alternative Monetary Policy Rules For Small Open Economies
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Author : Richard T. Froyen
language : en
Publisher:
Release Date : 1998
Alternative Monetary Policy Rules For Small Open Economies 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 1998 with Monetary policy categories.