Central Bank transparency and private information in a dynamic macroeconomic model
In: Working paper 455
30 Ergebnisse
Sortierung:
In: Working paper 455
In: Journal of economic dynamics & control, Band 10, Heft 1-2, S. 333-338
ISSN: 0165-1889
In: The Manchester School, Band 71, Heft 1, S. 78-88
ISSN: 1467-9957
Distribution dynamics and convergence are re–examined in the light of a consistencyrequirement for the ergodic distribution. The twin peaks phenomenon is reassessed using relative income and log relative income distributions.
In: Journal of economic dynamics & control, Band 16, Heft 2, S. 339-357
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 34, Heft 3, S. 456-471
ISSN: 0165-1889
This paper compares two contrasting approaches to robust monetary policy design. The first developed by Hansen and Sargent (2003, 2007) assumes unstructured model uncertainty and uses a minimax robustness criterion to design monetary rules. This contrasts with an older literature that structures uncertainty by seeking rules that are robust across competing views of the economy. This paper carries out and compares robust design exercises using both approaches using a standard 'canonical New Keynesian model'. We pay particular attention to a number of issues: First, we distinguish three possible forms of the implied game between malign nature and the policymaker in the Hansen-Sargent procedure. Second, in both approaches, we examine the consequences for robust rules of the zero lower bound (ZLB) constraint on the nominal interest rate, the monetary instrument. Finally, again for both types of robustness exercise we explore the implications of policy design when the policymaker is obliged to use simple Taylor-type interest rate rules.
BASE
In: ECB Working Paper No. 899
SSRN
In: Discussion paper series 1800
In: International macroeconomics
In: Working paper series 643
In: Journal of economic dynamics & control, Band 36, Heft 7, S. 1057-1074
ISSN: 0165-1889
In: IMF Working Papers, S. 1-78
SSRN
In: Journal of monetary economics, Band 55, Heft 7, S. 1253-1276
In: Journal of economic dynamics & control, Band 32, Heft 10, S. 3315-3349
ISSN: 0165-1889
In: ECB Working Paper No. 709
SSRN
SSRN