Download or read book Essays on Monetary Policy and Learning written by Krisztina Molnár and published by . This book was released on 2006 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Monetary Policy and Learning written by Sarunas Girdenas and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Monetary Policy and Learning written by Girdenas Sarunas and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Monetary Policy Committees Learning and Expectations written by Anke Weber and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Adaptive Learning and Monetary Policy in an Open Economy written by Pisut Kulthanavit and published by . This book was released on 2008 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Learning Dynamics Monetary Policy and Macroeconomic Outcomes written by Man Chiu Wong and published by . This book was released on 2002 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Adaptive Learning with Applications to Monetary Policy written by Oliver Fries and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Monetary Policy and Learning written by Gabriela Best and published by . This book was released on 2010 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation is composed by three chapters that study monetary policy, international economics, and adaptive learning. The first and third chapters estimate New Keynesian DSGE models in order to examine the fear of floating phenomenon pervasive in emerging markets and the causes of the Great Inflation in the U.S. The first chapter estimates a small open economy model for the period after the 1994 crisis in Mexico. I find that the estimation of a Taylor rule for setting nominal interest rates favors a consistent response to the short-run nominal exchange rate post 1994. These results provide evidence that Mexico suffers from fear of floating. The second and the third chapters of my dissertation contribute to the studies of the implications of adaptive learning in monetary policy. The second chapter evaluates the desirability of policy rules that respond to wage inflation in a model with staggered price and wage setting in the context of determinacy and stability under adaptive learning. I find that, when the central bank responds to wage and price inflation and to the output gap a Taylor principle for wage and price inflation arises, but it is not necessarily related to stability under learning dynamics The third chapter proposed two potential channels through which monetary policy played a role in the Great Inflation. One approach holds that monetary policymakers during the 1970s preferred stabilizing output while post 1979 they preferred inflation stabilization. An alternative explanation contends that the Federal Reserve held misperceptions about the structure of the economy. The Great Inflation analysis incorporates policymakers that are learning adaptively and in that fashion, they form erroneous beliefs about the structure of the economy. The empirical results conclude that both channels are necessary to illustrate the role played by monetary policy in propagating and ending the Great Inflation. My dissertation results support Sargent's (1999) view that adaptive learning is a relevant mechanism affecting inflation policy.
Download or read book Essays on Imperfect Information Learning and Regime Shifts written by Niklas Johan Westelius and published by . This book was released on 2002 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Monetary Policy and Learning written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Resumen Mi tesis se basa en los resultados de least squares learning, que modela agentes individuales como econometricos: los agentes funcionan como regresiones, usan datos disponibles para formar sus expectativas. En el primer capítulo de mi tesis demuestro que la presencia de principiantes de learning en una economía se puede racionalizar incluso en coexistencia con los agentes racionales. En el segundo capítulo, examino cuál es la implicación en la política monetaria óptima cuando los agentes privados siguen aprendiendo con least squares learning. Este capítulo demuestra que la política monetaria óptima bajo learning introduce unas nuevas características del comportamiento de la política que no son presentes cuando los agentes privados tienen expectativas racionales. Abstract My thesis builds on the results of the least squares learning literature, which models individual agents as econometricians: agents are running least squares regressions using available data in order to form their expectations. I the ̄first chapter of my thesis I show that the presence of learners in an economy can be rationalized even in coexistence with rational agents. In the second chapter, I examine what is the implication on optimal policy when private agents follow learning. This chapter shows that optimal monetary policy under learning introduces new features of policy behavior that are not present under rational expectations.
Download or read book Essays in Monetary Policy and Comprehensive Income Accouting written by Meredith Jane Beechey and published by . This book was released on 2005 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays on Monetary Policy in a Small Open Economy written by Sarbari Banerjee-Rothe and published by . This book was released on 2001 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Learning and the Market Place written by Ian Maclean and published by BRILL. This book was released on 2009-06-17 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays examines the operation of the market for learned books in Early Modern Europe through a series of case studies. After an overview of general market conditions, issues raised by the transmission of knowledge and the economics of the book trade are addressed. These include the selection of copy, the role of legal and religious controls in the production and diffusion of texts, the paths open to authors to achieve publication, the finances and interaction of publishing houses, the margins of the European book trade in England and Portugal, and the development of bibliographical tools to assist purchasers in their pursuit of scholarly works.
Download or read book Monetary Policy Rules written by John B. Taylor and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Three Essays on Monetary Policy written by David B. Gordon and published by . This book was released on 1994 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Monetary Policy written by Anastasia S. Zervou and published by . This book was released on 2009 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Monetary Policy and Household Finance written by Ciaran James Rogers and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that examine the effects of different monetary policy tools on the the real economy and asset prices. In Chapter 1, I study the transmission of central bank asset purchases into the real economy of the Euro Area, while Chapter 2 instead focuses on the effect of more conventional interest rate policy on asset prices and risk premia. Chapter 3 demonstrates how the pass-through of more conventional policy rate changes depends on the monetary policy framework of the central bank. In the first chapter, I study the role of local banking systems in the propagation of ECB Quantitative Easing (QE) programs. I firstly document that local deposit markets are fragmented across country lines, but the assets held by banks backing the deposits are in more integrated markets. I then consider a multi-country New Keynesian model with heterogeneous banking sectors but common monetary policy. All banks can access collateral from the same union-wide asset market, using them to back liquid deposit liabilities that are issued locally. QE has real effects if it increases the quantity or quality of collateral available to the banking sector. I find that QE has a powerful effect across the currency union, raising output and inflation by 62bps and 60bps, respectively. The pass-through is very similar across countries, despite fragmented deposit markets, as all banks face the same reduction in the cost of collateral from the union-wide asset market. The overall impact increases significantly if the beginning of QE coincides with adjusting the policy rate rule to be a weaker counteracting force by making it less responsive to inflation. In the second chapter, co-authored with Matteo Leombroni, we study the role of the household portfolio rebalancing channel for the aggregate and redistributive effects of monetary policy. The transmission of monetary policy works not only through the usual income and substitution motives, but also through an endogenous portfolio rebalancing effect that generates changes in equilibrium asset prices and a consequent wealth effect on consumption. We introduce a heterogeneous household life-cycle model with multiple assets and combine it with an incomplete markets asset pricing framework. We model monetary policy shocks as a reduction in the expected return on safe assets. In equilibrium, the reduction in bonds investment prompts a portfolio rebalancing toward riskier assets, inducing an increase in asset prices and wealth. We find that, absent wealth effects, older cohorts reduce consumption as they face lower expected asset returns, while younger cohorts raise consumption as they can borrow more cheaply. This heterogeneity remains with wealth effects, but responses turn positive for all cohorts. Asset risk premia rise because the risk compensation effect (need for more returns to hold more risk) dominates the risk tolerance effect (positive wealth effect on risky asset holdings). Shutting down household heterogeneity flips the risk premia responses negative. In the third chapter, co-authored with Monika Piazzesi and Martin Schneider, we study a New Keynesian model with a banking system. The central bank targets the interest rate on short safe bonds that are held by banks to back inside money and hence earn convenience yield for their safety or liquidity. Central bank operating procedures matter. In a floor system, the reserve rate and the quantity of reserves are independent policy tools that affect banks' cost of safety. In a corridor system, increasing the interbank rate by making reserves scarce increases banks' cost of liquidity and generates strong pass-through to other rates of return, output and inflation. In either system, policy rules that do not respond aggressively to inflation -- such as an interest rate peg -- need not lead to self-fulfilling fluctuations. The stabilizing effect from an endogenous convenience yield is stronger when there are more nominal rigidities in bank balance sheets.
