Download or read book NAIRU Uncertainty and Nonlinear Policy Rules written by Laurence H. Meyer and published by . This book was released on 2001 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Non Accelerating Inflation Rate of Unemployment NAIRU Uncertainty and Nonlinear Policy Rules written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Federal Reserve Board presents the full text of the January 2, 2001 article entitled "Non-Accelerating-Inflation Rate of Unemployment (NAIRU) Uncertainty and Nonlinear Policy Rules," written by Laurence H. Meyer, Eric T. Swanson, and Volker W. Wieland. The text is available in PDF format and is part of the Finance and Economics Discussion Series. This paper provides a theoretical justification for a nonlinear policy rule and includes some evidence on the performance of linear and nonlinear rules when there is uncertainty about the NAIRU.
Download or read book NAIRU Uncertainty and Nonlinear Policy Rules written by Laurence H. Meyer and published by . This book was released on 2001 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Simple Monetary Policy Rules Under Model Uncertainty written by Ann-Charlotte Eliasson and published by International Monetary Fund. This book was released on 1999-05-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.
Download or read book Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility written by Mr.Peter Isard and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-01-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated as exogenous are distinguished from cases in which credibility and inflation expectations respond endogenuously policy credibility strengthens the case for forward-looking inflation forecast based rules relative to backward-looking Taylor rules.
Download or read book Inflation Targeting with Non Accelerating Inflation Rate of Unemployment NAIRU Uncertainty and Endogenous Policy Credibility written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) presents the full text of the January 2001 paper entitled "Inflation Targeting with Non-Accelerating-Inflation Rate of Unemployment (NAIRU) Uncertainty and Endogenous Policy Credibility," prepared by Peter Isard, Douglas Laxton, and Ann-Charlotte Eliasson. The paper uses stochastic simulations to compare performance of monetary policy rules in linear and nonlinear variants of a macroeconomic model with NAIRU uncertainty.
Download or read book Monetary Policy with Uncertain Inflation Persistence written by Mr. Luis Brandão-Marques and published by International Monetary Fund. This book was released on 2024-03-08 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: When uncertain about inflation persistence, central banks are well-advised to adopt a robust strategy when setting interest rates. This robust approach, characterized by a "better safe than sorry" philosophy, entails incurring a modest cost to safeguard against a protracted period of deviating inflation. Applied to the post-pandemic period of exceptional uncertainty and elevated inflation, this strategy would have called for a tightening bias. Specifically, a high level of uncertainty surrounding wage, profit, and price dynamics requires a more front-loaded increase in interest rates compared to a baseline scenario which the policymaker fully understands how shocks to those variables are transmitted to inflation and output. This paper provides empirical evidence of such uncertainty and estimates a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model for the euro area to derive a robust interest rate path for the ECB which serves to illustrate the case for insuring against inflation turning out to have greater persistence.
Download or read book Quantitative Economic Policy written by Reinhard Neck and published by Springer Science & Business Media. This book was released on 2008-03-04 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Econometric techniques and models are still being extensively used in the business of forecasting and policy advice. This book presents recent advances in the theory and applications of quantitative economic policy, with particular emphasis on fiscal and monetary policies in a European and global context. The volume honors Andrew Hughes Hallett, a pioneer and major scientist in quantitative economic policy analysis, whose contributors are among his friends and former students.
Download or read book Surviving the Slowdown written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 2002 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe has a new central bank. It must develop its version of accountability and public debate over monetary policies. It is natural for CEPR, as a network of policy-oriented academic economists, to contribute to the establishment of a new tradition. Monitoring the European Central Bank (MECB) brings together a group of economists internationally known for their work on macroeconomics and monetary policy. MECB will monitor the European economy and the work of the ECB. Its analyses will be presented to the public, including the European Parliament and the media. A full MECB report is published each year, complemented by an Update that draws on recent publications of the ECB.
Download or read book The Performance of Forecast based Monetary Policy Rules Under Model Uncertainty written by Andrew T. Levin and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary and Fiscal Policies in EMU written by Marco Buti and published by Cambridge University Press. This book was released on 2003-11-13 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Download or read book Reconstructing Keynesian Macroeconomics Volume 3 written by Carl Chiarella and published by Routledge. This book was released on 2014-12-17 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book represents the third of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. This book offers a full treatment of the interlinkages between the real and the financial markets, including an analysis of banking, credit, and endogenous money and asset markets. It remains critical of quite frequently used conventional macro models that have dropped the tradition of studying the macroeconomic feedback channels, well-known in the history of macroeconomics. Those feedback mechanisms are known to have the potential for instabilities with respect to real markets, price dynamics and financial markets. In this volume a particular emphasis is given to the financial-real interaction. The research in this book with its focus on Keynesian propagation mechanisms provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. The main conclusion of the work is that policy makers need to reconsider Keynesian ideas, but in the modern form in which they are expressed in this volume. Reconstructing Keynesian Macroeconomics will be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism. This book will also engage central bankers and macroeconomic policy makers.
Download or read book United Kingdom written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-08-28 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on the United Kingdom describes the issues related to the choice between different types of inflation targeting frameworks and the features of the Bank of England's framework. The paper focuses the trade-off between program costs, efficiency, and concerns about equity such as reduced poverty and improved income distribution. The study analyzes the main analytical framework to assess the gains and losses associated with joining the European Economic and Monetary Union, and also surveys a range of indicators of wage flexibility.
Download or read book Monetary Policy Rules Macroeconomic Stability and Inflation written by Athanasios Orphanides and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Anticipations of Monetary Policy in Financial Markets written by Joe Lange and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bank of Finland Discussion Papers written by and published by . This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Production Function Estimation with Industry Capacity Data written by Plutarchos Sakellaris and published by . This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
