Monetary Policy Under Uncertainty And Learning
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Author | : Richard T. Froyen |
Publisher | : Edward Elgar Publishing |
Total Pages | : 341 |
Release | : 2008-01-01 |
Genre | : Business & Economics |
ISBN | : 1847208649 |
Download Optimal Monetary Policy Under Uncertainty Book in PDF, Epub and Kindle
Froyen and Guender have provided a thorough and careful analysis of optimal monetary policy over most of the range of theoretical models that have been used in modern macroeconomics. By providing a comprehensive and clear comparative framework they will help the student of monetary policy understand why there have been conflicting views of what policy makers should do. Central Banking In Optimal Monetary Policy Under Uncertainty, academicians and economists Richard T. Froyen and Alfred V. Guender have collaborated on presenting an informed and informative survey of optimal monetary policy literature arising during the 1970s and 1980s as a ground work for understanding current market and other economic influences on such germane issues as discretion versus commitment, target versus instrument rules, and the delegation of policy making authority within the private and public sectors. With meticulous attention to scholarship and objectivity. . . Optimal Monetary Policy Under Uncertainty is a thoughtful and thought-provoking body of work that is very strongly recommended for professional, academic, corporate and governmental economic reference collections and supplemental reading lists. Midwest Book Review Recently there has been a resurgence of interest in the study of optimal monetary policy under uncertainty. This book provides a thorough survey of the literature that has resulted from this renewed interest. The authors ground recent contributions on the science of monetary policy in the literature of the 1970s, which viewed optimal monetary policy as primarily a question of the best use of information, and studies in the 1980s that gave primacy to time inconsistency problems. This broad focus leads to a better understanding of current issues such as discretion versus commitment, target versus instrument rules, and the merits of delegation of policy authority. Casting a wide net, the authors survey the recent literature on the New Keynesian approach to optimal monetary policy in the context of the earlier literature. They emphasize the relationship between policy decisions and the information set available to the policymaker, a central focus of the earlier literature, obscured in much recent work. Optimal policy questions are considered in open as well as closed economy models and the often confusing terminology in the literature is sorted and clarified. Questions are considered within easily analysed models and the authors clearly show why these models lead to different (or equivalent) policy conclusions. Recent policy issues such as desirability of inflation targeting and the relative merits of target versus instrument rules are covered in detail. Economists in academia and in policymaking organizations who want to learn about recent developments in the area of optimal monetary policy, as well as graduate and advanced undergraduate students in macroeconomic and monetary economics, will find this volume a clear and thorough examination of the topic.
Author | : Klaus Schmidt-Hebbel |
Publisher | : |
Total Pages | : 601 |
Release | : 2009 |
Genre | : Banks and banking, Central |
ISBN | : 9789567421329 |
Download Monetary Policy Under Uncertainty and Learning Book in PDF, Epub and Kindle
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 1988-12-27 |
Genre | : Business & Economics |
ISBN | : 1451943148 |
Download Model Uncertainty. Learning, and the Gains from Coordination Book in PDF, Epub and Kindle
The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.
Author | : Klaus Schmidt-Hebbel |
Publisher | : |
Total Pages | : 12 |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Monetary Policy Uncertainty and Learning Book in PDF, Epub and Kindle
Author | : John B. Taylor |
Publisher | : University of Chicago Press |
Total Pages | : 460 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226791262 |
Download Monetary Policy Rules Book in PDF, Epub and Kindle
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.
Author | : James Yetman |
Publisher | : |
Total Pages | : 27 |
Release | : 2000 |
Genre | : Economic forecasting |
ISBN | : 9780662290025 |
Download Probing Potential Output Book in PDF, Epub and Kindle
Author | : Gustavo Adler |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 2016-03-23 |
Genre | : Business & Economics |
ISBN | : 1475547234 |
Download Foreign Exchange Intervention under Policy Uncertainty Book in PDF, Epub and Kindle
We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.
Author | : Alan S. Blinder |
Publisher | : MIT Press |
Total Pages | : 116 |
Release | : 1999-01-07 |
Genre | : Business & Economics |
ISBN | : 9780262522601 |
Download Central Banking in Theory and Practice Book in PDF, Epub and Kindle
Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."
Author | : Brian Sack |
Publisher | : |
Total Pages | : 0 |
Release | : 1998 |
Genre | : |
ISBN | : |
Download Uncertainty, Learning, and Gradual Monetary Policy Book in PDF, Epub and Kindle
Author | : Kosuke Aoki |
Publisher | : |
Total Pages | : 56 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Uncertainty About Perceived Inflation Target and Monetary Policy Book in PDF, Epub and Kindle
We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Under those two uncertainties, the learning process of both private agents and the central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also find that the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes.