Optimal Monetary Policy under Uncertainty, Second Edition
Title | Optimal Monetary Policy under Uncertainty, Second Edition PDF eBook |
Author | Richard T. Froyen |
Publisher | Edward Elgar Publishing |
Pages | 466 |
Release | 2019 |
Genre | Mathematical optimization |
ISBN | 1784717193 |
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Optimal Monetary Policy Under Uncertainty
Title | Optimal Monetary Policy Under Uncertainty PDF eBook |
Author | Richard T. Froyen |
Publisher | |
Pages | 0 |
Release | 2007 |
Genre | Mathematical optimization |
ISBN |
Optimal Monetary Policy Under Model Uncertainty Without Commitment
Title | Optimal Monetary Policy Under Model Uncertainty Without Commitment PDF eBook |
Author | Anna Orlik |
Publisher | |
Pages | |
Release | 2013 |
Genre | |
ISBN |
Optimal Monetary Policy with Uncertainty
Title | Optimal Monetary Policy with Uncertainty PDF eBook |
Author | Roger Craine |
Publisher | |
Pages | 34 |
Release | 1977 |
Genre | Monetary policy |
ISBN |
Monetary Policy Under Uncertainty
Title | Monetary Policy Under Uncertainty PDF eBook |
Author | Rhys R Mendes |
Publisher | |
Pages | 44 |
Release | 2017 |
Genre | Monetary policy |
ISBN |
Optimal Monetary Policy Under Bounded Rationality
Title | Optimal Monetary Policy Under Bounded Rationality PDF eBook |
Author | Jonathan Benchimol |
Publisher | International Monetary Fund |
Pages | 52 |
Release | 2019-08-02 |
Genre | Business & Economics |
ISBN | 1498324584 |
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia regarding the output gap, revenue, or interest rate. To the extent that bygones are not bygones under price level targeting, rational inflation expectations is a minimal condition for optimality in a behavioral world. Instrument rules implementation of this optimal policy is shown to be infeasible, questioning the ability of simple rules à la Taylor (1993) to assist the conduct of monetary policy. Bounded rationality is not necessarily associated with welfare losses.
Optimal Monetary Policy with Uncertainty about Financial Frictions
Title | Optimal Monetary Policy with Uncertainty about Financial Frictions PDF eBook |
Author | Richhild Moessner |
Publisher | |
Pages | 32 |
Release | 2006 |
Genre | |
ISBN |