Social welfare maximizing monetary policy rules
Macroprudential and monetary policy rules: a welfare analysis
... type rules for the LTV ratio so that it reacts inversely to variables such that the growth rates of GDP, credits, the credit-to-GDP ratio or house ...These rules can be a simple illustration of how a ...
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Macroprudential and monetary policy rules: a welfare analysis
... macroprudential policy to the monetary policy and its supportive role as a built- in ...the monetary policy can be supported by countercyclical prudential ...and monetary ...
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Social learning and monetary policy rules
... of social learning in a widely-studied mone- tary policy ...context. Social learning might be viewed as more descrip- tive of actual learning behavior in complex market ...a social learning ...
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Optimal simple monetary policy rules and welfare in a DSGE Model for Hungary
... of monetary policy is the nominal interest rate, ...instrument, monetary policy has influence on the economy through two ...appropriate monetary policy response, the central bank ...
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
... formal welfare analysis using higher-order ...simple policy rule that maximizes the unconditional mean of ...for monetary policy would have avoided the double-digit rates of in‡ation of the ...
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Essays in Monetary Policy Rules
... 148 In July 2008, the Bank of Namibia introduced the seven day refinancing facility which is based on the repurchase agreements (repos) as the main tool of accommodating banking institutions at an interest rate ...
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Flexible monetary policy rules
... of social desirability (see ...Taylor Rules can be derived from the solution of an optimization problem in which the Central Bank minimises a loss function that depends on the joint deviations of inflation ...
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Monetary policy and welfare in a currency union
... compute welfare in the monetary union regime and then compare it with a counterfactual scenario where the two countries split and adopt national currencies, keeping identical Taylor rules but basing ...
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Optimal monetary and fiscal policy rules, welfare gains and exogenous shocks in an economy with default risk
... As well as explaining the reason for a quadratic term for the premium difference in the second- order approximated utility function, we now expand our introduction to our model. In our setting, there are both safe assets ...
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Monetary Policy Rules with Financial Instability
... of monetary policy in the face of financial instability, we extend the standard dynamic stochastic general equilibrium model to include a financial ...then monetary policy responding instantly ...
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Monetary policy and Tobin taxes: a welfare analysis
... Optimal policy maximizes a quadratic approximation of the household’s utility, a feature of recent papers on optimal monetary policy in small open economies (see, for example, Gali and Monacelli, ...
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Monetary Policy and Welfare in a Small Open Economy
... In order to verify how robust the results presented in the previous section are (specially regarding the validity of producer price in‡ation targeting), some sensitivity analysis should be conducted . However, as shown ...
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The Influence of Monetary and Fiscal Policies on Social Welfare
... Abstract The paper analyses the way in which monetary and fiscal policy influences the performances of economic growth and social welfare.. The analysis is made on the basis of a dynamic model ...
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The implementation of monetary and fiscal rules in the EMU: a welfare-based analysis
... and Policy Analysis of Collegio Carlo Alberto and of the second FIW Research Conference on "International Economics" in Vienna for comments on previous versions of the ...
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International policy coordination and simple monetary policy rules
... global welfare depends only on the variance of the disutility of work effort (see equation ...A monetary contraction is therefore required to stabilize marginal costs and thus the ...this monetary ...
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Revenue-maximizing monetary policy
... The computational experiments show the change in the present value of real seigniorage revenue for different values of the inflation rate a,nd the reserve ratio.. The economy is po[r] ...
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Monetary Policy Rules
... This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Monetary Policy Rules Volume Author/Editor: John B. Taylor, editor Volume Publisher: ...
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On the Welfare Costs of Monetary Policy
... of monetary policy changes on the welfare in the ...the welfare costs respond symmetrically to a rise and a decline in trend inflation, trend growth and the level of volatility of output, ...
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An analysis of monetary policy rules
... These analytic results confirm what numerical studies on more general models have typically found, and demonstrate the sensitivity of Ball's (1999) result showing nomin[r] ...
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Monetary policy rules and indterminacy
... In recent papers (especially, Duport, 2001; Carlstrom and Fuerts, 2005; Kurozumi and Zandweghe, 2007; and Benhabib and Eusepi, 2005; Sveen and Weinke, 2005; Kurozumi, 2006; Huang, Meng, 2007; Xiao, 2008) it is shown that ...
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