Search
Now showing items 11-15 of 15
Inflation Targeting, Announcements, and Imperfect Credibility
(Vanderbilt University, 2001)
In virtually all theoretical studies of inflation targeting, the announced inflation target is treated as being fully credible. However, inflation targeting policies have typically been implemented after protracted periods ...
Is Forward-Looking Inflation Targeting Destabilizing? The Role of Policy's Response to Current Output under Endogenous Investment
(Vanderbilt University, 2007)
In sticky price models with endogenous investment, virtually all monetary policy rules that set a nominal interest rate in response solely to future inflation induce real indeterminacy of equilibrium. Applying the ...
Data Revisions, Gradualism, and US Inflation Pressure in Real Time
(Vanderbilt University, 2011)
Uncertainties associated with the informational content of real-time data and the impact of policy initiatives on expectations have been offered as rationales for gradualism in monetary policy. Our objective is to assess ...
Intergenerational Intermediation and Altruistic Preferences
(Vanderbilt University, 2011)
The paper analyzes the intermediation role of government under the assumption that it has an advantage over the private sector in collecting uncollateralized loan payments. It isshown that a government loan program may ...
The Friedman Rule in an Overlapping Generations Model:Social Security in Reverse
(Vanderbilt University, 2007)
The welfare gains from adopting a zero nominal interest policy depend on the implementation details. Here I focus on a government loan program that crowds out lending and borrowing and other money substitutes. Since money ...