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Independent Monetary Policies and Social Equality
(Vanderbilt University, 2003)
The problem of monetary policy delegation is formulated as a two-stage game between the government and the central bank. In the first stage the government chooses the institutional design of the central bank. Monetary and ...
Independence Before Conservatism: Transparency, Politics, and Central Bank Design
(Vanderbilt University, 2002)
The problem of monetary policy delegation is formulated as a two-stage game between the government and the central bank. In the first stage the government chooses the institutional design of the central bank. Monetary and ...
Data Revisions, Gradualism, and US Inflation Pressure in Real Time
(Vanderbilt University, 2008)
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 ...
Government Leadership and Central Bank Design
(Vanderbilt University, 2002)
This article investigates the impact on economic performance of the timing of moves in a policy game between the government and the central bank for a government with both distributional and stabilization objectives. It ...
Economic Structure, Policy Objectives, and Optimal Interest Rate Policy at Low Inflation Rates
(Vanderbilt University, 2003)
In this article, the optimal interest rate rule generated by Svennson's (1997) dynamic model is used to determine the impact that a number of key structural characteristics have on the downward flexibility of interest rates ...
The Cost of Heterogeneity in a Monetary Union
(Vanderbilt University, 2001)
In this paper, we explore whether heterogeneity among union members could threaten the stability of the EMU. The types of heterogeneity we consider are (1) asymmetries in the transmission of monetary and fiscal policies, ...
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 ...
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 ...