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Using Taylor Rules as Efficiency Benchmarks
(Vanderbilt University, 2000)
In this article, benchmark Taylor rules are obtained as the solution to a dynamic programming problem in which interest rates are chosen to minimize the discounted sum of observed inflation and output variations. The ...
Quantifying Inflation Pressure and Monetary Policy Response in the United States
(Vanderbilt University, 2004)
We propose a methodology for constructing operational indices of inflation pressure, the monetary authority's effort to reduce this pressure, and the degree to which inflation pressure is alleviated. We begin with model ...
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 ...
Has Inflation Targeting Improved Monetary Policy? Evaluating Policy Effectiveness in Australia, Canada, and New Zealand
(Vanderbilt University, 2009)
The degree to which explicit inflation targets contribute to the success of price stabilization policies has not been conclusively established. To assess the impact of announced inflation targets on the effectiveness of ...
Inflation Income Redistribution and Optimal Central Bank Independence
(Vanderbilt University, 2001)
The problem of monetary policy delegation is formulated as a two-stage non-cooperative game between the government and the central bank. The solution to this policy game determines the optimal combination of central bank ...
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 ...
Policy Games and the Optimal Design of Central Banks
(Vanderbilt University, 2002)
This article studies the impact of alternative institutional configurations on economic performance when there is strategic interaction between the government and the central bank. The interaction between the fiscal 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 ...