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Evaluating Simple Monetary-policy Rules
"... Generally, the ultimate objectives of monetary policy are low and stable inflation and maximum sustainable economic growth. Central banks have increasingly sought to achieve these goals through the formulation of formal inflation targets. In pursuing such a target, most central banks use an overnigh ..."
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Generally, the ultimate objectives of monetary policy are low and stable inflation and maximum sustainable economic growth. Central banks have increasingly sought to achieve these goals through the formulation of formal inflation targets. In pursuing such a target, most central banks use
An Encompassing Framework for Evaluating Simple Monetary Policy Rules
, 1999
"... Taylor and others have argued that model stability requires interest rate policy rules have an inflation feedback parameter greater than one. In this paper we build an encompassing framework to analyse the stability conditions of various policy rules on Taylor's model and in a world where there ..."
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Cited by 11 (7 self)
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Taylor and others have argued that model stability requires interest rate policy rules have an inflation feedback parameter greater than one. In this paper we build an encompassing framework to analyse the stability conditions of various policy rules on Taylor's model and in a world where
Discussion of ‘Evaluating Simple Monetary-policy Rules for Australia
- in PW Lowe (ed), Monetary Policy and Inflation Targeting, Proceedings of a Conference, Reserve Bank of Australia
, 1997
"... Once the objective of monetary policy has been established, the next question is how best to achieve this objective. With central banks increasingly focusing on the objective of maintaining low and stable rates of inflation, research on the question of how best to accomplish this objective has expan ..."
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Cited by 1 (0 self)
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rules proceeds in two steps. In the first step, they examine the stochastic behaviour of the Australian economy under several familiar types of monetary-policy rules, including a nominal-income rule, an inflation-only rule, a Taylor rule and a price-level rule. All the rules are constrained
Robustness of simple monetary policy rules under model uncertainty
- MONETARY POLICY RULES
, 1999
"... In this paper, we investigate the properties of alternative monetary policy rules using four structural macroeconometric models: the Fuhrer-Moore model, Taylor’s Multi-Country Model, the MSR model of Orphanides and Wieland, and the FRB staff model. All four models incorporate the assumptions of rat ..."
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Cited by 240 (31 self)
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In this paper, we investigate the properties of alternative monetary policy rules using four structural macroeconometric models: the Fuhrer-Moore model, Taylor’s Multi-Country Model, the MSR model of Orphanides and Wieland, and the FRB staff model. All four models incorporate the assumptions
An Inventory of Simple Monetary Policy Rules in a New Keynesian Macroeconomic Model ∗
, 2003
"... We derive necessary and sufficient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The monetary r ..."
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Cited by 4 (1 self)
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We derive necessary and sufficient conditions for simple monetary policy rules that guarantee equilibrium determinacy in the New Keynesian monetary model. Our modeling framework is derived from a fully specified optimization model that is still amenable to analytical characterisation. The monetary
Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate
- International Journal of Central Banking
, 2008
"... Recent treatments of the issue of a zero floor on nominal interest rates have been subject to some important method-ological limitations. These include the assumption of perfect foresight or the introduction of the zero lower bound as an initial condition or a constraint on the variance of the inter ..."
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Cited by 50 (0 self)
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discretionary policy, while constant price-level targeting delivers losses that are only 60 percent larger than those under the optimal rule. Even though the unconditional performance of simple instru-ment rules is almost unaffected by the presence of the zero lower bound, conditional on a strong deflationary
Incomplete Exchange Rate Pass-Through and Simple Monetary Policy Rules
- Journal of International Money and Finance
, 2007
"... The performance of various monetary rules is investigated in an open economy with incomplete exchange rate pass-through. Implementing monetary policy through an exchange-rate augmented policy rule does not improve social welfare compared to using an optimized Taylor rule, irrespective of the degree ..."
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Cited by 13 (0 self)
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The performance of various monetary rules is investigated in an open economy with incomplete exchange rate pass-through. Implementing monetary policy through an exchange-rate augmented policy rule does not improve social welfare compared to using an optimized Taylor rule, irrespective of the degree
Uncertainty and Simple Monetary Policy Rules - An illustration for the United Kingdom
, 1999
"... 5 1 Introduction 7 2 Monetary policy and uncertainty 7 3 Method 13 4 Results 21 5 Conclusions 29 Data Appendix 32 References 34 5 Abstract We investigate the effects of additive and multiplicative uncertainty upon the stabilisation properties of a simple base money rule for monetary policy. Using ..."
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Cited by 9 (0 self)
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5 1 Introduction 7 2 Monetary policy and uncertainty 7 3 Method 13 4 Results 21 5 Conclusions 29 Data Appendix 32 References 34 5 Abstract We investigate the effects of additive and multiplicative uncertainty upon the stabilisation properties of a simple base money rule for monetary policy
Simple Monetary Policy Rules in an Open- Economy, Limited-Participation Model
, 2003
"... The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. iii Contents ..."
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Cited by 4 (0 self)
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The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of Canada. iii Contents
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