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Rules, discretion, and reputation in a model of monetary policy
- JOURNAL OF MONETARY ECONOMICS
, 1983
"... In a discretionary regime the monetary authority can print more money and create more inflation than people expect. But, although these inflation surprises can have some benefits, they cannot arise systematically in equilibrium when people understand the policymakor's incentives and form their ..."
Abstract
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Cited by 812 (9 self)
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their expectations accordingly. Because the policymaker has the power to create inflation shocks ex post, the equilibrium growth rates of money and prices turn out to be higher than otherwise. Therefore, enforced commitments (rules) for monetary behavior can improve matters. Given the repeated interaction between
Inflation and Growth
, 1996
"... In recent years, many central banks have placed increased emphasis on price stability. Monetary policyâwhether expressed in terms of interest rates or growth of monetary aggregatesâhas been increasingly geared toward the achievement of low and stable inflation. Central bankers and most other obs ..."
Abstract
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Cited by 3577 (23 self)
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In recent years, many central banks have placed increased emphasis on price stability. Monetary policyâwhether expressed in terms of interest rates or growth of monetary aggregatesâhas been increasingly geared toward the achievement of low and stable inflation. Central bankers and most other
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets
, 1996
"... Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how qui ..."
Abstract
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Cited by 679 (48 self)
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Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how
Research Articles Capital market imperfections in a monetary growth modelw
, 1996
"... Summary. We consider a monetary growth model essentially identical to ..."
~c:. Budget Deficit and Monetary Growth Targets: Macroeconomic Consequences in an optimizing Model
"... Budget deficit and monetary growth targets: macroeconomic consequences in an optimizing model ..."
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Budget deficit and monetary growth targets: macroeconomic consequences in an optimizing model
Decreasing Marginal Impatience in a Monetary Growth Model
, 2004
"... Unlike the standard assumption that the degree of impatience, measured by the rate of time preference, is increasing in wealth, empirical studies support that impatience is marginally decreasing. By introducing decreasing marginal impatience into the neoclassical monetary growth model á la Sidrauski ..."
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Unlike the standard assumption that the degree of impatience, measured by the rate of time preference, is increasing in wealth, empirical studies support that impatience is marginally decreasing. By introducing decreasing marginal impatience into the neoclassical monetary growth model á la
Optimal Monetary Growth with Accomodating Fiscal Policy in a Small Open Economy
, 1986
"... This paper emphasizes how the choice of the optimal monetary growth rate in a small open economy under perfect capital mobility depends upon the accommodating policy chosen to maintain the overall budget constraint in the economy. When this occurs through lump sum taxation, the optimal monetary grow ..."
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This paper emphasizes how the choice of the optimal monetary growth rate in a small open economy under perfect capital mobility depends upon the accommodating policy chosen to maintain the overall budget constraint in the economy. When this occurs through lump sum taxation, the optimal monetary
Futures Markets and the Fluctuations in Inflation, Monetary Growth, and Asset Returns
- Success and Failure of Futures Contracts: Theory and Empirical Evidence” Monograph Series in Finance and Economics, Salomon Brothers Center for the Study of Financial Institutions
, 1986
"... (Article begins on next page) The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters. Citation Barro, Robert J. 1986. Futures markets and the fluctuations ininflation, monetary growth, and asset returns. Journal of Business ..."
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Cited by 2 (0 self)
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(Article begins on next page) The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters. Citation Barro, Robert J. 1986. Futures markets and the fluctuations ininflation, monetary growth, and asset returns. Journal of Business
Dynamics in a Transactions-Based Monetary Growth Model
, 2000
"... This paper examines the dynamic properties of a monetary endogenous growth model in which money is introduced into the system via a transactions-cost technology. A monetary equilibrium that either satisfies the Friedman rule of the optimum quantity of money or accommodates the zero-inflation-rate po ..."
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Cited by 5 (0 self)
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This paper examines the dynamic properties of a monetary endogenous growth model in which money is introduced into the system via a transactions-cost technology. A monetary equilibrium that either satisfies the Friedman rule of the optimum quantity of money or accommodates the zero
Financial instability, oligopolistic banking, and monetary growth
, 2001
"... This paper analyses the dynamics of a monetary economy which is characterized by increasing returns to scale in financial intermediation. Due to the non–convexity, two stationary monetary equilibria may exist. The first equilibrium is a saddle with high economic activity and high competition in ban ..."
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This paper analyses the dynamics of a monetary economy which is characterized by increasing returns to scale in financial intermediation. Due to the non–convexity, two stationary monetary equilibria may exist. The first equilibrium is a saddle with high economic activity and high competition
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