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Optimal Monetary Policy in a TwoCountry World with Inflation Per
The Design of Optimal Monetary Policy in a Monetary Union1
Measuring the Credibility of Inflation Targeting Regimes
2 other sections not shown
aggregate demand aggregate output analysis Batini behavior Canada Clarida coefficients cooperation credibility effect Ct+i demand shock disinflation dynamic elasticity of output equation estimated European Central Bank forecast errors framework gains from precommitment higher impulse responses indicating individual output inflation expectations inflation persistence inflation rate inflation targeting inflationary shock instrument interest rate elasticity Laubach and Posen linear literature loss function matrix Monetary Policy Rules NBER Working Paper nominal income nominal interest rate objective function optimal monetary policy optimal policy rule optimal rule optimal simple rule output and inflation output gap output in country parameters period loss function Phillips curve Pr.commitm.nt predetermined variables private sector r.spons Rational Expectations real contract wage real exchange rate real interest rate regime Rudebusch and Svensson standard deviation std d.v wag Sweden symm.tric symmetric Taylor transmission mechanism unconditional union-wide volatility Zealand zero