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  1. Persistent habits, optimal monetary policy inertia and interest rate smoothing
    Author: Corrado, Luisa; Holly, Sean; Raissi, Mehdi
    Published: 2012
    Publisher:  Univ. of Cambridge, Dep. of Applied Economics, Faculty of Economics, Cambridge

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 123 (2012,47)
    Inter-library loan:
    No inter-library loan
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 1810/243970
    Series: Cambridge working papers in economics ; 1247
    Subjects: Multiplicative habits; interest rate inertia; optimal monetary policy
    Scope: Online-Ressource (PDF-Datei: 29 S.), graph. Darst.
  2. Transmission Lags and Optimal Monetary Policy
    Author: Flamini, Alessandro
    Published: 2012
    Publisher:  University of Pavia, Department of Economics and Quantitative Methods, Pavia

    Real world monetary policy is complicated by long and variable lags in the transmission of the policy to the economy. Most of the policy models, however, abstracts from policy lags. This paper presents a model where transmission lags depend on the... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 157 (2012,166)
    Inter-library loan:
    No inter-library loan

     

    Real world monetary policy is complicated by long and variable lags in the transmission of the policy to the economy. Most of the policy models, however, abstracts from policy lags. This paper presents a model where transmission lags depend on the behaviour of a two-sector supply side of the economy and focuses on how lag length and variability affect optimal monetary policy. The paper shows that optimal monetary policy should respond more to the sector with the shortest transmission lag and that the presence of production links among sectors amplifies this response. Furthermore, the shorter or more variable the aggregate transmission lag, the more active the overall policy and the larger the response to the sector with the shortest transmission lag. Finally, the relative strength of the response to inflation and output gap depends on the intensity of the sectoral production links, and on the length of the transmission lags. Only with reasonable production links should the optimal policy respond more to in?ation than to the output gap in line with the empirical evidence.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/95334
    Series: Quaderni di Dipartimento ; 166
    Subjects: Inflation targeting; monetary policy transmission mechanism; policy transmission lags; multiplicative uncertainty; Markov jump linear quadratic systems; optimal monetary policy
    Scope: Online-Ressource