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Displaying results 51 to 75 of 84.

  1. Should inequality factor into central banks' decisions?
    Author: Hansen, Niels-Jakob Harbo; Lin, Alessandro; Mano, Rui
    Published: [2023]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Series: Temi di discussione / Banca d'Italia ; number 1410 (April 2023)
    Subjects: inequality; optimal monetary policy; Taylor rules
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  2. Strike while the iron is hot
    optimal monetary policy with a nonlinear Phillips curve
    Author: Karadi, Peter; Nakov, Anton; Nuño, Galo; Pasten, Ernesto; Thaler, Dominik
    Published: August 2024
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Language: English
    Media type: Book
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    Edition: This version: August 7, 2024
    Series: BIS working papers ; no 1203
    Subjects: State-dependent pricing; large shocks; nonlinear Phillips curve; optimal monetary policy
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  3. 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

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    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.
  4. Should central bank respond to the changes in the loan to collateral value ratio and in the house prices?
    Author: Damjanovic, Tatiana; Girdenas, Sarunas
    Published: 2013
    Publisher:  Univ. of Exeter Business School, Exeter

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    Language: English
    Media type: Book
    Format: Online
    Series: Economics Department discussion paper series ; 13/03
    Subjects: optimal monetary policy; money supply; money multiplier; loan to value ratio; collateral constraint; house prices; zero bound interest rate
    Scope: Online-Ressource (31 S.), graph. Darst.
  5. Flexible rules cum constrained discretion: a new consensus in monetary policy
    Author: Arestis, Philip; Mihailov, Alexander
    Published: 2007
    Publisher:  Univ. of Reading, Dep. of Economics, Reading

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    Series: Discussion papers / University of Reading, Department of Economics ; 053
    Subjects: optimal monetary policy; flexible rules; constrained discretion; central bank independence; inflation targeting
    Scope: Online-Ressource (29 S.), graph. Darst.
  6. The performance of forecast-based monetary policy rules under model uncertainty
    Author: Levin, Andrew T.; Wieland, Volker; Williams, John C.
    Published: 2001
    Publisher:  Europ. Central Bank, Frankfurt am Main

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    Language: English
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Series: Working paper series / European Central Bank ; Eurosystem ; No. 68
    Subjects: Inflation Targeting; Geldpolitik; Aggregiertes Nationalmodell; LIMA <Modell, 1983>; HERMES-Modell; Prognoseverfahren; Theorie; Geldpolitik
    Other subjects: (stw)Inflationssteuerung; (stw)Geldpolitisches Ziel; (stw)Makroökonometrie; (stw)Prognoseverfahren; (stw)Theorie; inflation forecast targeting; optimal monetary policy; Arbeitspapier; Graue Literatur; Buch; Online-Publikation
    Scope: 51 S., graph. Darst., 30 cm
    Notes:

    Literaturverz. S. 47 - 51
  7. Credibility dynamics and disinflation plans
    Author: Kostadinov, Rumen; Roldán, Francisco
    Published: 2020
    Publisher:  International Monetary Fund, [Washington, DC]

    We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the... more

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    We study the optimal design of a disinflation plan by a planner who lacks commitment. Having announced a plan, the Central banker faces a tradeoff between surprise inflation and building reputation, defined as the private sector's belief that the Central bank is committed to the plan. Some plans are harder to sustain: the planner recognizes that paving out future grounds with temptation leads the way for a negative drift of reputation in equilibrium. Plans that successfully create low inflationary expectations balance promises of lower inflation with dynamic incentives that make them more credible. When announcing the disinflation plan, the planner takes into account these anticipated interactions. We find that, even in the zero reputation limit, a gradual disinflation is preferred despite the absence of inflation inertia in the private economy

     
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  8. More gray, more volatile?
    aging and (optimal) monetary policy
    Author: Baksa, Daniel; Munkacsi, Zsuzsa
    Published: 2019
    Publisher:  International Monetary Fund, [Washington, DC]

    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher... more

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    The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first, using this framework, to discuss how aging affects the transmission channels of monetary policy. We are also the first to examine aging and optimal central bank policies. As aging redistributes wealth among generations and the labor force becomes more scarce, our model suggests that aging makes monetary policy less effective and in more gray societies central banks should react more strongly to nominal variables

     
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  9. Benefits of gradualism or costs of inaction?
    monetary policy in times of uncertainty
    Author: Ferrero, Giuseppe; Pietrunti, Mario; Tiseno, Andrea
    Published: [2019]
    Publisher:  Banca d'Italia Eurosistema, [Rom]

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    Source: Union catalogues
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    Series: Temi di discussione / Banca d'Italia ; number 1205 (February 2019)
    Subjects: optimal monetary policy; parameter uncertainty; asymmetric information; natural rate of interest; Phillips curve
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  10. Optimal inflation with corporate taxation and financial constraints
    Author: Finocchiaro, Daria; Lombardo, Giovanni; Mendicino, Caterina; Weil, Philippe
    Published: [2017]
    Publisher:  ECARES, Brussels, Belgium

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    Format: Online
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    hdl: 2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/262613
    Series: ECARES working paper ; 2017, 50 (December 2017)
    Subjects: optimal monetary policy; Friedman rule; credit frictions; tax benefits of debt
    Scope: 1 Online-Ressource (circa 38 Seiten)
  11. Output hysteresis and optimal monetary policy
    Author: Garga, Vaishali; Singh, Sanjay R.
    Published: [2019]
    Publisher:  [University of California, Davis, Department of Economics], [Davis, CA]

    We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon termed as output hysteresis. In the model, incomplete stabilization of a temporary shortfall in demand... more

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    We analyze the implications for monetary policy when deficient aggregate demand can cause a permanent loss in potential output, a phenomenon termed as output hysteresis. In the model, incomplete stabilization of a temporary shortfall in demand reduces the return to innovation, thus reducing TFP growth and generating a permanent loss in output. Using a purely quadratic approximation to welfare under endogenous growth, we derive normative implications for monetary policy. Away from the zero lower bound (ZLB), optimal commitment policy sets interest rates to eliminate output hysteresis. A strict in ation targeting rule implements the optimal policy. However, when the nominal interest rate is constrained at the ZLB, strict in ation targeting is sub-optimal and admits output hysteresis. A new policy rule that targets output hysteresis returns the output to the pre-shock trend and approximates the welfare gains under optimal commitment policy. A central bank unable to commit to future policy actions suffers from hysteresis bias: it does not offset past losses in potential output.

     
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    Other identifier:
    hdl: 10419/244599
    Series: [Working papers / University of California, Davis, Department of Economics ; 331]
    Subjects: zero lower bound; optimal monetary policy; endogenous potential output; hysteresis bias
    Scope: 1 Online-Ressource (circa 91 Seiten), Illustrationen
  12. Expectations formation, sticky prices, and the ZLB
    Author: Bersson, Betsy; Hürtgen, Patrick; Paustian, Matthias
    Published: [2019]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and... more

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    At the zero lower bound (ZLB), expectations about the future path of monetary or fiscal policy are crucial. We model expectations formation under level-k thinking, a form of bounded rationality introduced by García-Schmidt and Woodford (2019) and Farhi and Werning (2017), consistent with experimental evidence. This process does not lead to a number of puzzling features from rational expectations models, such as the forward guidance and the reversal puzzle, or implausible large fiscal multipliers. Optimal monetary policy at the ZLB under level-k thinking prescribes keeping the nominal rate lower for longer, but short-run macroeconomic stabilization is less powerful compared to rational expectations.

     
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    ISBN: 9783957296269
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    hdl: 10419/204451
    Series: Discussion paper / Deutsche Bundesbank ; no 2019, 34
    Subjects: expectations formation; optimal monetary policy; New Keynesian model; zero lower bound; forward guidance puzzle; reversal puzzle; fiscal multiplier
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  13. Lending relationships and optimal monetary policy
    Author: Rocheteau, Guillaume; Wong, Tsz-Nga; Zhang, Cathy
    Published: [2018]
    Publisher:  [Krannert School of Management, Purdue University, Institute for Research in the Behavioral, Economic, and Management Sciences], [West Lafayette, Indiana]

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    Edition: This version: April 2018
    Series: Purdue University Economics Department working paper ; no. 1306
    Subjects: Credit relationships; banks; optimal monetary policy
    Scope: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  14. (Un)conventional policy and the effective lower bound
    Author: De Fiore, Fiorella; Tristani, Oreste
    Published: July 2019
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Series: BIS working papers ; no 804 (August 2019)
    Subjects: optimal monetary policy; unconventional policies; zero-lower bound; asymmetric information
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  15. 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

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    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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    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
  16. Limited Asset Market Participation: Does it Really Matter for Monetary Policy?
    Author: Ascari, Guido; Colciago, Andrea; Rossi, Lorenza
    Published: 2010
    Publisher:  University of Pavia, Department of Economics and Quantitative Methods, Pavia

    We study the design of monetary policy in an economy characterized by staggered wage and price contracts together with limited asset market participation (LAMP). Contrary to previous results, we find that once nominal wage stickiness, an... more

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    We study the design of monetary policy in an economy characterized by staggered wage and price contracts together with limited asset market participation (LAMP). Contrary to previous results, we find that once nominal wage stickiness, an incontrovertible empirical fact, is considered: i) the Taylor Principle is restored as a necessary condition for equilibrium determinacy for any empirically plausible degree of LAMP; ii) the effect of LAMP for the design of optimal monetary policy are minor; iii) optimal interest rate rules become active no matter the degree of asset market participation. For this reasons we argue that LAMP does not matter much for monetary policy.

     
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    hdl: 10419/95280
    Series: Quaderni di Dipartimento ; 124
    Subjects: optimal monetary policy; sticky wages; non-Ricardian household; determinacy; optimal simple rules
    Scope: Online-Ressource
  17. Optimal monetary policy in a new Keynesian model with animal spirits and financial markets
    Author: Lengnick, Matthias; Wohltmann, Hans-Werner
    Published: 2014
    Publisher:  Univ., Dep. of Economics, Kiel

    This paper relates to the literature on macro-finance-interaction models. We modify the boundedly rational New Keynesian model of De Grauwe (2010a) using a completely microfounded IS equation, and combine it with the agent-based financial market... more

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    This paper relates to the literature on macro-finance-interaction models. We modify the boundedly rational New Keynesian model of De Grauwe (2010a) using a completely microfounded IS equation, and combine it with the agent-based financial market model of Westerhoff (2008). For this purpose we derive four interactive channels between the financial and real sector where two channels are strictly microfounded. We analyze the impact of the different channels on economic stability and derive optimal (simple) monetary policy rules. We find that coefficients of optimal simple Taylor rules do not significantly change if financial market stabilization becomes part of the central bank’s objective function. Additionally, we show that rule-based, backward-looking monetary policy creates huge instabilities if expectations are boundedly rational.

     
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    hdl: 10419/104967
    Series: Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics ; 2014-12
    Subjects: Agent-based financial markets; New Keynesian macroeconomics; microfoundation; optimal monetary policy; unconventional monetary policy
    Scope: Online-Ressource (46 S.), graph. Darst.
  18. Employment, hours and optimal monetary policy
    Author: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Published: 2015
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady... more

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient level. Bargaining results in a convex 'wage curve' linking wages to hours. Since the steady-state real marginal wage is low, wages respond little to hours. As a result, firms overuse the hours margin at the expense of hiring, which makes hours too volatile. The Ramsey planner uses inflation as a instrument to dampen inefficient hours fluctuations.

     
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    ISBN: 9783957291158
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    hdl: 10419/106787
    Series: Discussion paper / Deutsche Bundesbank ; 01/2015
    Subjects: employment; hours; wage curve; optimal monetary policy
    Scope: Online-Ressource (40, [4] S.), graph. Darst.
  19. US monetary and fiscal policies
    conflict or cooperation?
    Author: Chen, Xiaoshan; Leeper, Eric M.; Leith, Campbell B.
    Published: 2015
    Publisher:  Univ. of Glasgow, Adam Smith Business School, Glasgow

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    Series: Discussion paper series / University of Glasgow, Adam Smith Business School ; 2015,14
    Subjects: Bayesian Estimation; interest rate rules; fiscal policy rules; optimal monetary policy; optimal fiscal policy; great moderation; commitment; discretion
    Scope: Online-Ressource (66 S.), graph. Darst.
  20. Optimal monetary policy, asset purchases, and credit market frictions
    conference paper
    Author: Schabert, Andreas
    Published: 2014
    Publisher:  ZBW, [Kiel

    We examine how borrowing constraints affect monetary transmission and the trade-off of a welfare maximizing central bank. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each... more

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    We examine how borrowing constraints affect monetary transmission and the trade-off of a welfare maximizing central bank. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each other. The credit market is distorted as borrowing is constrained by available collateral, while the distortion is amplified under higher nominal interest rates. We show that the central bank cannot implement first best and that optimal monetary policy mainly aims at stabilizing prices. We further demonstrate that central bank purchases of loans can alleviate the borrowing constraint and enhance social welfare.

     
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    Other identifier:
    hdl: 10419/100619
    Edition: Preliminary version: February 28, 2014
    Series: Array ; V3
    Subjects: Secured lending; nominal rigidities; optimal monetary policy; central bank asset purchases
    Scope: Online-Ressource (33 S.), graph. Darst.
  21. Preços relativos e política monetária no Brasil
    uma discussão a partir do Índice de Contribuição para o Desvio da Meta de Inflação (ICMI) e da desagregação do IPCA por natureza dos produtos
    Author: Martinez, Thiago Sevilhano
    Published: 2015
    Publisher:  IPEA, Brasília, DF

    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting... more

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    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting deviation Contribution Index (ITCI), which is an enhanced version of the index presented in Martinez and Cerqueira (2013). ITCI is applied to a disaggregation by type of product of the National Consumer Price Index (IPCA), in three levels. The observed trends, particularly the recent rise in services inflation, are discussed in the light of the new-Keynesian literature on optimal monetary policy under sectorial heterogeneity in price rigidity.

     
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    Language: Portuguese
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    hdl: 10419/121644
    Series: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 2055
    Subjects: relative prices; optimal monetary policy; inflation targeting; inflation decomposition; IPCA; ITCI
    Scope: Online-Ressource (60, [1] S.), graph. Darst.
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    Zsfassung in engl. Sprache
  22. The optimal monetary and fiscal policy mix in a financially heterogeneous monetary union
    Author: Palek, Jakob
    Published: 2015
    Publisher:  Univ., Dep. of Business Administration & Economics, Marburg

    Recent work on financial frictions in New Keynesian models suggest that there is a sizable spread between the risk-less interest rate and the borrowing rate. We analyze the optimal policy mix of monetary and fiscal authorities in a currency union... more

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    Recent work on financial frictions in New Keynesian models suggest that there is a sizable spread between the risk-less interest rate and the borrowing rate. We analyze the optimal policy mix of monetary and fiscal authorities in a currency union with a country-specific credit spread by introducing a cost channel differential. The cost channel decreases the efficiency of monetary policy and increases the need for fiscal stabilization. We show that the importance of fiscal policy in stabilizing shocks increases, when there is a gap in the inflation differential due to a relative shock, an idiosyncratic shock or a credit spread differential. The welfare losses will be increasing (decreasing) in the size of the cost channel, if the nominal interest rate is a demand- (supply-) side instrument.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/109686
    Series: Joint discussion paper series in economics ; 06-2015
    Subjects: cost channel; financial frictions; credit spreads; optimal monetary policy; fiscal policy; monetary union
    Scope: Online-Ressource (45 S.), graph. Darst.
  23. On the perils of stabilizing prices when agents are learning
    Author: Mele, Antonio; Molnár, Krisztina; Santoro, Sergio
    Published: 2015
    Publisher:  CESifo, München

    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    No inter-library loan

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (5173)
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    No inter-library loan

     

    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of confidence, since agents update expectations sluggishly. In the long run agents learn the policy implemented, and the economy converges to a rational ex- pectations equilibrium in which policy does not stabilize prices, economic volatility is high, and agents suffer the corresponding welfare losses. However, these losses are outweighed by short term gains from the learning phase.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107297
    RVK Categories: QB 910
    Series: Array ; 5173
    Subjects: Inflationserwartung; Inflationssteuerung; Lernprozess; Neoklassische Synthese; optimal monetary policy; learning; price level targeting
    Scope: Online-Ressource (49 S.), graph. Darst.
  24. Optimal monetary policy and firm entry
    Author: Lewis, Vivien
    Published: 2011
    Publisher:  Johann Wolfgang Goethe-Univ., Frankfurt am Main

    This paper characterises optimal monetary policy in an economy with endogenous firm entry, a cash-in-advance constraint and preset wages. Firms must make profits to cover entry costs; thus the markup on goods prices is efficient. However, because... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 464 (50)
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    This paper characterises optimal monetary policy in an economy with endogenous firm entry, a cash-in-advance constraint and preset wages. Firms must make profits to cover entry costs; thus the markup on goods prices is efficient. However, because leisure is not priced at a markup, the consumption-leisure tradeoff is distorted. Consequently, the real wage, hours and production are suboptimally low. Due to the labour requirement in entry, insufficient labour supply also implies that entry is too low. The paper shows that in the absence of fiscal instruments such as labour income subsidies, the optimal monetary policy under sticky wages achieves higher welfare than under flexible wages. The policy maker uses the money supply instrument to raise the real wage - the cost of leisure - above its flexible-wage level, in response to expansionary shocks to productivity and entry costs. This raises labour supply, expanding production and firm entry.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97745
    Series: Working paper series / Institute for Monetary and Financial Stability ; 50
    Subjects: entry; optimal monetary policy; sticky wages
    Scope: Online-Resource (34 S.)
  25. Optimal monetary policy in a currency union
    implications of a country-specific cost channel
    Author: Michaelis, Jochen; Palek, Jakob
    Published: 2014
    Publisher:  Univ., Dep. of Business Administration & Economics, Marburg

    There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 102 (2014,44)
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    There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters the optimal monetary responses to union-wide and national shocks. The cost channel makes monetary policy less effective in combating inflation, but it is shown that the optimal response to the decline in effectiveness is a stronger use of the instrument. On the other hand, the larger the cost channel differential, the less aggressive will the optimal monetary policy be. For almost all para- meter constellations, our welfare analysis suggests a clear-cut ranking of policy regimes: commitment outperforms the Taylor rule, the Taylor rule outperforms strict inflation targeting, and strict inflation targeting outperforms discretion.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/105074
    Series: Joint discussion paper series in economics ; 44-2014
    Subjects: cost channel; optimal monetary policy; monetary union; open economy macroeconomics
    Scope: Online-Ressource (37 S.), graph. Darst.