Monetary Policy Parameter Uncertainty And Optimal Learning

Author : Richard T. Froyen,Alfred V. Guender
Publisher : Edward Elgar Publishing
Page : 466 pages
File Size : 55,5 Mb
Release : 2019
Category : Mathematical optimization
ISBN : 9781784717193

Get Book

Optimal Monetary Policy under Uncertainty, Second Edition by Richard T. Froyen,Alfred V. Guender Pdf

This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.

Author : James Yetman,Bank of Canada
Publisher : Unknown
Page : 27 pages
File Size : 43,5 Mb
Release : 2000
Category : Economic forecasting
ISBN : 066229002X

Get Book

Probing Potential Output by James Yetman,Bank of Canada Pdf

Author : Volker Wieland
Publisher : Unknown
Page : 54 pages
File Size : 42,8 Mb
Release : 1999
Category : Banks and banking, Central
ISBN : CORNELL:31924086876368

Get Book

Monetary Policy, Parameter Uncertainty and Optimal Learning by Volker Wieland Pdf

Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the difficult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeoff between estimation and control arises because policy actions influence estimation and provide information which may improve future performance. I analyze this tradeoff in a simple model with parameter uncertainty and conduct dynamics simulations of the policymaker's decision problem in the presence of the type of uncertainties that arose in the wake of German reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just as observed after unification. In contrast, the optimal learning strategy which exploits the tradeoff between control and estimation significantly improves stabilization performance and reduces the likelihood of inflationary bias.

Author : Benjamin M. Friedman,Frank Hahn,Michael Woodford
Publisher : Elsevier
Page : 971 pages
File Size : 42,8 Mb
Release : 2010-11-16
Category : Business & Economics
ISBN : 9780444534545

Get Book

Handbook of Monetary Economics by Benjamin M. Friedman,Frank Hahn,Michael Woodford Pdf

"What tools are available for setting and analyzing monetary policy? World-renowned contributors examine recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship." [source : 4e de couv.].

Author : Benjamin M. Friedman,Michael Woodford
Publisher : Elsevier
Page : 1729 pages
File Size : 40,6 Mb
Release : 2010-11-10
Category : Business & Economics
ISBN : 9780444534712

Get Book

Handbook of Monetary Economics vols 3A+3B Set by Benjamin M. Friedman,Michael Woodford Pdf

How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years

Author : John B. Taylor
Publisher : University of Chicago Press
Page : 460 pages
File Size : 44,9 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226791265

Get Book

Monetary Policy Rules by John B. Taylor Pdf

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

Author : Carl E. Walsh
Publisher : MIT Press
Page : 639 pages
File Size : 48,5 Mb
Release : 2010-02-12
Category : Business & Economics
ISBN : 9780262013772

Get Book

Monetary Theory and Policy by Carl E. Walsh Pdf

Empirical evidence on money, prices, and output -- Money-in-the-utility function -- Money and transactions -- Money and public finance -- Money in the short run : informational and portfolio rigidities -- Money in the short run : nominal price and wage rigidities -- Discretionary policy and time inconsistency -- New keynesian monetary economics -- Money and the open economy -- Financial markets and monetary policy -- Monetary policy and operating procedures.

Author : Richard H. Clarida
Publisher : MIT Press
Page : 551 pages
File Size : 45,9 Mb
Release : 2006
Category : Economic policy
ISBN : 9780262033602

Get Book

NBER International Seminar on Macroeconomics 2004 by Richard H. Clarida Pdf

Leading American and European economists discuss monetary and fiscal policy from a global macroeconomic perspective and analyze the implications of European integration; cutting-edge research presented in a companion volume to the NBER Macroeconomics Annual.

Author : D. Bundesbank
Publisher : Springer
Page : 323 pages
File Size : 50,5 Mb
Release : 2001-01-29
Category : Business & Economics
ISBN : 9780230595996

Get Book

The Monetary Transmission Process by D. Bundesbank Pdf

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central banks. This book collects papers and comments by leading academics and central bankers such as O.Issing, M.King, B.McCallum, A.Meltzer, L.Svensson and H.Tietmeyer. The volume examines methodological questions, the actual role played by the financial sectors and labour markets in implementing monetary policy in Europe, and the likely future developments in these areas.

Author : Pierre L. Siklos
Publisher : Cambridge University Press
Page : 372 pages
File Size : 45,5 Mb
Release : 2002-11-21
Category : Business & Economics
ISBN : 9781139433464

Get Book

The Changing Face of Central Banking by Pierre L. Siklos Pdf

Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 38 pages
File Size : 42,7 Mb
Release : 1988-12-27
Category : Business & Economics
ISBN : 9781451943146

Get Book

Model Uncertainty. Learning, and the Gains from Coordination by International Monetary Fund Pdf

The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a standard, two-country model. Activist policy (either coordinated or uncoordinated) may produce large welfare losses in the absence of learning, if policymakers believe in the wrong model; hence exogenous money targets and freely flexible exchange rates may be best. However, model learning (from observations on macroeconomic variables) causes coordinated policies to dominate activist uncoordinated policies or exogenous money targets.

Author : Lars Peter Hansen,Thomas J. Sargent
Publisher : Princeton University Press
Page : 453 pages
File Size : 49,6 Mb
Release : 2016-06-28
Category : Business & Economics
ISBN : 9780691170978

Get Book

Robustness by Lars Peter Hansen,Thomas J. Sargent Pdf

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Author : Karl Schmedders,Kenneth L. Judd
Publisher : Newnes
Page : 680 pages
File Size : 52,9 Mb
Release : 2013-12-31
Category : Business & Economics
ISBN : 9780080931784

Get Book

Handbook of Computational Economics by Karl Schmedders,Kenneth L. Judd Pdf

Handbook of Computational Economics summarizes recent advances in economic thought, revealing some of the potential offered by modern computational methods. With computational power increasing in hardware and algorithms, many economists are closing the gap between economic practice and the frontiers of computational mathematics. In their efforts to accelerate the incorporation of computational power into mainstream research, contributors to this volume update the improvements in algorithms that have sharpened econometric tools, solution methods for dynamic optimization and equilibrium models, and applications to public finance, macroeconomics, and auctions. They also cover the switch to massive parallelism in the creation of more powerful computers, with advances in the development of high-power and high-throughput computing. Much more can be done to expand the value of computational modeling in economics. In conjunction with volume one (1996) and volume two (2006), this volume offers a remarkable picture of the recent development of economics as a science as well as an exciting preview of its future potential. Samples different styles and approaches, reflecting the breadth of computational economics as practiced today Focuses on problems with few well-developed solutions in the literature of other disciplines Emphasizes the potential for increasing the value of computational modeling in economics

Author : Edith Klein
Publisher : Nova Publishers
Page : 224 pages
File Size : 53,6 Mb
Release : 2005
Category : Business & Economics
ISBN : 1594541914

Get Book

Capital Formation, Governance and Banking by Edith Klein Pdf

This new volume presents leading international analyses of some of the most dynamic issues in the financial sector. Venture capital in the Singapore as well as the evolution of family firms are examined. The potential conflict of banks as shareholders is scrutinised as well. Other topics here include: interest rates and their predictability and smoothing, e-banking services, ownership of financial institutions and its potential impact on profitability. In addition, the predominance or lack thereof of foreign banks and the effect of them is viewed from an economic perspective.

Author : Erricos Kontoghiorghes,Berc Rustem,Peter Winker
Publisher : Springer Science & Business Media
Page : 425 pages
File Size : 55,8 Mb
Release : 2008-02-26
Category : Business & Economics
ISBN : 9783540779582

Get Book

Computational Methods in Financial Engineering by Erricos Kontoghiorghes,Berc Rustem,Peter Winker Pdf

Computational models and methods are central to the analysis of economic and financial decisions. Simulation and optimisation are widely used as tools of analysis, modelling and testing. The focus of this book is the development of computational methods and analytical models in financial engineering that rely on computation. The book contains eighteen chapters written by leading researchers in the area on portfolio optimization and option pricing; estimation and classification; banking; risk and macroeconomic modelling. It explores and brings together current research tools and will be of interest to researchers, analysts and practitioners in policy and investment decisions in economics and finance.