Browsing Department of Economics (ECO) by Subject "optimal monetary policy"

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Browsing Department of Economics (ECO) by Subject "optimal monetary policy"

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    Title: A Modern Reconsideration of the Theory of Optimal Currency Areas  Author(s): CORSETTI, Giancarlo Date: 2008 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: What can be learnt from revisiting the Optimal Currency Areas (OCA) theory 50 years from its birth, in light of recent advances in open economy macro and monetary theory? This paper presents a stylized micro-founded model ...
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    Title: Prudent Monetary Policy and Cautious Prediction of the Output Gap  Author(s): VAN DER PLOEG, Frederick Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: ABSTRACT Using the results of risk-adjusted linear-quadratic-Gaussian optimal control with perfect and imperfect observation of the economy, we obtain prudent Taylor rules for monetary policies and also allow for imperfect ...
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    Title: Nominal Debt as a Burden on Monetary Policy  Author(s): DIAZ-GIMENEZ, Javier; GIOVANNETTI, Giorgia; MARIMON, Ramon; TELES, Pedro Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium ...
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    Title: Nominal Debt as a Burden on Monetary Policy  Author(s): DIAZ-GIMENEZ, Javier; GIOVANNETTI, Giorgia; MARIMON, Ramon; TELES, Pedro Date: 2007 Type of Publication: Working Paper Series/Report no.: EUI MWP Abstract: We characterize the optimal sequential choice of monetary policy in economies with either nominal or indexed debt. In a model where nominal debt is the only source of time inconsistency, the Markov-perfect equilibrium ...