Title:Learning, Uncertainty and Central Bank Activism in An Economy With Strategic Interactions Author(s):ELLISON, Martin; VALLA, NatachaDate:2001Citation:
- Journal of Monetary Economics, 2001, 48, 1, 153-171
Type:ArticleAbstract:In this paper we examine the optimal level of central bank activism in a standard model of monetary policy with uncertainty, learning and strategic interactions. We calibrate the model using G7 data and find that the ...
Title:Regime-Dependent Impulse Response Functions in a Markov-Switching Vector Autoregression Model Author(s):EHRMANN, Michael; ELLISON, Martin; VALLA, NatachaDate:2003Citation:
- Economics Letters, 2003, 78, 3, 295-299
Type:ArticleAbstract:This paper combines both Markov-switching and structural identifying restrictions in a vector autoregression model. The resulting regime-dependent impulse response functions show how the reaction of variables in the model ...
Title:The Natural Real Interest Rate and Monetary Policy: A Review Author(s):GIAMMARIOLI, Nicola; VALLA, NatachaDate:2004Citation:
- Journal of Policy Modeling, 2004, 26, 5, 641-660
Type:ArticleAbstract:The level of real interest rates actually observed does not necessarily coincide with its natural level. This paper contrasts a number of approaches that have served to elaborate alternative concepts referred to as the ...