Forward Guidance for Monetary Policy: Is It Desirable?
نویسندگان
چکیده
منابع مشابه
How Forward-Looking is Optimal Monetary Policy?
We calculate optimal monetary policy rules for several variants of a simple optimizing model of the monetary transmission mechanism with sticky prices and/or wages. We show that robustly optimal rules can be represented by interest-rate feedback rules that generalize the celebrated proposal of Taylor (1993). Optimal rules, however, require that the current interest-rate operating target depend ...
متن کاملIs It Feasible or Desirable?
During the past decade, advances in device technology (eg, drug-eluting stents), development of safer anticoagulants (eg, bivalirudin), and refinement in procedural techniques have led to a dramatic improvement in the effectiveness and safety of percutaneous coronary intervention (PCI), despite increasing clinical and anatomic complexity of treated patients.1 As safety and effectiveness have be...
متن کاملThe Time Varying Effect of Monetary Policy Surprise on Stock Returns: Bursting Bubble Beating Forward Guidance
perc.tamu.edu 1 hen the economy expands too quickly, the Federal Reserve may take steps to slow economic growth by raising short-term interest rates or selling Treasury bonds. Such measures, known as tight monetary policy, reduce the demand for money and curb inflation. However, if restrictive monetary policy actions are unanticipated, they may induce an asset shift from stocks to credit instru...
متن کاملAccess to the Discount Window for All Commercial Banks: Is It Important for Monetary Policy?
ROPONENTS of legislation to induce or require more banks to be members of the Federal Reserve System often argue that the existence of nonmember commercial banks creates problems for the conduct of monetary policy. Two of the most frequently mentioned of these problems are: First, the ratio of net demand deposits to bank reserves may become more variable as nonmember banks have a larger share o...
متن کاملForward-looking Models and Monetary Policy in Japan
Working Paper 00-7 Views expressed in Working Paper Series are those of authors and do not necessarily reflect those of the Bank of Japan or Research and Statistics Department.
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1115829