Monetary Policy, Parameter Uncertainty and Optimal Learning
Author: Volker Wieland
Publisher:
Published: 1999
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKRead and Download eBook Full
Author: Volker Wieland
Publisher:
Published: 1999
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKAuthor: Volker Wieland
Publisher:
Published: 1999
Total Pages: 54
ISBN-13:
DOWNLOAD EBOOKAuthor: Richard T. Froyen
Publisher: Edward Elgar Publishing
Published: 2019
Total Pages: 466
ISBN-13: 1784717193
DOWNLOAD EBOOKThis 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: Volker Wieland
Publisher:
Published: 1995
Total Pages: 264
ISBN-13:
DOWNLOAD EBOOKAuthor: James Yetman
Publisher:
Published: 2000
Total Pages: 27
ISBN-13: 9780662290025
DOWNLOAD EBOOKAuthor: Brian Sack
Publisher:
Published: 1998
Total Pages: 46
ISBN-13:
DOWNLOAD EBOOKAuthor: Takeshi Kimura
Publisher:
Published: 2003
Total Pages: 70
ISBN-13:
DOWNLOAD EBOOKAuthor: International Monetary Fund
Publisher: International Monetary Fund
Published: 1988-12-27
Total Pages: 38
ISBN-13: 1451943148
DOWNLOAD EBOOKThe 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: Volker Wieland
Publisher:
Published: 1999
Total Pages: 32
ISBN-13:
DOWNLOAD EBOOKAuthor: Carl E. Walsh
Publisher: MIT Press
Published: 2010-02-12
Total Pages: 639
ISBN-13: 0262303736
DOWNLOAD EBOOKA new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.