Monetary Policy Credibility and the Unemployment-Inflation Trade-Off: Some Evidence from 17 Industrial Countries

2002 ◽  
Author(s):  
Douglas Laxton ◽  
Papa N'Diaye
Keyword(s):  
Monetary Policy ◽  
Trade Off ◽  
Industrial Countries ◽  
Policy Credibility

Strategy and Tactics of Monetary Policy during the World Economic Crisis

2010 ◽  
pp. 4-20 ◽  
Author(s):  
A. Nekipelov ◽  
M. Golovnin
Keyword(s):  
Monetary Policy ◽  
Economic Crisis ◽  
Exchange Rate Policy ◽  
Industrial Countries ◽  
Policy Goals ◽  
The World ◽  
Rate Policy ◽  
World Economic ◽  
World Economic Crisis ◽  
Qualitative Changes

The paper analyzes the qualitative changes in monetary policy goals and instruments during the world economic crisis of 2007-2009 in industrial countries and Russia; it represents the authors view on Russian monetary policy goals and results on different stages of crisis development. On the basis of the analysis the authors conclude on the necessity of active exchange rate policy in Russia, while developing interest rate instruments, and implementation of some exchange restrictions to prevent crisis contagion in the future.

scholarly journals Currency Boards, Dollarized Liabilities, and Monetary Policy Credibility

2003 ◽  
pp. 1.000-34.000
Author(s):  
Diego Valderrama ◽  
◽  
Mark M. Spiegel ◽  
Keyword(s):  
Monetary Policy ◽  
Currency Boards ◽  
Policy Credibility

POLICY PREFERENCES AND POLICY MAKERS' BELIEFS: THE GREAT INFLATION

2016 ◽  
Vol 21 (8) ◽  
pp. 1957-1995 ◽  
Author(s):  
Gabriela Best
Keyword(s):  
Monetary Policy ◽  
Federal Reserve ◽  
Alternative Explanation ◽  
The United States ◽  
Output Gap ◽  
Policy Makers ◽  
Trade Off ◽  
Great Inflation ◽  
Inflation Stabilization ◽  
Potential Channels

The literature has proposed two potential channels through which monetary policy played a role in the Great Inflation in the United States. One approach posits that the Federal Reserve held misperceptions of the economy. An alternative explanation contends that policy makers shifted preferences from an output gap stabilization goal toward inflation stabilization after 1979. This paper develops a medium-scale macroeconomic model that incorporates real-timelearningby policy makers as well as a (potential) shift in policy makers' preferences. The empirical results show that combining both views—distorted policy makers' beliefs about the persistence of inflation and the inflation-output gap trade-off, accompanied by a stronger preference for inflation stabilization after 1979—illuminates the role played by monetary policy in propagating and ending the Great Inflation.

Sign in / Sign up

Export Citation Format

Share Document