Search Results
Conference Paper
Inflation targeting and the liquidity trap
This paper considers whether "liquidity trap" issues have important bearing on the desirability of inflation targeting as a strategy for monetary policy. From a theoretical perspective, it has been suggested that "expectation trap" and "indeterminacy" dangers are created by variants of inflation targeting, the latter when forecasts of future inflation enter the policy rule. This paper argues that these alleged dangers are probably not of practical importance. From an empirical perspective, a quantitative open-economy model is developed and the likelihood of encountering a ...
Journal Article
Monetary policy analysis in models without money
Journal Article
Japanese monetary policy, 1991-2001
Journal Article
Macroeconomics after a decade of rational expectations : some critical issues
An abstract for this article is not available.
Journal Article
Commentary on \\"targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?\\"
The following are comments in response to Lars Svensson's "Targeting versus Instrument Rules for Monetary Policy: What Is Wrong with McCallum and Nelson?"
Journal Article
Targeting versus instrument rules for monetary policy
Svensson (2003) argues strongly that specific targeting rules-first-order optimality conditions for a specific objective function and model-are normatively superior to instrument rules for the conduct of monetary policy. That argument is based largely on four main objections to the latter, plus a claim concerning the relative interest-instrument variability entailed by the two approaches. The present paper considers the four objections in turn and advances arguments that contradict all of them. Then, in the paper's analytical sections, it is demonstrated that the variability claim is ...