Опубликовано на портале: 23-12-2007Avner Bar-llan, Dan Lederman Economics Letters. 2007. Vol. 97. No. 2. P. 170-178.
We present a model that determines both monetary policy and level of international reserves. Strict monetary policy would build precautionary reserves that allow future monetary policy to better stabilize inflation and output and lower the likelihood of forthcoming financial crisis
Опубликовано на портале: 03-12-2007Patrick Fève, Julien Matheron, Céline Poilly Economics Letters. 2007. Vol. 96. No. 1. P. 97-102.
We investigate identification issues in estimated Taylor rules. Embedding two alternative views about monetary policy, inertia versus serially correlated shocks, in a single equation, we show that using euro data, it is impossible to discriminate between these two competing representations.
Supply Shocks, Private Sector Information and Monetary Policy: Is There Inevitably a Stabilization Trade-Off? [статья]
Опубликовано на портале: 03-12-2007Jonathan G. James, Phillip Lawler Economics Letters. 2007. Vol. 96. No. 1. P. 77-83.
We assume that, while the central bank has an information advantage in respect of aggregate productivity shocks, the private sector has superior knowledge of local disturbances. It is shown that there is no policy trade-off between inflation and employment stability: moreover macroeconomic outcomes are independent of the weight assigned to inflation by the central bank.