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234
The Science of Monetary Policy: A New Keynesian Perspective
- Journal of Economic Literature
, 1999
"... “Having looked at monetary policy from both sides now, I can testify that central banking in practice is as much art as science. Nonetheless, while practicing this dark art, I have always found the science quEite useful.” 2 Alan S. Blinder ..."
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Cited by 579 (17 self)
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“Having looked at monetary policy from both sides now, I can testify that central banking in practice is as much art as science. Nonetheless, while practicing this dark art, I have always found the science quEite useful.” 2 Alan S. Blinder
What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules
- JOURNAL OF ECONOMIC LITERATURE
, 1999
"... It is argued that inflation targeting is best understood as a commitment to a targeting rule rather than an instrument rule, eitherageneral targeting rule (explicit objectives for monetary policy) or a specific targeting rule (a criterion for (the forecasts of) the target variables to be fulfilled), ..."
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Cited by 83 (21 self)
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It is argued that inflation targeting is best understood as a commitment to a targeting rule rather than an instrument rule, eitherageneral targeting rule (explicit objectives for monetary policy) or a specific targeting rule (a criterion for (the forecasts of) the target variables to be fulfilled), essentially the equality of the marginal rates of transformation and substitution between the target variables. Targeting rules allow the use of judgment and extramodel information, are more robust and easier to verify than optimal instrument rules, and they can nevertheless bring the economy close to the socially optimal equilibrium.
Speed Limit Policies: The Output Gap and Optimal Monetary Policy,”American Economic Review
"... Recent work on the design of monetary policy reflects a general consensus on the appropriate objectives of monetary policy. As articulated by Svensson, “....there is considerable agreement among academics and central bankers that the appropriate loss function both involves stabilizing inflationaroun ..."
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Cited by 32 (8 self)
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Recent work on the design of monetary policy reflects a general consensus on the appropriate objectives of monetary policy. As articulated by Svensson, “....there is considerable agreement among academics and central bankers that the appropriate loss function both involves stabilizing inflationaroundaninflation target and stabilizing the real economy, represented by the output
Is Inflation Targeting Best-Practice Monetary Policy
- Federal Reserve Bank of St. Louis Review
"... The core requirements of inflation targeting are an explicit long-run inflation goal and a strong commitment to transparency. The framework built around these requirements has ..."
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Cited by 24 (2 self)
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The core requirements of inflation targeting are an explicit long-run inflation goal and a strong commitment to transparency. The framework built around these requirements has
Unemployment, Labour-Market Reform and Monetary Union
- Journal of Labor Economics
, 1998
"... this paper is to help bring more structure to this discussion ..."
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Cited by 23 (3 self)
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this paper is to help bring more structure to this discussion
Does Talk Matter After All? Inflation Targeting and
, 1999
"... Abstract: Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of inflation targeting differ, however. To some, inflation targeting implies the pursuit of an inflation goal without regard for other objectives, while to others, it rep ..."
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Cited by 23 (4 self)
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Abstract: Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of inflation targeting differ, however. To some, inflation targeting implies the pursuit of an inflation goal without regard for other objectives, while to others, it represents a mechanism for communicating the central bank’s objectives without sacrificing policy flexibility. Another view is that the policy is nothing more than verbal window dressing. This paper identifies five distinct interpretations of inflation targeting, consistent with various strands of the current literature, and relates those interpretations to a the conventional model of monetary policy in which time consistency is a problem. The empirical implications of the model are compared to the experience of three counties that
