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JEL classification

 JEL GuideMacroeconomics and Monetary EconomicsMonetary Policy, Central Banking, and the Supply of Money and CreditMonetary Policy (Targets, Instruments, and Effects) [E52]


  • The NIME Outlook for the World Economy 2006-2012 [20/01/2006]

    NEO 01-06
  • The NIME Outlook for the World Economy 2005-2011 [31/08/2005]

    NEO 01-05
  • Monetary policy in the euro area - Simulations with the NIME model [01/11/2002]

    In this paper, we investigate with a macroeconometric world model how mone-tary policy rules affect economic activity in the euro area. In the economic literature, there is a general consensus that a credible monetary policy rule is to be preferred to discretionary interventions by central banks because monetary surprises can increase expected inflation and worsen economic performance (Kydland and Prescott (1977)). Several monetary policy rules have been proposed, for example, money targeting (Friedman (1956)), inflation targeting (Bernanke et al. (1999)), nominal income targeting (Hall and Mankiw (1994), Frankel and Chinn (1995)), and an interest rate rule that targets inflation and output relative to a reference value (Taylor (1993)). Although the theoretical merits of these rules have been thoroughly discussed in the literature, the empirical investigation of the implications of these rules has only recently commenced (Bryant et al. (1993)).

    Working Paper 11-02
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