Monetary discretion, pricing complementarity and dynamic multiple equilibria

Citations

Cited by:

1. Michael T. Kiley, 2007. "Is Moderate-to-High Inflation Inherently Unstable?," International Journal of Central Banking, International Journal of Central Banking, vol. 3(2), pages 173-201, June.
   • Michael Kiley, 2004. "Is Moderate-To-High Inflation Inherently Unstable?," Econometric Society 2004 North American Summer Meetings 193, Econometric Society.
   • Michael T. Kiley, 2004. "Is moderate-to-high inflation inherently unstable?," Finance and Economics Discussion Series 2004-43, Board of Governors of the Federal Reserve System (U.S.).
2. Christoph Himmels & Tatiana Kirsanova, 2009. "The interest rate - exchange rate nexus: exchange rate regimes and policy equilibria," Discussion Papers 0904, University of Exeter, Department of Economics.
   • Christoph Himmels & Tatiana Kirsanova, 2009. "The Interest Rate — Exchange Rate Nexus: Exchange Rate Regimes and Policy Equilibria," CDMA Conference Paper Series 0902, Centre for Dynamic Macroeconomic Analysis.
   • Christoph Himmels & Tatiana Kirsanova, 2012. "The interest rate - exchange rate nexus: exchange rate regimes and policy equilibria," Economics Discussion Paper Series 1219, Economics, The University of Manchester.
3. Huberto M. Ennis & Todd Keister, 2009. "Bank Runs and Institutions: The Perils of Intervention," American Economic Review, American Economic Association, vol. 99(4), pages 1588-1607, September.
   • Huberto M. Ennis & Todd Keister, 2007. "Bank runs and institutions : the perils of intervention," Working Paper 07-02, Federal Reserve Bank of Richmond.
4. Bruno Chiarini & Simona Monteleone, 2016. "Discretionary policy, strategic complementarity and tax evasion: a strategic analysis of the Italian audit mechanism," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 33(1), pages 99-117, April.
   • Bruno Chiarini & Simona Monteleone, 2011. "Discretionary policy, strategic complementarity and tax evasion. A strategic analysis of the Italian audit mechanism," Discussion Papers 4_2011, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
5. Roc Armenter & Martin Bodenstein, 2005. "Does the time inconsistency problem make flexible exchange rates look worse than you think?," Staff Reports 230, Federal Reserve Bank of New York.
   • Roc Armenter & Martin Bodenstein, 2006. "Does the time inconsistency problem make flexible exchange rates look worse than you think?," International Finance Discussion Papers 865, Board of Governors of the Federal Reserve System (U.S.).
6. Demertzis Maria & Viegi Nicola, 2009. "Inflation Targeting: A Framework for Communication," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-32, December.
   • Maria Demertzis & Nicola Viegi, 2007. "Inflation Targeting: a Framework for Communication," Working Papers 071, Economic Research Southern Africa.
7. Azzimonti, Marina & Sarte, Pierre-Daniel & Soares, Jorge, 2009. "Distortionary taxes and public investment when government promises are not enforceable," Journal of Economic Dynamics and Control, Elsevier, vol. 33(9), pages 1662-1681, September.
   • Jorge Soares, Marina Azzimonti, Pierre-Daniel Sarte & Pierre-Daniel Sarte & Jorge Soares, 2006. "Distortionary Taxes and Public Investment When Government Promises Are Not Enforceable," Working Papers 06-07, University of Delaware, Department of Economics.
8. Gianluca Benigno & Luca Fornaro, 2018. "Stagnation Traps," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(3), pages 1425-1470.
   • Luca Fornaro & Gianluca Benigno, 2015. "Stagnation Traps," 2015 Meeting Papers 810, Society for Economic Dynamics.
   • Benigno, Gianluca & Fornaro, Luca, 2016. "Stagnation traps," LSE Research Online Documents on Economics 66416, London School of Economics and Political Science, LSE Library.
   • Benigno, Gianluca & Fornaro, Luca, 2016. "Stagnation Traps," CEPR Discussion Papers 11074, C.E.P.R. Discussion Papers.
   • Benigno, Gianluca & Fornaro, Luca, 2017. "Stagnation traps," Working Paper Series 2038, European Central Bank.
   • Gianluca Benigno & Luca Fornaro, 2015. "Stagnation Traps," Discussion Papers 1606, Centre for Macroeconomics (CFM), revised Dec 2015.
   • Gianluca Benigno & Luca Fornaro, 2015. "Stagnation traps," Economics Working Papers 1487, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 2017.
   • Gianluca Benigno & Luca Fornaro, 2015. "Stagnation Traps," Working Papers 832, Barcelona School of Economics.
   • Benigno, Gianluca & Fornaro, Luca, 2016. "Stagnation traps," LSE Research Online Documents on Economics 86241, London School of Economics and Political Science, LSE Library.
   • Gianluca Benigno & Luca Fornaro, 2017. "Stagnation traps," CAMA Working Papers 2017-22, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
   • Gianluca Benigno & Luca Fornaro, 2016. "Stagnation traps," CEP Discussion Papers dp1405, Centre for Economic Performance, LSE.
9. Loisel, Olivier, 2021. "The implementation of stabilization policy," Theoretical Economics, Econometric Society, vol. 16(2), May.
   • Olivier Loisel, 2013. "The Implementation of Stabilization Policy," Working Papers 2013-24, Center for Research in Economics and Statistics.
   • O. Loisel, 2015. "The Implementation of Stabilization Policy," Working papers 556, Banque de France.
   • Olivier Loisel, 2016. "The Implementation of Stabilization Policy," 2016 Meeting Papers 16, Society for Economic Dynamics.
10. Adam, Klaus & Billi, Roberto M., 2008. "Monetary conservatism and fiscal policy," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1376-1388, November.
    • Adam, Klaus & Billi, Roberto, 2006. "Monetary Conservatism and Fiscal Policy," CEPR Discussion Papers 5740, C.E.P.R. Discussion Papers.
    • Adam, Klaus & Billi, Roberto M., 2006. "Monetary conservatism and fiscal policy," Working Paper Series 663, European Central Bank.
    • Klaus Adam & Roberto M. Billi, 2007. "Monetary conservatism and fiscal policy," Research Working Paper RWP 07-01, Federal Reserve Bank of Kansas City.
11. Siu, Henry E., 2008. "Time consistent monetary policy with endogenous price rigidity," Journal of Economic Theory, Elsevier, vol. 138(1), pages 184-210, January.
    • Henry Siu, 2005. "Time Consistent Monetary Policy with Endogenous Price Rigidity," 2005 Meeting Papers 821, Society for Economic Dynamics.
    • Henry E. Siu, 2007. "Time consistent monetary policy with endogenous price rigidity," Staff Report 390, Federal Reserve Bank of Minneapolis.
    • Siu, Henry, 2006. "Time consistent monetary policy with endogenous price rigidity," Economics working papers siu-06-06-15-02-39-39, Vancouver School of Economics, revised 20 Jun 2006.
12. Jeffrey Campbell & Jacob Weber, 2021. "Discretion rather than rules: Equilibrium uniqueness and forward guidance with inconsistent optimal plans," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 243-254, July.
    • Jeffrey R. Campbell & Jacob P. Weber, 2018. "Discretion Rather than Rules: Equilibrium Uniqueness and Forward Guidance with Inconsistent Optimal Plans," Working Paper Series WP-2018-14, Federal Reserve Bank of Chicago.
13. Armenter, Roc & Bodenstein, Martin, 2008. "Can The U.S. Monetary Policy Fall (Again) In An Expectation Trap?," Macroeconomic Dynamics, Cambridge University Press, vol. 12(5), pages 664-693, November.
    • Roc Armenter & Martin Bodenstein, 2005. "Can U.S. monetary policy fall (again) into an expectation trap?," Staff Reports 229, Federal Reserve Bank of New York.
    • Roc Armenter & Martin Bodenstein, 2006. "Can the U.S. monetary policy fall (again) in an expectation trap?," International Finance Discussion Papers 860, Board of Governors of the Federal Reserve System (U.S.).
14. Himmels, Christoph & Kirsanova, Tatiana, 2011. "Expectations Traps and Monetary Policy with Limited Commitment," MPRA Paper 29208, University Library of Munich, Germany.
    • Christoph Himmels & Tatiana Kirsanova, 2011. "Expectations Traps and Monetary Policy with Limited Commitment," Discussion Papers 1102, University of Exeter, Department of Economics.
15. Adam, Klaus & Billi, Roberto M., 2007. "Discretionary monetary policy and the zero lower bound on nominal interest rates," Journal of Monetary Economics, Elsevier, vol. 54(3), pages 728-752, April.
    • Adam, Klaus & Billi, Roberto M., 2004. "Optimal monetary policy under discretion with a zero bound on nominal interest rates," Working Paper Series 380, European Central Bank.
    • Adam, Klaus & Billi, Roberto M., 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," CFS Working Paper Series 2005/16, Center for Financial Studies (CFS).
    • Klaus Adam & Roberto M. Billi, 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," Research Working Paper RWP 05-08, Federal Reserve Bank of Kansas City.
    • Adam, Klaus & Billi, Roberto, 2004. "Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates," CEPR Discussion Papers 4585, C.E.P.R. Discussion Papers.
16. Ray C. Fair, 2006. "Evaluating Inflation Targeting Using a Macroeconometric Model," Levine's Bibliography 321307000000000303, UCLA Department of Economics.
17. Stefan Niemann & Paul Pichler & Gerhard Sorger, 2013. "Central Bank Independence And The Monetary Instrument Problem," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(3), pages 1031-1055, August.
    • Niemann, S & Pichler, P & Sorger, G, 2010. "Central bank independence and the monetary instrument problem," Economics Discussion Papers 2902, University of Essex, Department of Economics.
18. Andrew P. Blake & Tatiana Kirsanova, 2012. "Discretionary Policy and Multiple Equilibria in LQ RE Models," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(4), pages 1309-1339.
    • Blake, Andrew P. & Kirsanova, Tatiana, 2006. "Discretionary Policy and Multiple Equilibria in LQ RE Models," MPRA Paper 21901, University Library of Munich, Germany, revised 01 Apr 2010.
    • Tatiana Kirsanova & Andrew P. Blake, 2010. "Discretionary Policy and Multiple Equilibria in LQ RE Models," 2010 Meeting Papers 789, Society for Economic Dynamics.
    • Andrew Blake & Tatiana Kirsanova, 2008. "Discretionary Policy and Multiple Equilibria in LQ RE Models," Discussion Papers 0813, University of Exeter, Department of Economics.
19. Todd Keister & Huberto M. Ennis, 2007. "Commitment and Equilibrium Bank Runs," 2007 Meeting Papers 509, Society for Economic Dynamics.
    • Huberto M. Ennis & Todd Keister, 2007. "Commitment and equilibrium bank runs," Staff Reports 274, Federal Reserve Bank of New York.
20. Ennis, Huberto M. & Keister, Todd, 2010. "Banking panics and policy responses," Journal of Monetary Economics, Elsevier, vol. 57(4), pages 404-419, May.
21. Yuting Bai & Tatiana Kirsanova, 2013. "Infrequent Fiscal Stabilization," Working Papers 2013_01, Business School - Economics, University of Glasgow.
    • Yuting Bai & Tatiana Kirsanova, 2014. "Infrequent fiscal stabilization," Working Papers 66983445, Lancaster University Management School, Economics Department.
    • Bai, Yuting & Kirsanova, Tatiana, 2013. "Infrequent Fiscal Stabilization," SIRE Discussion Papers 2013-17, Scottish Institute for Research in Economics (SIRE).
22. Valentina Hartarska & Claudio Gonzalez-Vega, 2005. "Credit Counseling and Mortgage Termination by Low-Income Households," The Journal of Real Estate Finance and Economics, Springer, vol. 30(3), pages 227-243, April.
23. Roc Armenter, 2008. "A General Theory (and Some Evidence) of Expectation Traps in Monetary Policy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(5), pages 867-895, August.
24. Fair, Ray C., 2007. "Evaluating Inflation Targeting Using a Macroeconometric Model," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 1, pages 1-52.
    • Ray C. Fair, 2006. "Evaluating Inflation Targeting Using a Macroeconometric Model," Cowles Foundation Discussion Papers 1570, Cowles Foundation for Research in Economics, Yale University, revised Mar 2007.
    • Fair, Ray C., 2007. "Evaluating Inflation Targeting Using a Macroeconometric Model," Economics Discussion Papers 2007-14, Kiel Institute for the World Economy (IfW Kiel).
25. Nakata, Taisuke, 2016. "Optimal fiscal and monetary policy with occasionally binding zero bound constraints," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 220-240.
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26. Olaf, POSCH & Klaus, WAELDE, 2005. "Natural volatility, welfare and taxation," Discussion Papers (ECON - Département des Sciences Economiques) 2005009, Université catholique de Louvain, Département des Sciences Economiques.
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    • Posch, Olaf & Wälde, Klaus, 2005. "Natural volatility, welfare and taxation," W.E.P. - Würzburg Economic Papers 57, University of Würzburg, Department of Economics.
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27. Roc Armenter, 2013. "The perils of nominal targets," Working Papers 14-2, Federal Reserve Bank of Philadelphia.
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28. Roberto Quercia & Jonathan Spader, 2008. "Does homeownership counseling affect the prepayment and default behavior of affordable mortgage borrowers?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 27(2), pages 304-325.
29. Michael Dotsey & Andreas Hornstein, 2011. "On the implementation of Markov-perfect monetary policy," Working Papers 11-29, Federal Reserve Bank of Philadelphia.
30. Dennis, Richard & Kirsanova, Tatiana, 2010. "Expectations Traps and Coordination Failures: Selecting among Multiple Discretionary Equilibria," MPRA Paper 24616, University Library of Munich, Germany.
    • Richard Dennis & Tatiana Kirsanova, 2010. "Expectations traps and coordination failures: selecting among multiple discretionary equilibria," Working Paper Series 2010-02, Federal Reserve Bank of San Francisco.
    • Richard Dennis & Tatiana Kirsanova, 2010. "Expectations Traps and Coordination Failures:Selecting Among Multiple Discretionary Equilibria," CAMA Working Papers 2010-02, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
31. John, A.Andrew & Wolman, Alexander L., 2008. "Steady-state equilibrium with state-dependent pricing," Journal of Monetary Economics, Elsevier, vol. 55(2), pages 383-405, March.
32. Himmels, Christoph & Kirsanova, Tatiana, 2013. "Escaping expectation traps: How much commitment is required?," Journal of Economic Dynamics and Control, Elsevier, vol. 37(3), pages 649-665.
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    • Christoph Himmels & Tatiana Kirsanova, 2012. "Escaping Expectation Traps: How Much Commitment is Required?," Economics Discussion Paper Series 1220, Economics, The University of Manchester.
33. Rhee, Hyuk Jae & Turdaliev, Nurlan, 2013. "Central bank transparency: Does it matter?," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 183-197.
34. David Arseneau, 2012. "Expectation traps in a new Keynesian open economy model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 49(1), pages 81-112, January.
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35. Eric Swanson & Gauti Eggertsson, 2007. "Optimal Time-Consistent Monetary Policy in the New Keynesian Model with Repeated Simultaneous Play," 2007 Meeting Papers 214, Society for Economic Dynamics.
36. Robert G. King, 2006. "Discretionary policy and multiple equilibria," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 92(Win), pages 1-15.
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37. Volker Hahn, 2021. "Discretionary policy and multiple equilibria in a new Keynesian model," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 423-445.
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38. J. Collins, 2007. "Exploring the Design of Financial Counseling for Mortgage Borrowers in Default," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 207-226, June.
39. Christian Baker & Richard W. Evans, 2013. "Optimal State-dependent Monetary Policy Rules," BYU Macroeconomics and Computational Laboratory Working Paper Series 2013-04, Brigham Young University, Department of Economics, BYU Macroeconomics and Computational Laboratory.
40. Evans, Richard W., 2012. "Is openness inflationary? Policy commitment and imperfect competition," Journal of Macroeconomics, Elsevier, vol. 34(4), pages 1095-1110.
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41. Blake, Andrew P. & Kirsanova, Tatiana & Yates, Tony, 2013. "Monetary Policy Delegation and Equilibrium Coordination," SIRE Discussion Papers 2013-54, Scottish Institute for Research in Economics (SIRE).
    • Andrew P. Blake & Tatiana Kirsanova & Tony Yates, 2013. "Monetary policy delegation and equilibrium coordination," Working Papers 2013_09, Business School - Economics, University of Glasgow.
42. Roc Armenter, 2014. "The Perils of Nominal Targets," 2014 Meeting Papers 428, Society for Economic Dynamics.
43. Gauti B. Eggertsson, 2005. "Optimal monetary and fiscal policy under discretion in the New Keynesian model: a technical appendix to \\"Great Expectations and the End of the Depression\\"," Staff Reports 235, Federal Reserve Bank of New York.
44. Kelly D. Edmiston & Mary Gillett Fisher, 2006. "Financial education at the workplace: evidence from a survey of Federal Reserve Bank employees," Community Affairs Research Working Paper 2006-02, Federal Reserve Bank of Kansas City.
45. Schabert, Andreas, 2005. "Discretionary Policy, Multiple Equilibria, and Monetary Instruments," CEPR Discussion Papers 5400, C.E.P.R. Discussion Papers.
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46. Gaspar, Vitor & Levin, Andrew & Smets, Frank & Martins, Fernando Manuel, 2007. "Evidence from Surveys of Price-Setting Managers: Policy Lessons and Directions for Ongoing Research," CEPR Discussion Papers 6227, C.E.P.R. Discussion Papers.
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47. Gauti B. Eggertsson, 2013. "Fiscal Multipliers and Policy Coordination," Central Banking, Analysis, and Economic Policies Book Series, in: Luis Felipe Céspedes & Jordi Galí (ed.),Fiscal Policy and Macroeconomic Performance, edition 1, volume 17, chapter 6, pages 175-234, Central Bank of Chile.
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48. Huang, Kevin X.D. & Meng, Qinglai, 2007. "Capital and macroeconomic instability in a discrete-time model with forward-looking interest rate rules," Journal of Economic Dynamics and Control, Elsevier, vol. 31(8), pages 2802-2826, August.
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49. Tyran, Jean-Robert & Goette, Lorenz & Minsch, Rudolf, 2005. "Micro Evidence on the Adjustment of Sticky-Price Goods: It's How Often, Not How Much," CEPR Discussion Papers 5364, C.E.P.R. Discussion Papers.
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50. Michel Juillard & Florian Pelgrin, 2007. "Computing Optimal Policy in a Timeless-Perspective: An Application to a Small-Open Economy," Staff Working Papers 07-32, Bank of Canada.
51. Willem Van Zandweghe & Alexander L. Wolman, 2019. "Discretionary monetary policy in the Calvo model," Quantitative Economics, Econometric Society, vol. 10(1), pages 387-418, January.
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52. David Miles, 2014. "Monetary Policy and Forward Guidance in the UK," Manchester School, University of Manchester, vol. 82(S1), pages 44-59, September.
53. Anderson, Gary S. & Kim, Jinill & Yun, Tack, 2010. "Using a projection method to analyze inflation bias in a micro-founded model," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1572-1581, September.
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54. Himmels, Christoph & Kirsanova, Tatiana, 2018. "Discretionary policy in a small open economy: Exchange rate regimes and multiple equilibria," Journal of Macroeconomics, Elsevier, vol. 56(C), pages 53-64.
55. Dudley Cooke, 2010. "Openness and Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(2‐3), pages 267-287, March.
56. Salvador Ortigueira & Joana Pereira, 2007. "Markov-Perfect Optimal Fiscal Policy: The Case of Unbalanced Budgets," Economics Working Papers ECO2007/41, European University Institute.
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57. Salvador Ortigueira & Joana Pereira, 2016. "Lack of Commitment, Retroactive Tax Changes, and Macroeconomic Instability," Working Papers WP2016-05, University of Miami, Department of Economics.
58. Sosunov, Kirill & Khramov, Vadim, 2008. "Monetary policy rules and indterminacy," MPRA Paper 11996, University Library of Munich, Germany.
59. Michael Dotsey & Andreas Hornstein, 2008. "On the implementation of Markov-perfect interest rate and money supply rules: global and local uniqueness," Working Papers 08-30, Federal Reserve Bank of Philadelphia.
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60. Hartarska, Valentina & Gonzalez-Vega, Claudio, 2006. "Evidence on the effect of credit counseling on mortgage loan default by low-income households," Journal of Housing Economics, Elsevier, vol. 15(1), pages 63-79, March.
61. Kevin XD Huang & Nam T Vu, 2019. "Rare but Long-lasting Liquidity Traps and Fiscal Stimulus," Vanderbilt University Department of Economics Working Papers 19-00014, Vanderbilt University Department of Economics.
62. Ali Hussein Samadi & Afshin Montakhab & Hussein Marzban & Sakine Owjimehr, 2017. "Quantum Barro--Gordon Game in Monetary Economics," Papers 1708.05689, arXiv.org.
63. Andreas Schabert & Sweder van Wijnbergen, 2006. "Debt, Deficits, and Destabilizing Monetary Policy in Open Economies," Tinbergen Institute Discussion Papers 06-045/2, Tinbergen Institute.
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64. Dudley Cooke, 2004. "Openness and Inflation," Money Macro and Finance (MMF) Research Group Conference 2004 99, Money Macro and Finance Research Group.
65. Cooke, Dudley, 2006. "Openness and Inflation," Economics Discussion Papers 8907, University of Essex, Department of Economics.
66. Borys Grochulski, 2011. "Financial firm resolution policy as a time-consistency problem," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 97(2Q), pages 133-152.
67. Samadi, Ali Hussein & Montakhab, Afshin & Marzban, Hussein & Owjimehr, Sakine, 2018. "Quantum Barro–Gordon game in monetary economics," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 489(C), pages 94-101.
68. Adam, Klaus & Billi, Roberto M., 2008. "Monetary conservatism and fiscal policy," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1376-1388, November.
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69. Michael Dotsey & Andreas Hornstein, 2007. "Interest rate versus money supply instruments: on the implementation of Markov-perfect optimal monetary policy," Working Papers 07-27, Federal Reserve Bank of Philadelphia.
70. Dumitriu, Ramona & Stefanescu, Răzvan, 2013. "Decizii strategice ale politicii monetare [Strategic decisions of the Monetary Policy]," MPRA Paper 51242, University Library of Munich, Germany, revised 05 Nov 2013.