منابع مشابه
How Powerful Is Monetary Policy in the Long Run?
The author is a senior economist in the macropolicy section of the Atlanta Fed's research department. He thanks Frank King for comments on an earlier version of this article and Steve Russell for detailed and thoughtful editorial suggestions.
متن کاملInequality Aversion and the Long-Run Effectiveness of Monetary Policy: Bilateral versus Group Comparison
In this paper we incorporate the two most prominent approaches of inequality aversion, i.e. Fehr and Schmidt (1999) and Bolton and Ockenfels (2000) into an otherwise standard New Keynesian macro model and compare them with respect to their influence on the long-run effectiveness of monetary policy. We find that the choice for Fehr and Schmidt or Bolton and Ockenfels like preferences is of impor...
متن کاملPrice Stability Under Long-Run Monetary Targeting
P rice-level stability is widely recognized as the principal goal of monetary policy (see, for example, Black 1990, Carlstrom and Gavin 1991, and Hoskins 1991). A program for price stability actually has two distinct objectives; achieving each objective has its own distinct benefits. The first objective is to reduce the expected rate of price inflation to zero. The second objective is to elimin...
متن کاملLong-Run Policy Analysis and Long-Run Growth
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متن کاملChanging Effects of Monetary Policy
A series of developments in the U.S. economic environment in the 1980s has resulted in major changes in prevalent thinking about how monetary policy affects economic activity. One important part of this change simply reflects the heightened awareness, following the experience of disinflation early in the decade, that monetary policy is not neutral-that is,,that actions taken by h e central bank...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2020
ISSN: 1556-5068
DOI: 10.2139/ssrn.3529773