Since Taylor (1993), monetary policy is usually modeled through continuous contingent rules. In this paper, we propose an original alternative discrete modeling of the monetary policy reaction function. While this modeling covers a wide range of problems, we provide a simple application to the particularly topical issue of the Zero Lower Bound. First, we give exact determinacy conditions for a ...

The neurobiological underpinnings of effort-related monetary reward processing of gambling disorder have not been previously studied. To date neuroimaging studies lack in large sample sizes and as a consequence less attention has been given to brain reward processing that could potentially be attributed to comorbid conditions such as depressive mood state. We assessed monetary reward processing...

a r t i c l e i n f o In this paper, we develop a monetary-fiscal game in a monetary union with uncertainty due to imperfect transparency about the central bank's preferences. The objective is to investigate the macroeconomic effects of this uncertainty by explicitly taking into account the role of the monetary policy transmission mechanism. We first consider the case of symmetric monetary tran...

T   he completed MCI includes three main channels of interest rate, exchange rate and credit rate. In developing countries such as Iran, this indicator, which contains a credit channel, could be better used to illustrate the country’s monetary condition. This study has been done to calculate this index for the period of 1978–2012. For this purpose, the function of the total economy demand ...

We use factor augmented vector autoregressive models with time-varying coeffi cients to construct a financial conditions index. The time-variation in the parameters allows for the weights attached to each financial variable in the index to evolve over time. Furthermore, we develop methods for dynamic model averaging or selection which allow the financial variables entering into the FCI to chang...