Optimal monetary policy with overlapping generations of policymakers /
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| Author / Creator: | Shamloo, Maral, author. |
|---|---|
| Imprint: | [Washington D.C.] : International Monetary Fund, 2010. |
| Description: | 1 online resource (35 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/10/32 IMF working paper ; WP/10/32. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498375 |
MARC
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| 100 | 1 | |a Shamloo, Maral, |e author. | |
| 245 | 1 | 0 | |a Optimal monetary policy with overlapping generations of policymakers / |c prepared by Maral Shamloo. |
| 260 | |a [Washington D.C.] : |b International Monetary Fund, |c 2010. | ||
| 300 | |a 1 online resource (35 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/10/32 | |
| 504 | |a Includes bibliographical references (pages 33-35). | ||
| 520 | 3 | |a In this paper I study the effect of imperfect central bank commitment on inflationary outcomes. I present a model in which the monetary authority is a committee that consists of members who serve overlapping, finite terms. Older and younger generations of Monetary Policy Committee (MPC) members decide on policy by engaging in a bargaining process. I show that this setup gives rise to a continuous measure of the degree of monetary authority's commitment. The model suggests that the lower the churning rate or the longer the tenure time, the closer social welfare will be to that under optimal commitment policy. | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Figures; 1 Introduction; 1.1 Related Literature; 2 Optimal Monetary Policy: The New Keynesian Framework; 2.1 Optimal Monetary Policy and Stabilization Bias; 2.2 Optimal Response under Discretion; 2.3 Optimal Response under Commitment; 3 Overlapping Generations of MPC Members; 3.1 A Two-Member MPC; 3.2 The Bargaining Process; 3.2.1 The Bargaining Problem; 3.2.2 The Utilitarian Solution and the Stationary Equilibrium; 3.3 n-Member Committee; 4 Utilitarian Bargaining vs. Voting; 5 Calibration and Simulation Results; 5.1 Impulse Responses to Independent Shocks. | |
| 546 | |a English. | ||
| 650 | 0 | |a Monetary policy |x Econometric models. | |
| 650 | 0 | |a Monetary policy |x Mathematical models. |0 http://id.loc.gov/authorities/subjects/sh2003010512 | |
| 650 | 0 | |a Banks and banking, Central |x Econometric models. | |
| 650 | 6 | |a Politique monétaire |x Modèles économétriques. | |
| 650 | 6 | |a Politique monétaire |x Modèles mathématiques. | |
| 650 | 6 | |a Banques centrales |x Modèles économétriques. | |
| 650 | 7 | |a Banks and banking, Central |x Econometric models. |2 fast |0 (OCoLC)fst00827041 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 650 | 7 | |a Monetary policy |x Mathematical models. |2 fast |0 (OCoLC)fst01025245 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund, |e issuing body. | |
| 710 | 2 | |a IMF Institute, |e issuing body. | |
| 776 | 0 | 8 | |i Print version: |a Shamloo, Maral. |t Optimal monetary policy with overlapping generations of policymakers. |d [Washington, D.C.] : International Monetary Fund, ©2010 |w (OCoLC)631278831 |
| 830 | 0 | |a IMF working paper ; |v WP/10/32. | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2010/032/001.2010.issue-032-en.xml |y INTERNATIONAL MONETARY FUND |
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