Avoiding dark corners : a robust monetary policy framework for the United States /
Saved in:
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2015. |
|---|---|
| Description: | 1 online resource (47 pages) : illustrations (chiefly color) |
| Language: | English |
| Series: | IMF working paper, 1018-5941 ; WP/15/134 IMF working paper ; WP/15/134. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12504527 |
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| 050 | 4 | |a HG3881.5.I58 |b W67 No. 15/134eb | |
| 245 | 0 | 0 | |a Avoiding dark corners : |b a robust monetary policy framework for the United States / |c prepared by Ali Alichi [and others]. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2015. | ||
| 300 | |a 1 online resource (47 pages) : |b illustrations (chiefly color) | ||
| 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, |x 1018-5941 ; |v WP/15/134 | |
| 500 | |a "Prepared by Ali Alichi, Kevin Clinton, Charles Freedman, Ondra Kamenik, Michel Juillard, Douglas Laxton, Jarkko Turunen, and Hou Wang." | ||
| 500 | |a "June 2015." | ||
| 500 | |a "Research Department." | ||
| 504 | |a Includes bibliographical references (pages 34-37). | ||
| 520 | |a The Fed has taken several steps towards strengthening its monetary framework over the past several years. Those steps have supported the Fed's efforts to stimulate the economy through forward guidance despite being constrained by having policy rates at zero. We show that an optimal control approach to monetary policy, which includes the publication of a baseline forecast and a description of the uncertainties around that outlook, combined with an improvement in the Fed's communications toolkit, could further enhance the effectiveness of Fed policy. In the current conjuncture, such a risk management approach to monetary policy would result in both a later liftoff of policy rates and a modest, but planned, overshooting of inflation. --Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed July 2, 2015). | |
| 505 | 0 | |a Cover; Table of Contents; I. INTRODUCTION AND BACKGROUND; II. RECENT DEVELOPMENTS AT THE FED; III. LOSS MINIMIZING MONETARY POLICY BASED ON A SIMPLE MODEL; III. 1 Background; III. 2 Outline of the model; III. 3 Illustrative simulation results; III. 4 Sensitivity analysis: variants of the model; III. 5 Forecast confidence bands and alternative simulations; III. 6 A summing up; IV. PUBLICATION OF ENDOGENOUS INTEREST RATE FORECASTS; V. WHOSE FORECAST SHOULD BE PUBLISHED?; VI. CONCLUSION; Appendix 1. Definitions; Appendix 2. The model; Appendix 3: Minimizing the loss function. | |
| 650 | 0 | |a Monetary policy |z United States |x Econometric models. | |
| 650 | 0 | |a Interest rates |z United States |x Econometric models. | |
| 650 | 0 | |a Inflation targeting |z United States |x Econometric models. | |
| 650 | 0 | |a Risk management |z United States |x Econometric models. | |
| 650 | 6 | |a Politique monétaire |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Taux d'intérêt |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Ciblage d'inflation |z États-Unis |x Modèles économétriques. | |
| 650 | 6 | |a Gestion du risque |z États-Unis |x Modèles économétriques. | |
| 650 | 7 | |a Interest rates |x Econometric models. |2 fast |0 (OCoLC)fst00976180 | |
| 650 | 7 | |a Monetary policy |x Econometric models. |2 fast |0 (OCoLC)fst01025234 | |
| 650 | 7 | |a Risk management |x Econometric models. |2 fast |0 (OCoLC)fst01098172 | |
| 651 | 7 | |a United States. |2 fast |0 (OCoLC)fst01204155 | |
| 655 | 0 | |a Electronic books. | |
| 655 | 4 | |a Electronic books. | |
| 700 | 1 | |a Alichi, Ali, |e author. |0 http://id.loc.gov/authorities/names/no2008094019 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 776 | 0 | 8 | |i Print Version: |z 9781513595702 |
| 830 | 0 | |a IMF working paper ; |v WP/15/134. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2015/134/001.2015.issue-134-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HG3881.5.I58W67 No. 15/134eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2015/134/001.2015.issue-134-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12148858 | ||