The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Efficient Monetary Policy Design near Price Stability
Abstract
Abstract Using dynamic programming methods, we study the design of optimal monetary policy in a simple, calibrated open-economy model and evaluate the effect of the liquidity trap generated by the zero bound on nominal interest rates. We show that the optimal policy near price stability is asymmetric. As inflation declines, policy turns expansionary sooner and more aggressively than would be optimal in the absence of the zero bound. This introduces an upward bias in the average level of inflation. We also discuss operational issues associated with the interpretation and implementation of policy at the zero bound in relation to the recent situation in Japan. J. Japan. Int. Econ. , December 2000, 14 (4), pp. 327–365. Board of Governors of the Federal Reserve System, Washington, D.C. 20551 Copyright 2000 Academic Press. Journal of Economic Literature Classification Numbers: E31, E52, E58, E61.
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Cites
Inside the black box: the credit channel of monetary policy transmission
Bernanke, B. S., & Gertler, M. (1995) · Journal of Economic Perspectives · doi:10.1257/jep.9.4.27 · Cited by 4,211
Cited by
Historical Monetary Policy Analysis and the Taylor Rule
Orphanides, A. (2003) · Finance and Economics Discussion Series · doi:10.17016/feds.2003.36 · Cited by 308
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Metadata
- Authors
- Orphanides, A., & Wieland, V.
- Venue
- Journal of the Japanese and International Economies
- Publisher
- Elsevier BV
- Published
- 2000-12
- Volume
- 14
- Issue
- 4
- Pages
- 327-365
- ISSN
- 0889-1583 (ISSN-L)
- OpenAlex
- W2042811293
- Cited by
- 197
- References
- 1
- FWCI
- 27.23
- Type
- journal article
- Language
- en
- Open access
- closed
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