The advantage of transparent instruments of monetary policy:
Is the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple model...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, MA
National Bureau of Economic Research
2001
|
| Series: | NBER working paper series
8681 |
| Subjects: | |
| Links: | http://papers.nber.org/papers/w8681.pdf |
| Summary: | Is the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple model in which the government chooses which instrument it will use to target inflation. We find that when the government cannot commit to its policies, the greater transparency of the exchange rate makes it easier to provide the government with incentives to pursue good policies. Hence, transparency gives the exchange rate a natural advantage over the money growth rate as the monetary policy instrument. |
| Physical Description: | 36, 3 S. graph. Darst. |
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| 520 | |a Is the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple model in which the government chooses which instrument it will use to target inflation. We find that when the government cannot commit to its policies, the greater transparency of the exchange rate makes it easier to provide the government with incentives to pursue good policies. Hence, transparency gives the exchange rate a natural advantage over the money growth rate as the monetary policy instrument. | ||
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| illustrated | Illustrated |
| indexdate | 2024-12-20T11:02:09Z |
| institution | BVB |
| language | English |
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| physical | 36, 3 S. graph. Darst. |
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| spelling | Atkeson, Andrew 1961- Verfasser (DE-588)128378166 aut The advantage of transparent instruments of monetary policy Andrew Atkeson ; Patrick Kehoe Cambridge, MA National Bureau of Economic Research 2001 36, 3 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 8681 Is the exchange rate or the money growth rate the better instrument of monetary policy? A common argument is that the exchange rate has a natural advantage because it is more transparent: it is easier for the public to monitor than the money growth rate. We formalize this argument in a simple model in which the government chooses which instrument it will use to target inflation. We find that when the government cannot commit to its policies, the greater transparency of the exchange rate makes it easier to provide the government with incentives to pursue good policies. Hence, transparency gives the exchange rate a natural advantage over the money growth rate as the monetary policy instrument. Mathematisches Modell Foreign exchange rates Mathematical models Inflation (Finance) Mathematical models Monetary policy Mathematical models Kehoe, Patrick J. Verfasser (DE-588)124744540 aut Erscheint auch als Online-Ausgabe NBER working paper series 8681 (DE-604)BV002801238 8681 http://papers.nber.org/papers/w8681.pdf kostenfrei Volltext |
| spellingShingle | Atkeson, Andrew 1961- Kehoe, Patrick J. The advantage of transparent instruments of monetary policy NBER working paper series Mathematisches Modell Foreign exchange rates Mathematical models Inflation (Finance) Mathematical models Monetary policy Mathematical models |
| title | The advantage of transparent instruments of monetary policy |
| title_auth | The advantage of transparent instruments of monetary policy |
| title_exact_search | The advantage of transparent instruments of monetary policy |
| title_full | The advantage of transparent instruments of monetary policy Andrew Atkeson ; Patrick Kehoe |
| title_fullStr | The advantage of transparent instruments of monetary policy Andrew Atkeson ; Patrick Kehoe |
| title_full_unstemmed | The advantage of transparent instruments of monetary policy Andrew Atkeson ; Patrick Kehoe |
| title_short | The advantage of transparent instruments of monetary policy |
| title_sort | the advantage of transparent instruments of monetary policy |
| topic | Mathematisches Modell Foreign exchange rates Mathematical models Inflation (Finance) Mathematical models Monetary policy Mathematical models |
| topic_facet | Mathematisches Modell Foreign exchange rates Mathematical models Inflation (Finance) Mathematical models Monetary policy Mathematical models |
| url | http://papers.nber.org/papers/w8681.pdf |
| volume_link | (DE-604)BV002801238 |
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