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Author : Klaus Schmidt-Hebbel
Release : 2008
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Monetary Policy Uncertainty and Learning by : Klaus Schmidt-Hebbel
Download or read book Monetary Policy Uncertainty and Learning written by Klaus Schmidt-Hebbel. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brian Sack
Release : 1998
Genre :
Kind : eBook
Book Rating : /5 ( reviews)
Book Synopsis Uncertainty, Learning, and Gradual Monetary Policy by : Brian Sack
Download or read book Uncertainty, Learning, and Gradual Monetary Policy written by Brian Sack. This book was released on 1998. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Klaus Schmidt-Hebbel
Release : 2009
Genre : Banks and banking, Central
Kind : eBook
Book Rating : 329/5 ( reviews)
Book Synopsis Monetary Policy Under Uncertainty and Learning by : Klaus Schmidt-Hebbel
Download or read book Monetary Policy Under Uncertainty and Learning written by Klaus Schmidt-Hebbel. This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Elif C Arbatli
Release : 2017-05-30
Genre : Business & Economics
Kind : eBook
Book Rating : 362/5 ( reviews)
Book Synopsis Policy Uncertainty in Japan by : Ms.Elif C Arbatli
Download or read book Policy Uncertainty in Japan written by Ms.Elif C Arbatli. This book was released on 2017-05-30. Available in PDF, EPUB and Kindle. Book excerpt: We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.
Author : Gustavo Adler
Release : 2016-03-23
Genre : Business & Economics
Kind : eBook
Book Rating : 234/5 ( reviews)
Book Synopsis Foreign Exchange Intervention under Policy Uncertainty by : Gustavo Adler
Download or read book Foreign Exchange Intervention under Policy Uncertainty written by Gustavo Adler. This book was released on 2016-03-23. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.
