Results 1 to 10 of about 114,059 (264)
Stability and Instability of the MaxWeight Policy [PDF]
Mathematics of Operations Research, 2021 Consider a switched queueing network with general routing among its queues. The MaxWeight policy assigns available service by maximizing the objective function [Formula: see text] among the different feasible service options, where [Formula: see text] denotes queue size and [Formula: see text] denotes the amount of service to be executed at queue ...
Maury Bramson +2 more
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Indeterminacy and Stabilization Policy [PDF]
Journal of Economic Theory, 1998 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Jang-Ting Guo, Kevin J. Lansing
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The illusion of stabilization policy? [PDF]
Carnegie-Rochester Conference Series on Public Policy, 1986 For the period 1959-1972 money growth in the United States was positively correlated with past inflation and negatively correlated with past unemployment, whereas for the period 1973-1984 this correlation pattern was reversed. International data, moreover, show that the eight largest western economies exhibit a wide variety of patterns for these ...
Steven L. Green, Herschel I. Grossman
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The Implementation of Stabilization Policy [PDF]
SSRN Electronic Journal, 2015 In locally linearized dynamic stochastic rational‐expectations models, I introduce the concepts of feasible paths (paths on which the policy instrument can be expressed as a function of the policymaker's observation set) and implementable paths (paths that can be obtained, in a minimally robust way, as the unique local ...
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Monetary Policy, Macroprudential Policy, and Financial Stability [PDF]
Annual Review of Economics, 2019 This review reexamines from a theoretical perspective the role of monetary and macroprudential policies in addressing the build-up of risks in the financial system. We construct a stylized general equilibrium model in which the key friction comes from a moral hazard problem in firms’ financing that banks’ equity capital serves to ameliorate.
Martinez-Miera, David, Repullo, Rafael
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Monetary policy and financial stability
Journal of Economic Dynamics and Control, 2020 The 2008 Global Financial Crisis called into question the narrow focus on price stability of inflation targeting regimes. This paper studies the relationship between price stability and financial stability by analyzing alternative monetary policy regimes for an economy that experiences endogenous financial crises due to excessive household sector ...
Isabel Cairó, Jae Sim
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Monetary Policy and Price Stability [PDF]
SSRN Electronic Journal, 1999 This paper explores issues that arise in implementing monetary policy under conditions of sustained price stability. We discuss several issues that concern the selection of a central bank's inflation objective under such conditions: price measurement; the behavior of other key variables, particularly wages; and the possible existence of other channels ...
Karen H. Johnson +2 more
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Optimal Policy for Macro-Financial Stability [PDF]
SSRN Electronic Journal, 2012 There is a new and now large literature analyzing government policies for financial stability based on models with endogenous borrowing constraints. These normative analyses build upon the concept of constrained efficient allocation where the social planner is constrained by the same borrowing limit that agents face.
Benigno, Gianluca +4 more
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Price-Level Targeting and Stabilization Policy [PDF]
Review, 2009 We construct a dynamic stochastic general equilibrium model to study optimal monetary stabilization policy. Prices are fully flexible and money is essential for trade. Our main result is that if the central bank pursues a price-level target, it can control inflation expectations and improve welfare by stabilizing short-run shocks to the economy.
Aleksander Berentsen +1 more
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A Quantitative Defense of Stabilization Policy [PDF]
Finance and Economics Discussion Series, 2000 In an analysis of the value of growth and stabilization of consumption, Robert Lucas presents a stunning set of calculations implying that a permanent increase in the growth rate of consumption of only one-tenth percentage point per year is worth nearly 50 times as much to consumers as complete elimination of consumption variability.
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